Second home ownership

[Anonymous]

We have the $$ for a second home but I don’t want the bother of managing another home. We have a large primary home and there is always plenty to do to keep it in good shape, and then update and renovations when things get dated.

We spend a fair amount of money renting homes for weekends away, and while sometimes I wish we could just show up without packing anything and enjoy the weekend, I am also glad that I don’t have to deal with anything when something breaks or isn’t working - I get to leave and it’s someone else’s problem - that is part of what makes it a vacation.

It’s more than just turning off the water unless it’s brand new. Appliances break, decks need power washing, etc. All of this can be outsourced, but you have to really trust the vendors/contractors and manager.

[Anonymous]

It’s expensive to maintain two houses, and there’s always more than you think it will cost.

As to water damage, we do turn off the main line to the house but we’ve also had leaks that were not caught by that, such as a leak from the drain pan under the HVAC unit in the attic. It’s astonishing how much damage a relatively small amount of water can do.

[Anonymous]

Anonymous wrote:

Anonymous wrote: If a pipe burst or the water heater goes or it floods, how would you know?

You turn off the water heater and the water each time you leave so it’s not a catastrophic event.

What if there’s a fire?

You have wifi smoke detectors and good insurance. Your house isn’t. Going g to survive a fire even if you’re there.

How do you manage the huge risks of not living in a home FT?

Not sure what the huge risks you are worried about. We have a wifi carbon monoxide detector because we have propane.

Also two homes = twice the liability for thinks like HVAC, roof, plumbing, wiring, landscaping/gardening, pest control. And double the insurance. How is this cost effective?

You don’t get a second home unless you can afford it.

Our second home has appreciated $220,000 in 16 years. PP must be a renter.

[Anonymous]

Anonymous wrote:We have the $$ for a second home but I don’t want the bother of managing another home. We have a large primary home and there is always plenty to do to keep it in good shape, and then update and renovations when things get dated.

We spend a fair amount of money renting homes for weekends away, and while sometimes I wish we could just show up without packing anything and enjoy the weekend, I am also glad that I don’t have to deal with anything when something breaks or isn’t working - I get to leave and it’s someone else’s problem - that is part of what makes it a vacation.

It’s more than just turning off the water unless it’s brand new. Appliances break, decks need power washing, etc. All of this can be outsourced, but you have to really trust the vendors/contractors and manager.

I’m the PP who said I’d need a full time caretaker.

This is right - even outsourcing takes work. And two houses are twice as many repairs to coordinate, 2 sets of tradespeople. And it’s not just trusting them - it’s also supervising them, approving their work. Keeping everything looking nice and staying on top of it is a lot of work even if you’re not doing the work yourself.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: If a pipe burst or the water heater goes or it floods, how would you know?

You turn off the water heater and the water each time you leave so it’s not a catastrophic event.

What if there’s a fire?

You have wifi smoke detectors and good insurance. Your house isn’t. Going g to survive a fire even if you’re there.

How do you manage the huge risks of not living in a home FT?

Not sure what the huge risks you are worried about. We have a wifi carbon monoxide detector because we have propane.

Also two homes = twice the liability for thinks like HVAC, roof, plumbing, wiring, landscaping/gardening, pest control. And double the insurance. How is this cost effective?

You don’t get a second home unless you can afford it.

Our second home has appreciated $220,000 in 16 years. PP must be a renter.

Yes, depending on location, appreciation can be good. Ours is at the DE beaches and has appreciated 600k in just 10 years.

But it doesn’t negate the fact that you need to be able to afford mortgage, repairs, maintenance, etc… on top of your primary home. That is about 45k a year for us.

[Anonymous]

I have remote water sensors that actually caught a failed water heater!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: If a pipe burst or the water heater goes or it floods, how would you know?

You turn off the water heater and the water each time you leave so it’s not a catastrophic event.

What if there’s a fire?

You have wifi smoke detectors and good insurance. Your house isn’t. Going g to survive a fire even if you’re there.

How do you manage the huge risks of not living in a home FT?

Not sure what the huge risks you are worried about. We have a wifi carbon monoxide detector because we have propane.

Also two homes = twice the liability for thinks like HVAC, roof, plumbing, wiring, landscaping/gardening, pest control. And double the insurance. How is this cost effective?

You don’t get a second home unless you can afford it.

Our second home has appreciated $220,000 in 16 years. PP must be a renter.

Yes, depending on location, appreciation can be good. Ours is at the DE beaches and has appreciated 600k in just 10 years.

But it doesn’t negate the fact that you need to be able to afford mortgage, repairs, maintenance, etc… on top of your primary home. That is about 45k a year for us.

Ours tripled in value thanks to COVID-flation and we got a steal because the house was basically on the verge of being condemned. We've been restoring it with AirBNB money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: If a pipe burst or the water heater goes or it floods, how would you know?

You turn off the water heater and the water each time you leave so it’s not a catastrophic event.

What if there’s a fire?

You have wifi smoke detectors and good insurance. Your house isn’t. Going g to survive a fire even if you’re there.

How do you manage the huge risks of not living in a home FT?

Not sure what the huge risks you are worried about. We have a wifi carbon monoxide detector because we have propane.

Also two homes = twice the liability for thinks like HVAC, roof, plumbing, wiring, landscaping/gardening, pest control. And double the insurance. How is this cost effective?

You don’t get a second home unless you can afford it.

Our second home has appreciated $220,000 in 16 years. PP must be a renter.

Yes, depending on location, appreciation can be good. Ours is at the DE beaches and has appreciated 600k in just 10 years.

But it doesn’t negate the fact that you need to be able to afford mortgage, repairs, maintenance, etc… on top of your primary home. That is about 45k a year for us.

Ours tripled in value thanks to COVID-flation and we got a steal because the house was basically on the verge of being condemned. We've been restoring it with AirBNB money.

PP here. Good for you! We also have real estate investment properties we renovated similar to above. Lots of appreciation but also lots of money and time to put into the renovations, even if you are outsourcing it.

We didn’t want that with our beach house. We spent maybe 8k for paint and new floors. Past 10 years the only major expense was a new hot water heater.

Not bad for 600k gain.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: If a pipe burst or the water heater goes or it floods, how would you know?

You turn off the water heater and the water each time you leave so it’s not a catastrophic event.

What if there’s a fire?

You have wifi smoke detectors and good insurance. Your house isn’t. Going g to survive a fire even if you’re there.

How do you manage the huge risks of not living in a home FT?

Not sure what the huge risks you are worried about. We have a wifi carbon monoxide detector because we have propane.

Also two homes = twice the liability for thinks like HVAC, roof, plumbing, wiring, landscaping/gardening, pest control. And double the insurance. How is this cost effective?

You don’t get a second home unless you can afford it.

Our second home has appreciated $220,000 in 16 years. PP must be a renter.

Nope. Had a second home. Sold it and bought another second home. But you don’t get a second home unless you can afford it.

Also we manage without a service. But we go often enough not to have overgrown grass.

[Anonymous]

Some of these posters sound like they can't afford a second home and they're grasping at straws to justify why no one should have one.

[Anonymous]

Anonymous wrote:Some of these posters sound like they can't afford a second home and they're grasping at straws to justify why no one should have one.

Or trying to create anxiety in others for second home ownership.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Some of these posters sound like they can't afford a second home and they're grasping at straws to justify why no one should have one.

Or trying to create anxiety in others for second home ownership.

+1 We turn off the water every time we leave our beach house, pay a house cleaner and landscaper, and have a handyman to do any repairs and upgrades. It's not that big a deal and totally worth it to have a home at the beach.

[Anonymous]

We have alarm systems for fire, carbon monoxide, security, and water detection. We have a property manager who checks things periodically and is available for emergencies, deliveries, etc if we aren’t there. In the summer, we have weekly landscaping and pool services. We have ring cameras and remote controlled heating and cooling systems.

None of this is cost effective. Is someone arguing that vacation homes are a bargain? They’re not.

[Anonymous]

Anonymous wrote:We have alarm systems for fire, carbon monoxide, security, and water detection. We have a property manager who checks things periodically and is available for emergencies, deliveries, etc if we aren’t there. In the summer, we have weekly landscaping and pool services. We have ring cameras and remote controlled heating and cooling systems.

None of this is cost effective. Is someone arguing that vacation homes are a bargain? They’re not.

+1 We bought our second home for our family's enjoyment and it's been great.

No one is arguing that owning a second home provides the best ROI for your money. Neither does travel, eating out, or weekly cleaners and landscapers, but we do those things too because they improve our lives.

[Anonymous]

Anonymous wrote:We have alarm systems for fire, carbon monoxide, security, and water detection. We have a property manager who checks things periodically and is available for emergencies, deliveries, etc if we aren’t there. In the summer, we have weekly landscaping and pool services. We have ring cameras and remote controlled heating and cooling systems.

None of this is cost effective. Is someone arguing that vacation homes are a bargain? They’re not.

Its very cost effective.

Look, my family and I spend about 5 weeks total on Hatteras Island in our little 3 bed 2 bath salt box every year. There is no yard to maintain. The shingles and roof are cedar (no maintenance) and we have hurricane shutters on the home when not there. Break ins just aren't a thing down there. We cut water and HVAC when we leave and remotely turn on HVAC about 5 hours before we arrive. Utilities average out to 110 a month. If we rented it comps are about $2600 a week. So if we rented we'd be spending $13,000 alone just on rent. Our total costs last year were $4300. So we are 9 grand better off and the house appreciated about 40% in the time we have owned it.

Then there is the huge bonus of getting to pick travel days based on traffic, having an entire wardrobe and toiletries down there (little to no packing) and a freezer full of pizzas and lasagnas for the first night down.

Icing on the cake is having the same picture every year of my three kids sitting in order on the porch from when they were babies until they were grown.