Pros/cons of buying a second home

[Anonymous]

Anonymous wrote:

Anonymous wrote:ILs have a second home that is about 75 minutes from their house that they use in the summer and on occasional weekends during the spring and fall. They've had it for 30 years and I know that the distance has gotten to be a bit of a drag, the location of the 2nd home is fantastic and they would never want to give it up.

It's on about a 1/3 acre with a lot of grass to mow which is one of the biggest pains. They also close it up for the winter and open it in the spring which take up a full 2 weekends every year. The maintenance issues are just like with any other house and FIL is the type who likes to do everything himself and is a perfectionist so much of his free time is spent taking care of one or the other of their houses.

We are early 50's and we do most everything maintenance/upkeep wise ourselves. Right now this cottage doesn't seem like too much for us to handle. I guess if it becomes too much in the next decade or so we could sell it for a profit.

I don't want every last second of our free time being spent mowing lawns and fixing toilets, though. The point of the property is to get out and enjoy the fresh air, get some exercise and enjoy treating ourselves to some relaxation.

It sounds like your idea of a retirement home, not an investment. It also sounds boring for kids. Your kids will probably not want to go once they start driving, unless you let them use it as a party house (unsupervised).

[Anonymous]

It actually seems like you don't want to hear the real story of owning a second home and you'd rather just defend your idea than listen to everyone's input. If that's the case, just do it.

[Anonymous]

Keep in mind mortgage rates are higher for everything but your primary residence.

[Anonymous]

We never bought one because we like to travel to different places and would feel compelled to use a second home. When we retire we want 2 homes- one south and one north.

[Anonymous]

Why don't you rent a home in the desired area for a year? If you are looking at a specific home, it might be worth it to see if the owner would do a rent with option to buy.

When/if we buy a vacation home, we plan on renting for at least a year to see how often we actually use it, if we like a given area, what ends up being important to us, etc.

We would want a home with enough bedrooms for us and another family so we (and our kid) could have guests. And in 20 years we could have our child and possible grandchildren.

I am curious, what is 30-40 minutes away from Arlington and still far enough away from DC to feel like a getaway?

[Anonymous]

Anonymous wrote:

Anonymous wrote:What's your def of a "reasonable drive"?
It might not be as practical as you think to go there, say, every weekend as you may think.
Aren't you busy on weekends - with your own household chores, errands, cleaning, prepping for the week, social obligations, etc.?

And if you have (multiple) kids - sports, Saturday games, bday parties, school projects...on top of regular weekend stuff?

Financially, it comes down to can you afford 2 households. Yes, there's maintanence, but you also have to have the "small" things that add up quickly - the food, the linens, the creature comforts of home, and that can really add up quickly.
And what is this "maintenance" - will it need a new roof soon, new windowns, pipes are getting leaky, HVac working ok?

This is what we found out. We just don't have time on the wkds. So the cabin sits... There is nothing worse than an empty house. All kinds of issues. Think carefully

Ugh OP.
I don't know about you, but we have all kinds of DIY and "small' projects pending on the to-do list in our house. I can't imagine adding more with a second house (even if it's suppose to be a retreat cottage) and all of it's mini projects to be done.
Throw in your kids' commitments and trying to get stuff done in your primary house...what's the point of investing in a 2nd home? At least not right now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:ILs have a second home that is about 75 minutes from their house that they use in the summer and on occasional weekends during the spring and fall. They've had it for 30 years and I know that the distance has gotten to be a bit of a drag, the location of the 2nd home is fantastic and they would never want to give it up.

It's on about a 1/3 acre with a lot of grass to mow which is one of the biggest pains. They also close it up for the winter and open it in the spring which take up a full 2 weekends every year. The maintenance issues are just like with any other house and FIL is the type who likes to do everything himself and is a perfectionist so much of his free time is spent taking care of one or the other of their houses.

We are early 50's and we do most everything maintenance/upkeep wise ourselves. Right now this cottage doesn't seem like too much for us to handle. I guess if it becomes too much in the next decade or so we could sell it for a profit.

I don't want every last second of our free time being spent mowing lawns and fixing toilets, though. The point of the property is to get out and enjoy the fresh air, get some exercise and enjoy treating ourselves to some relaxation.

It sounds like your idea of a retirement home, not an investment. It also sounds boring for kids. Your kids will probably not want to go once they start driving, unless you let them use it as a party house (unsupervised).

They have thing to do around the area for teenagers that they could walk/bike, too. Plus some of the outdoor activities in the area are things that my kids genuinely like to do. It's probably more boring to hang out in our nice, tucked away in the suburbs home.

[Anonymous]

Anonymous wrote:It actually seems like you don't want to hear the real story of owning a second home and you'd rather just defend your idea than listen to everyone's input. If that's the case, just do it.

Sorry. I actually did ask to hear pros/cons and I am genuinely interested in hearing everyone's advice - especially those that have btdt.

I guess I'm just trying to sort this all out in my head now.

You all have given me some things to think about. I appreciate it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What's your def of a "reasonable drive"?
It might not be as practical as you think to go there, say, every weekend as you may think.
Aren't you busy on weekends - with your own household chores, errands, cleaning, prepping for the week, social obligations, etc.?

And if you have (multiple) kids - sports, Saturday games, bday parties, school projects...on top of regular weekend stuff?

Financially, it comes down to can you afford 2 households. Yes, there's maintanence, but you also have to have the "small" things that add up quickly - the food, the linens, the creature comforts of home, and that can really add up quickly.
And what is this "maintenance" - will it need a new roof soon, new windowns, pipes are getting leaky, HVac working ok?

This is what we found out. We just don't have time on the wkds. So the cabin sits... There is nothing worse than an empty house. All kinds of issues. Think carefully

Ugh OP.
I don't know about you, but we have all kinds of DIY and "small' projects pending on the to-do list in our house. I can't imagine adding more with a second house (even if it's suppose to be a retreat cottage) and all of it's mini projects to be done.
Throw in your kids' commitments and trying to get stuff done in your primary house...what's the point of investing in a 2nd home? At least not right now.

I guess if we're ever going to invest in a second home, now would be the time, though. But the idea of spending all of our time running between houses and fixing things and doing yard work is not all that appealing. That is definitely something to consider.

[Anonymous]

Anonymous wrote:

Anonymous wrote:ILs have a second home that is about 75 minutes from their house that they use in the summer and on occasional weekends during the spring and fall. They've had it for 30 years and I know that the distance has gotten to be a bit of a drag, the location of the 2nd home is fantastic and they would never want to give it up.

It's on about a 1/3 acre with a lot of grass to mow which is one of the biggest pains. They also close it up for the winter and open it in the spring which take up a full 2 weekends every year. The maintenance issues are just like with any other house and FIL is the type who likes to do everything himself and is a perfectionist so much of his free time is spent taking care of one or the other of their houses.

We are early 50's and we do most everything maintenance/upkeep wise ourselves. Right now this cottage doesn't seem like too much for us to handle. I guess if it becomes too much in the next decade or so we could sell it for a profit.

I don't want every last second of our free time being spent mowing lawns and fixing toilets, though. The point of the property is to get out and enjoy the fresh air, get some exercise and enjoy treating ourselves to some relaxation.

That's what people are trying to tell you. Unless you hire a handyman or maintenance company, or can do the work during the week, you are going to be spending your time on the weekend mowing and doing maintenance. My DH actually enjoys that sort of thing, but, unless you're able to go out during the week to stock the refrigerator, do the laundry, clean the bathrooms, and mow the lawn, don't fool yourself that you're going to be lazing around on the weekends.

I second what a pp said about unoccupied property. Maintenance issues at second homes are usually worse because no one is there to see something happen, and unused properties decay faster. For example, plumbing starts leaking when it isn't used frequently enough. You don't realize that the oven isn't working until you get there to spend the weekend. If you call a repairman, you usually have to go back out to meet him.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:ILs have a second home that is about 75 minutes from their house that they use in the summer and on occasional weekends during the spring and fall. They've had it for 30 years and I know that the distance has gotten to be a bit of a drag, the location of the 2nd home is fantastic and they would never want to give it up.

It's on about a 1/3 acre with a lot of grass to mow which is one of the biggest pains. They also close it up for the winter and open it in the spring which take up a full 2 weekends every year. The maintenance issues are just like with any other house and FIL is the type who likes to do everything himself and is a perfectionist so much of his free time is spent taking care of one or the other of their houses.

We are early 50's and we do most everything maintenance/upkeep wise ourselves. Right now this cottage doesn't seem like too much for us to handle. I guess if it becomes too much in the next decade or so we could sell it for a profit.

I don't want every last second of our free time being spent mowing lawns and fixing toilets, though. The point of the property is to get out and enjoy the fresh air, get some exercise and enjoy treating ourselves to some relaxation.

That's what people are trying to tell you. Unless you hire a handyman or maintenance company, or can do the work during the week, you are going to be spending your time on the weekend mowing and doing maintenance. My DH actually enjoys that sort of thing, but, unless you're able to go out during the week to stock the refrigerator, do the laundry, clean the bathrooms, and mow the lawn, don't fool yourself that you're going to be lazing around on the weekends.

I second what a pp said about unoccupied property. Maintenance issues at second homes are usually worse because no one is there to see something happen, and unused properties decay faster. For example, plumbing starts leaking when it isn't used frequently enough. You don't realize that the oven isn't working until you get there to spend the weekend. If you call a repairman, you usually have to go back out to meet him.

I meant to add that renting a home for the weekend is very different than owning one. After we sold our second home, we rented a cabin for the weekend, and I got the most wonderful feeling when we left and I dropped the key into the lock box and realized that the house wasn't my problem -- if the roof leaks, a tree falls, the plumbing breaks. It was liberating. And I loved our second home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:ILs have a second home that is about 75 minutes from their house that they use in the summer and on occasional weekends during the spring and fall. They've had it for 30 years and I know that the distance has gotten to be a bit of a drag, the location of the 2nd home is fantastic and they would never want to give it up.

It's on about a 1/3 acre with a lot of grass to mow which is one of the biggest pains. They also close it up for the winter and open it in the spring which take up a full 2 weekends every year. The maintenance issues are just like with any other house and FIL is the type who likes to do everything himself and is a perfectionist so much of his free time is spent taking care of one or the other of their houses.

We are early 50's and we do most everything maintenance/upkeep wise ourselves. Right now this cottage doesn't seem like too much for us to handle. I guess if it becomes too much in the next decade or so we could sell it for a profit.

I don't want every last second of our free time being spent mowing lawns and fixing toilets, though. The point of the property is to get out and enjoy the fresh air, get some exercise and enjoy treating ourselves to some relaxation.

That's what people are trying to tell you. Unless you hire a handyman or maintenance company, or can do the work during the week, you are going to be spending your time on the weekend mowing and doing maintenance. My DH actually enjoys that sort of thing, but, unless you're able to go out during the week to stock the refrigerator, do the laundry, clean the bathrooms, and mow the lawn, don't fool yourself that you're going to be lazing around on the weekends.

I second what a pp said about unoccupied property. Maintenance issues at second homes are usually worse because no one is there to see something happen, and unused properties decay faster. For example, plumbing starts leaking when it isn't used frequently enough. You don't realize that the oven isn't working until you get there to spend the weekend. If you call a repairman, you usually have to go back out to meet him.

I meant to add that renting a home for the weekend is very different than owning one. After we sold our second home, we rented a cabin for the weekend, and I got the most wonderful feeling when we left and I dropped the key into the lock box and realized that the house wasn't my problem -- if the roof leaks, a tree falls, the plumbing breaks. It was liberating. And I loved our second home.

Thanks for this. I guess the idea of being able to just go when we want to go w/o having to arrange for a dog sitter or arrange a rental weeks even months in advance seems so nice. But I can see how it would be pretty terrible to load the dogs, kids, and stuff into the van and drive out there for an impromptu getaway only to discover that a pipe had burst or a tree limb had gone through the roof during a storm.....

[Anonymous]

FWIW, we have rented vacation properties where we have discovered maintenance issues and had to call the management company to send someone out to fix something. Just because you rent does not mean that you won't have your vacation disturbed by a maintenance issue.

[Anonymous]

You have HS aged kids?
I'm surprised they want to spend every weekend/holiday/teachers work day going to the cottage with you. Maybe an occasional trip, but every weekend?

No school projects, prom, football games (in the Fall), SATs, AP exams/work, PT job, hanging with friends, and the like?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:ILs have a second home that is about 75 minutes from their house that they use in the summer and on occasional weekends during the spring and fall. They've had it for 30 years and I know that the distance has gotten to be a bit of a drag, the location of the 2nd home is fantastic and they would never want to give it up.

It's on about a 1/3 acre with a lot of grass to mow which is one of the biggest pains. They also close it up for the winter and open it in the spring which take up a full 2 weekends every year. The maintenance issues are just like with any other house and FIL is the type who likes to do everything himself and is a perfectionist so much of his free time is spent taking care of one or the other of their houses.

We are early 50's and we do most everything maintenance/upkeep wise ourselves. Right now this cottage doesn't seem like too much for us to handle. I guess if it becomes too much in the next decade or so we could sell it for a profit.

I don't want every last second of our free time being spent mowing lawns and fixing toilets, though. The point of the property is to get out and enjoy the fresh air, get some exercise and enjoy treating ourselves to some relaxation.

It sounds like your idea of a retirement home, not an investment. It also sounds boring for kids. Your kids will probably not want to go once they start driving, unless you let them use it as a party house (unsupervised).

We're in our early 50's too and bought a place 1.5 hours away for the same reason...we're near retirement. Our kids are in their teens and are not crazy about joining us at times but so what? They'll be out of the house in 4-5 years anyway.
We've automated everything down there so that all lights, garage, water, heat, webcams, security sensors can be monitor and control remotely, just like our primary home. In the winter, I try to going down once every 2-3 weeks just to be by myself for a the weekend...a great way to recharge and get away from the hustle bustle of NoVA. Our stress just melt away looking at the water & waves as soon as we get there each time.

If you have the means then do it, YOLO.