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[quote=Anonymous][img][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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?[/quote]

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.  [/quote]

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?[/quote]

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.[/quote]

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).

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