2nd home.. buyer's remorse

  • Posted by a hidden member.
    Log in to view his profile

    Dec 18, 2008 5:58 PM GMT
    so i've been speaking w/ guys who have places in p-town and palm springs, and a trend i see is that once you own, you psychologically don't feel the need to go to your vacation home as much as planned..

    the bf wants a summer place upstate for us, since he's big on the races..could care less but i like the country aspect of it..we won't be extending ourselves and rates are getting greenspanish..we're both young and emergency/retirement stays untouched but my main concern is that once we get it, we won't use it as much (that owner's mentality, chase vs. the kill, etc)

    anyone have a similar exp where it gets overrated after a while, or even the opposite?? thanks
  • Posted by a hidden member.
    Log in to view his profile

    Dec 18, 2008 6:15 PM GMT
    Yeah, we have Florida gay friends that way. Bought a New England home 2 years ago, mostly because it's in the boyhood town of one of them.

    Now it seems more of a burden to break away to get up there. Only the "native" spends much time during the summer, doing endless improvements on an older house, working the whole time. The working partner drops in a bit, and this year they're spending a week or 2 of the holidays there. BTW, they recently learned that a local was breaking in and robbing them, since the place is vacant 90% of the time.

    Personally, I feel that unless you are super-rich, with all upkeep considerations being the business of others, a second home should be ultra low-maintenance, low commitment. Something like a condo, little more than an apartment.

    My own solution is a camper trailer, which isn't tied down to any one place. My "cabin on wheels" that lets me change my location at will. I don't have one vacation home, but many, wherever I tow it.
  • DuggerPDX

    Posts: 386

    Dec 18, 2008 7:44 PM GMT
    We recently bought a second place, our rule was you had to be able to get there in under three hours, anything more than that and we felt it would not get used enough.
  • Posted by a hidden member.
    Log in to view his profile

    Dec 18, 2008 7:52 PM GMT
    You definitely still have lots of options.

    Well understand that it is always a good investment to own real estate. Also you can stand to profit from a vacation home by renting it for periods of time. For example if you know that you're not going to be there for a specific period then hook up with a property management company and rent it!

    If you can afford it and the investment wouldn't impede on your livelyhood I would definitely recommend it!
  • Posted by a hidden member.
    Log in to view his profile

    Dec 18, 2008 7:59 PM GMT
    We have second homes in the Colorado Rockies and in Palm Springs. both are great getaways and we use them a lot. don't buy a second home if you can not use it.
  • coolarmydude

    Posts: 9528

    Dec 18, 2008 8:13 PM GMT
    I'm not in that situation, but here are two alternative options:

    1) Buy a time share if there is one in that area. You pay what you use and don't have to worry about it when gone.

    2) Check into vacation swaps. If you are in a good location, you can join clubs that allow members to swap homes with each other for vacation purposes.

    I think that B&Bs are better options for going upstate, or, like Vespa said, go camping.
  • Posted by a hidden member.
    Log in to view his profile

    Dec 18, 2008 8:20 PM GMT
    We have three houses and a boat and it is just so fucking stupid. Whatever I want is someplace else and I am forever and a day running after gardeners, taxes, whatever the fuck.

    Before the gods I declare my intention to put everything under one (Provencal) roof.

    BTW I have found after growing up in the country, and living in LA, New York, London, Paris, and Venice that I like living in the country. My love of the city is undiminished but I want to visit.

    When you think of second homes let the word HOTEL form in your mind.

    BTW houses (if you live well) are NOT an investment, they are a moral obligation.

  • Posted by a hidden member.
    Log in to view his profile

    Dec 18, 2008 9:30 PM GMT
    I have 3 house. One an apartment in a city of 2 million people, the second a house in a suburban where I work and is my principle residence and the third house is a little wooden hut in my village in a wood over looking a small pond with plenty of greenery and nature.

    I dont intentionally buy this properties for vacational reason. I was working in the city for 10 years when I buy my city apartment. When I get transfer to where I work now I buy the second house. For the 3 properties( the hut in the woods) I inheritance a piece of land when my father passed away. The land is so amazingly beautiful and village life so charming that I decided to build the wooden hut so I can visit it during weekend and off days.

    Of course I can sell or rent out this properties to other people but decided to keep them all. I enjoy the different lifestyle that each properties provided. The city apartment is great for shopping, going to the theater, dancing club , museum and sexual opportunities. The suburbans house is bigger with a library, a yard for bbq, guest room . The hut is where I can indulge in nature, escape the stressful city life , do a little bit of farming and enjoying small city living.

    This three properties have make my life so colourful, exciting and complete. As long as I can afford it , I dont plan to sale or rent out any of them
  • Posted by a hidden member.
    Log in to view his profile

    Dec 18, 2008 9:37 PM GMT
    WOW!!!! I only dream of owning one home let alone three. icon_eek.gif
  • metta

    Posts: 52275

    Dec 18, 2008 10:50 PM GMT
    well, I'm just going to state the obvious. But I think that is what you are looking for as well:

    Don't buy a second home unless you both agree that it is right for both of you. You obviously have concerns about getting a second place. If those concerns cannot be answered to the degree that you are comfortable with, then don't get it.