Second home ownership

[Anonymous]

It doesn't make sense and it's not cost effective. But it's fun and works for my big family. we are close enough to make frequent trips so we are often checking on the house, we know the neighbors, turn the water off when we leave.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think what you’re missing is that it’s not an ‘or’ proposition for some people with second homes? We are based in Tribeca, have a second home in the Hamptons, and we use it a ton. Move out there for the whole summer, use it at least once a month during the year, spend a week there in the winter while kids are on break. It’s wonderful for us to not have to pack anything, to have a spot to host friends and family, and that ease can’t be duplicated by a rental.

We have also taken 6 international trips this year (some for long weekends, some for a week) and a few domestic. It’s just not always a situation where you do trips or go to some musty cottage.

+1 This is exactly what many posters don't understand. It's not either or - we have a nice primary home, a nice beach house, and take multiple international and domestic vacations to other places.

They get it, they’re just coping. It’s a defense mechanism for their fragile self esteem. Everyone with second homes can afford to take the best and frequent vacations too. And we all know renting creepy Airbnbs and staying in hotels is for the birds. Nothing compares to sleeping in your own beds, traveling on your own timeline, and building roots, memories and relationships in a specific place. The folks who post about preferring to be a transient in hotels sound like loners with no kids.

This forum is full of broke misanthropes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think what you’re missing is that it’s not an ‘or’ proposition for some people with second homes? We are based in Tribeca, have a second home in the Hamptons, and we use it a ton. Move out there for the whole summer, use it at least once a month during the year, spend a week there in the winter while kids are on break. It’s wonderful for us to not have to pack anything, to have a spot to host friends and family, and that ease can’t be duplicated by a rental.

We have also taken 6 international trips this year (some for long weekends, some for a week) and a few domestic. It’s just not always a situation where you do trips or go to some musty cottage.

+1 This is exactly what many posters don't understand. It's not either or - we have a nice primary home, a nice beach house, and take multiple international and domestic vacations to other places.

Yep. The second home is just that---a second home. It's not a substitute for vacations.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think what you’re missing is that it’s not an ‘or’ proposition for some people with second homes? We are based in Tribeca, have a second home in the Hamptons, and we use it a ton. Move out there for the whole summer, use it at least once a month during the year, spend a week there in the winter while kids are on break. It’s wonderful for us to not have to pack anything, to have a spot to host friends and family, and that ease can’t be duplicated by a rental.

We have also taken 6 international trips this year (some for long weekends, some for a week) and a few domestic. It’s just not always a situation where you do trips or go to some musty cottage.

+1 This is exactly what many posters don't understand. It's not either or - we have a nice primary home, a nice beach house, and take multiple international and domestic vacations to other places.

Do you use th website ThirdHome?

I just looked this up. It's an interesting proposition, but I don't want strangers staying in either of my homes.

[Anonymous]

I'm chilling in my second home right now.

[Anonymous]

It's expensive and in hindsight we could have done a lot of other things with the money spent on the second home. But if I had to do it over again, all things considered, I'd probably still do it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Who watches the property when you’re not in it most of the time? If a pipe burst or the water heater goes or it floods, how would you know? What if there’s a fire? How do you manage the huge risks of not living in a home FT?

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?

It's not. I have two duplexes with significant cash flow on paper, but I've dealt with almost all of the hazards you listed: broken pipes, collapsed roofs, rodent infestations, and replacing HVACs. I am holding onto them and passing them on to my kids because they are in a great location, but it's a lot of work and big expenses. I keep $100k in an MM account for the LLC that owns the rentals to deal with problems when they inevitably come up. I haven't hired a property manager yet becasue I have a list of service providers and a main handyman to call, and I can handle listings, although I probably will hire one within the next 5 years becasue the money saved isn't really worth it anymore. I'm talking about rentals, not a vacation home, but the same premise applies. You have to be prepared for the liabilities. This is why we don't own vacation homes. We don't need anything else to take care of.

It’s interesting how people who own income properties tend to be less than enthusiastic about vacation homeownership, while those who have vacation homes, especially for exclusive family use (which is entirely expense only) tend to have nothing but positive things to say.. Who is lying?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think what you’re missing is that it’s not an ‘or’ proposition for some people with second homes? We are based in Tribeca, have a second home in the Hamptons, and we use it a ton. Move out there for the whole summer, use it at least once a month during the year, spend a week there in the winter while kids are on break. It’s wonderful for us to not have to pack anything, to have a spot to host friends and family, and that ease can’t be duplicated by a rental.

We have also taken 6 international trips this year (some for long weekends, some for a week) and a few domestic. It’s just not always a situation where you do trips or go to some musty cottage.

+1 This is exactly what many posters don't understand. It's not either or - we have a nice primary home, a nice beach house, and take multiple international and domestic vacations to other places.

Yep. The second home is just that---a second home. It's not a substitute for vacations.

You need to have time to spend in more than one home, plus go on vacations. It’s definitely something plausible for people who work remote or don’t have to work at all and also do not have school aged kids.. It’s a stupid idea for people who have to work in person, have limited time off and have kids not only doing school but also enrolled in various activities/sports (many of which cannibalize summertime break).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think what you’re missing is that it’s not an ‘or’ proposition for some people with second homes? We are based in Tribeca, have a second home in the Hamptons, and we use it a ton. Move out there for the whole summer, use it at least once a month during the year, spend a week there in the winter while kids are on break. It’s wonderful for us to not have to pack anything, to have a spot to host friends and family, and that ease can’t be duplicated by a rental.

We have also taken 6 international trips this year (some for long weekends, some for a week) and a few domestic. It’s just not always a situation where you do trips or go to some musty cottage.

+1 This is exactly what many posters don't understand. It's not either or - we have a nice primary home, a nice beach house, and take multiple international and domestic vacations to other places.

Yep. The second home is just that---a second home. It's not a substitute for vacations.

You need to have time to spend in more than one home, plus go on vacations. It’s definitely something plausible for people who work remote or don’t have to work at all and also do not have school aged kids.. It’s a stupid idea for people who have to work in person, have limited time off and have kids not only doing school but also enrolled in various activities/sports (many of which cannibalize summertime break).

I have friends with 3 kids doing travel sports, camps and various activities. They literally have maybe a total of 1-2 weeks they can take together as a family during summer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think what you’re missing is that it’s not an ‘or’ proposition for some people with second homes? We are based in Tribeca, have a second home in the Hamptons, and we use it a ton. Move out there for the whole summer, use it at least once a month during the year, spend a week there in the winter while kids are on break. It’s wonderful for us to not have to pack anything, to have a spot to host friends and family, and that ease can’t be duplicated by a rental.

We have also taken 6 international trips this year (some for long weekends, some for a week) and a few domestic. It’s just not always a situation where you do trips or go to some musty cottage.

+1 This is exactly what many posters don't understand. It's not either or - we have a nice primary home, a nice beach house, and take multiple international and domestic vacations to other places.

Yep. The second home is just that---a second home. It's not a substitute for vacations.

You need to have time to spend in more than one home, plus go on vacations. It’s definitely something plausible for people who work remote or don’t have to work at all and also do not have school aged kids.. It’s a stupid idea for people who have to work in person, have limited time off and have kids not only doing school but also enrolled in various activities/sports (many of which cannibalize summertime break).

We have a second home and go on vacations. Our second home is more like a weekend getaway. We opted out of travel sports because it sucks up your family time, weekends, summers, and you travel to dinky places you don’t want to go. Our kid does sports that don’t require above (ski, tennis, golf)

Our kid is going to middle school and can do all clubs, activities, and sports there. We have pulled our kid to miss a few days or week to travel in elementary and NBD. Will see how middle school goes and how well kid does.

Also I’m self employed so plan my work schedule around my family schedule and can travel when I want. The limiting factor is the school schedule. Travel is a high priority for us.

But yes, if you are chained to a 9-5 office job with limited vacation or are a slave to the activities and travel sport schedule, it’s not going to work.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think what you’re missing is that it’s not an ‘or’ proposition for some people with second homes? We are based in Tribeca, have a second home in the Hamptons, and we use it a ton. Move out there for the whole summer, use it at least once a month during the year, spend a week there in the winter while kids are on break. It’s wonderful for us to not have to pack anything, to have a spot to host friends and family, and that ease can’t be duplicated by a rental.

We have also taken 6 international trips this year (some for long weekends, some for a week) and a few domestic. It’s just not always a situation where you do trips or go to some musty cottage.

+1 This is exactly what many posters don't understand. It's not either or - we have a nice primary home, a nice beach house, and take multiple international and domestic vacations to other places.

Yep. The second home is just that---a second home. It's not a substitute for vacations.

You need to have time to spend in more than one home, plus go on vacations. It’s definitely something plausible for people who work remote or don’t have to work at all and also do not have school aged kids.. It’s a stupid idea for people who have to work in person, have limited time off and have kids not only doing school but also enrolled in various activities/sports (many of which cannibalize summertime break).

I have friends with 3 kids doing travel sports, camps and various activities. They literally have maybe a total of 1-2 weeks they can take together as a family during summer.

I'm a SAHM and stay at our beach house for most of the summer. DH can go back and forth and take kids with him if they have an activity that week. We do camps here too sometimes. But we don't have to fill every week with camps the way we did when I was working.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Who watches the property when you’re not in it most of the time? If a pipe burst or the water heater goes or it floods, how would you know? What if there’s a fire? How do you manage the huge risks of not living in a home FT?

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?

It's not. I have two duplexes with significant cash flow on paper, but I've dealt with almost all of the hazards you listed: broken pipes, collapsed roofs, rodent infestations, and replacing HVACs. I am holding onto them and passing them on to my kids because they are in a great location, but it's a lot of work and big expenses. I keep $100k in an MM account for the LLC that owns the rentals to deal with problems when they inevitably come up. I haven't hired a property manager yet becasue I have a list of service providers and a main handyman to call, and I can handle listings, although I probably will hire one within the next 5 years becasue the money saved isn't really worth it anymore. I'm talking about rentals, not a vacation home, but the same premise applies. You have to be prepared for the liabilities. This is why we don't own vacation homes. We don't need anything else to take care of.

It’s interesting how people who own income properties tend to be less than enthusiastic about vacation homeownership, while those who have vacation homes, especially for exclusive family use (which is entirely expense only) tend to have nothing but positive things to say.. Who is lying?

It's not that anyone is necessarily lying; these are two very different groups with very different goals.

People who own investment properties are looking to cut costs and maximize profits. They're likely doing a lot of the work themselves and dealing with the headaches of being a landlord, which is much more effort for short term renters. The houses take lots of abuse and issues require immediate attention. The landlord isn't deriving enjoyment from the property - it's merely an investment.

People who own second homes are looking to maximize enjoyment and have the money to spend to outsource work. Plus they're not dealing with being a landlord.

[Anonymous]

[img]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Who watches the property when you’re not in it most of the time? If a pipe burst or the water heater goes or it floods, how would you know? What if there’s a fire? How do you manage the huge risks of not living in a home FT?

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?

It's not. I have two duplexes with significant cash flow on paper, but I've dealt with almost all of the hazards you listed: broken pipes, collapsed roofs, rodent infestations, and replacing HVACs. I am holding onto them and passing them on to my kids because they are in a great location, but it's a lot of work and big expenses. I keep $100k in an MM account for the LLC that owns the rentals to deal with problems when they inevitably come up. I haven't hired a property manager yet becasue I have a list of service providers and a main handyman to call, and I can handle listings, although I probably will hire one within the next 5 years becasue the money saved isn't really worth it anymore. I'm talking about rentals, not a vacation home, but the same premise applies. You have to be prepared for the liabilities. This is why we don't own vacation homes. We don't need anything else to take care of.

It’s interesting how people who own income properties tend to be less than enthusiastic about vacation homeownership, while those who have vacation homes, especially for exclusive family use (which is entirely expense only) tend to have nothing but positive things to say.. Who is lying?

It's not that anyone is necessarily lying; these are two very different groups with very different goals.

People who own investment properties are looking to cut costs and maximize profits. They're likely doing a lot of the work themselves and dealing with the headaches of being a landlord, which is much more effort for short term renters. The houses take lots of abuse and issues require immediate attention. The landlord isn't deriving enjoyment from the property - it's merely an investment.

People who own second homes are looking to maximize enjoyment and have the money to spend to outsource work. Plus they're not dealing with being a landlord.

I think it’s reverse. The people who own investment properties are hung up talking about how much money they’re going to make. The people who own second homes know it’s a giant pit to throw money and time into - but many feel it’s worth it.

To be honest, it’s not as much an indictment of the second home as much as the primary home. Primary homes are there for utility and second homes are there for enjoyment.

During Covid we jettisoned our primary home and now live in our second home. I’d never get a primary home again unless a new job dictated I needed to be back in DC 2-5 days a week - even then we’d keep the kids in their schools and we’d get a small condo (which may get very well priced soon).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think what you’re missing is that it’s not an ‘or’ proposition for some people with second homes? We are based in Tribeca, have a second home in the Hamptons, and we use it a ton. Move out there for the whole summer, use it at least once a month during the year, spend a week there in the winter while kids are on break. It’s wonderful for us to not have to pack anything, to have a spot to host friends and family, and that ease can’t be duplicated by a rental.

We have also taken 6 international trips this year (some for long weekends, some for a week) and a few domestic. It’s just not always a situation where you do trips or go to some musty cottage.

+1 This is exactly what many posters don't understand. It's not either or - we have a nice primary home, a nice beach house, and take multiple international and domestic vacations to other places.

Yep. The second home is just that---a second home. It's not a substitute for vacations.

This.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Who watches the property when you’re not in it most of the time? If a pipe burst or the water heater goes or it floods, how would you know? What if there’s a fire? How do you manage the huge risks of not living in a home FT?

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?

It's not. I have two duplexes with significant cash flow on paper, but I've dealt with almost all of the hazards you listed: broken pipes, collapsed roofs, rodent infestations, and replacing HVACs. I am holding onto them and passing them on to my kids because they are in a great location, but it's a lot of work and big expenses. I keep $100k in an MM account for the LLC that owns the rentals to deal with problems when they inevitably come up. I haven't hired a property manager yet becasue I have a list of service providers and a main handyman to call, and I can handle listings, although I probably will hire one within the next 5 years becasue the money saved isn't really worth it anymore. I'm talking about rentals, not a vacation home, but the same premise applies. You have to be prepared for the liabilities. This is why we don't own vacation homes. We don't need anything else to take care of.

It’s interesting how people who own income properties tend to be less than enthusiastic about vacation homeownership, while those who have vacation homes, especially for exclusive family use (which is entirely expense only) tend to have nothing but positive things to say.. Who is lying?

Landlord business model is parasitic by their very nature. Of course they’re lying, it comes as naturally as breathing. They all seek to own more and rent out to saps. Own nothing and be happy = investor landlord class owns everything and gets filthy rich passively. Note how landlords all whine and complain but never actually sell off all of their RE.