Anyone own a "Second Home"?

[BelleWDW]

An opportunity-out of the blue- that DH and I are considering-a rustic camp -lakefront views. Its a fishing spot we've gone to for years, and would love to go every month to "chill".


Pros and cons-anyone?

 

[perdidobay]

DH and I own two. One on the beach in Florida (actually a condo) and a house in the north GA mountains.

Pros...
....it's great to have a place to go where you can just get there and know all your stuff is already there.

....the decor is something you like since you decorated it.

....if you have pets and want to take them with you no problem!

.... something to share with family and freinds.

.....possible investment that goes up in value.

Cons.....

.....cost of furnishing and supplies.

..... cost of maintaining the property and utilites, taxes, insurance.

..... unless you live close enough to handle emergency repairs you may need someone to handle problems for you.

....if you don't live close enough to visit as often as you like you may
find yourself not using it as much as you think.

Both our second homes are 7 hours away from us and I wish they were closer. We do rent out both properties part of the year and the rental agencies handle repairs and maintenance for us. We think of them as investments and when we retire plan to sell our first home and live in north Georgia and winter in the condo in Florida.

 

[pumba]

we have been looking for our SPOT in the woods for the last 8 months.....we shall get one sooner or later.....HOPEFULLY.....I made a few stipulations.....it has to have a toilet, electricity and running water.......is that to much to ask..

 

[MIGrandma]

we have been looking for our SPOT in the woods for the last 8 months.....we shall get one sooner or later.....HOPEFULLY.....I made a few stipulations.....it has to have a toilet, electricity and running water.......is that to much to ask..

Nope, not too much to ask at all. Keep looking! You will find it! We did!

We have always wanted some acreage "up north" in the woods (a lake would have been nice, but too many people for our tastes unless we could own the whole lake and that ain't gonna happen ). For years we had dreamed about it. Well, in the early spring of 2008 we decided to start looking. So I found a bunch of realtors on-line and started searching. I'd find a few that looked good, print off the info/directions, and every weekend for weeks we'd go driving around (with the GPS to find them for us) looking at the properties.

It was hard finding just the right one. This was wrong, or that was wrong. Not enough acres. Too close neighbors. Etc.

Then DH decided he really didn't want anything that actually had a house or a cabin on it, too much upkeep and he really doesn't have time for it. So I started over, looking for vacant acreage but that did have a well, septic and electricity.

Lo and behold we finally found it, had a hard time finding it when we drove to go look at it, but finally did. We walked it (30 acres) and fell in love with it. Met up with the realtor to look at it again with her, and ask questions. Put in an offer, owner counter offered, we raised our offer a bit and he accepted!

So a year ago this past September we became the owners of our dream property, back in the woods, on a dead end road. It came with a camper, and we also have one of our own so we took that up as well and the camper that came with the property became the "guest camper." We had so much fun up there this summer, by ourselves a lot, but with other family and friends coming up sometimes to visit too. It's wonderful having a place to go to to relax. DH is having fun making walking trails in the woods, and we cut up and stack firewood quite often for the evening campfires we like to have.

We have a wonderful neighbor that keeps an eye on the place for us when we're not there. The taxes aren't too bad. And with no house there yet, there really isn't much "upkeep" to worry about.

In another 10 years we'd like to put a small 2-bedroom cabin there, and eventually retire up there for the spring/summer/fall months. And our kids will inherit it someday too.

Good luck in finding your perfect place, pumba!! And, OP, if you can swing the payments and it won't be a hardship, and don't forget the taxes too, I would go for it.

 

[BelleWDW]

Its 21/2 hours away-so going monthly is doable.
We would not own the property-its a mobile home with big porch right on the water-very, very low monthly rent for the land-with a boat dock we can use.

Whenever the fishing is good up there-all the rentable cabins are already full-so being able to just go on a beautiful weekend is a big plus

 

[arminnie]

I have visited New Orleans on a regular basis for several decades. I'd thought about someday buying a small condo there, but got serious about it in 2005.

I originally thought that maybe a small 1 br or a studio would be great. I ended up finding a 2BR/2BA in the PERFECT location. I'm on St. Charles Ave (where the streetcar runs), am on the parade route, and have secured parking.

I closed a few days before Katrina!! I'd left to go back to Arkansas two days before the evacuations started because my dad was having surgery.
I couldn't believe what was happening in my beloved New Orleans.

I wasn't really worried about losing my condo (6th floor) - I was worried about losing MY CITY.

I am so happy that I bought. The value has gone way up. How many people who bought in 2005 can say that. I LOVE having my own home there. I love having friends from around the country come visit. I've also made some great friends on the New Orleans thread here.

I try to get there once a month. It's an 8 hour drive or about 5 hours door to door on SW. Delta had just announced non-stop service right before Katrina, but that got cancelled.

It was very hard here after Katrina. There was no place for people to stay. Hotels were packed with FEMA and other workers. There's no way I could have been back here for the 1st Mardi Gras or the 1st Jazz Fest after Katrina if I hadn't had my own lodgings.

I love being able to bring my dogs. I can arrive and leave when I want to - not dependent on a hotel room. No more minimum stays.

Now for the con - I have been there 6 days in the last 6 months. My dad got very, very ill and had to be moved into a retirement home. So I have been dealing with moving him, buying a new place here, closing out the big house, etc.

 

[piglet50]

we have a place at the beach 2 1/2 hrs from home. upkeep, mowing the grass, taxes, utilities, etc. our down side is that we got tired of going to the same place all the time. we felt obligated to go there because we had it.

 

[The Mystery Machine]

An opportunity-out of the blue- that DH and I are considering-a rustic camp -lakefront views. Its a fishing spot we've gone to for years, and would love to go every month to "chill".


Pros and cons-anyone?

I grew up with one. My parents got it in 1978 and they still own it. My father is not one to care well for things so it needs major renovation. We do what we can.

So my advice is to be realistic about the cost of upkeep, fees, repairs, bills, etc....into your equation. The place where my parents bought it in is now a village it is so large. It has been 30yrs & is a resort community now.

The growth of the place took some of the charm away. So choose your spot carefully. Know what is going to be around you.

Other than that it is great fun and we were there as kids and now my kids go there. You have to learn to get along with a lot of people if this is for family.

 

[emma'smom]

Our family has one (my parents still own it for now....). My brother and I each have a spouse and two young children and will take it over someday when my parents are ready to pass it on to us (either through inheritance or through a family trust).

Pros-
Builds family traditions-- I can remember DGM being there (and she died 10 years ago) with us for holiday. Now my kids spend the summers there...

We each have our own "family bedroom" that we decorated ourselves---so our own tastes/budgets.

Always have a place to go on vacation...and can stay 3-4 weeks at a time (I'm a teacher---so summers are nice and long)

Place for relatives to come and visit us since it is closer to them ---and lots to keep them busy with boating, hiking, etc.

Gives our extended family a home-base. My parents have moved several times from our childhood home---but the cottage gives us all a place that is common ground.

Keep your things there....just walk in and pick up where you left off last vacation....

Good investment (at least our cabin was)

Eventually the "townies" accept you since you are a property owner---so you develop a community of neighbors who you can get to know and enjoy


Cons-
Expense of maintaining a property you don't use very often

If you rent it out, expense/worry that renters will break things and not care for them as you would (and they won't)---so you may be hesitant to invest as much in decor/electronics/equipment if you know strangers will use it. We rented ONCE when we first bought the place....and it was a disaster. I think we just didn't like the idea of strangers in our house---all the pots and pans were in the wrong cupboards, etc.

Relatives show up and just want to play while you work (see my pro above---it is a love/not-so-love situation). They are on vacation and you become the maintenance crew, cooking crew, etc.--and are often footing the bill for lots of groceries.

Vacations are a lot of times working vacations while you take care of maintenance or little projects that need to be fixed/done. If you go to a resort, you just get to rest and play and someone else takes care of all of that.

Less likely to go other places since you have a place you are already paying for....


In the end, we love it. However, I'm glad that my parents were the ones who bought it as it will allow my generation to enjoy it with less expense (and thus allow my immediate family other vacation options as well).

 

[OK!]

My parents are actually in the process of buying a short-sale condo in (I think) Windermere, FL. It's about 5 minutes from WDW and would be used mainly as a vacation home, though vacations would certainly be longer than before, since they wouldn't be burning DVC points anymore! My brother and I would also be able to use it, which is awesome. We'll actually probably stay there for the Half-Marathon and possibly a week or so afterward (I can work remotely, so work doesn't care where I am physically when I work as long as I get the work done).

They're getting a great deal on it and have been to see it in person a few times, so they know exactly what they're getting into. There really aren't a ton of cons in this situation, other than the obvious expenditure, which they can afford. The pros (as far as I'm concerned! ) are pretty obvious.

 

[PaddingtonBear]

Its 21/2 hours away-so going monthly is doable.
We would not own the property-its a mobile home with big porch right on the water-very, very low monthly rent for the land-with a boat dock we can use.

Whenever the fishing is good up there-all the rentable cabins are already full-so being able to just go on a beautiful weekend is a big plus

Be very cautious in this type of situation. My mom had something similar- only hers was owned by a church campground- and they suddenly without warning raised lot leases by 40% and at least half of the tennants got evicted becuase they suddenly couldn't afford thier vacation homes. Of course none of them ever thought the church denomination they'd been part of all thier lives would do something like this. It was horrible. Fortunately it happened right after my mom died so she never had to deal with it, but it made it so much harder for me to unload her place.

Disclaimer: in the church's defense, they had to do something darastic, the economy was sqeezing them too and they did thier best to work with people on fixed incomes like year round residents, but the seasonals got kinda screwed.

 

[The Mystery Machine]

Its 21/2 hours away-so going monthly is doable.
We would not own the property-its a mobile home with big porch right on the water-very, very low monthly rent for the land-with a boat dock we can use.

Whenever the fishing is good up there-all the rentable cabins are already full-so being able to just go on a beautiful weekend is a big plus

Oh I missed this. So you are buying the mobile home on the property and someone is going to let you stay there and rent their land?

Well that is certainly not a good investment for long term. Plus he could evict you from the land or raise your rent in order to try and get you out of there, as pp said.

How much are you talking? The mobile home will not appreciate at all so make sure you are not getting ripped off in this deal.