MonicaRichards

We love our cabin. We got it because having a vacation is a lot more fun than owning stock options, and in the long run should work out about the same for us. We get up there about every third weekend, and we manage to not do much work while we're there. We have cleaners come once a month so there is never toilet scrubbing, etc., to do (who wants to spend their weekend doing that?!). We don't rent it out because that takes a lot of the usefulness of having your stuff waiting for you out of it. It's in the mountains in a pine forest, so aside from cleaning out needles in the spring and shoveling the driveway of snow in the winter there's not any yard work. It needs a bit of updating, but it's useable now so we'll tackle that stuff when we're ready, and I enjoy improving houses so it will probably be fun.

gail

I am sensing that some people are better able to ignore the "needs updating", leaves to rake, bathrooms to clean than I am. This is ironic, since I am certainly not Ms. Clean at home (maybe if I spent less time on this board, my house would be cleaner - but what is the fun in that). It just took me 2 months to finish a faux finish painting job in a small room in our one home - and it bugged me every day seeing it.

girlonthego

gail, I am laughing. It is true. I spend way too much time on this forum and not cleaning my house. Maybe this ski place will be good for me....no internet access-It will be spic and span.
Your post about colleges...VA has some great schools. Have fun traveling through my state!

LoveItaly

Hi cd, I sure can relate to your comments about having a boat for your second home as we did too for about 10 years. I loved that boat and we also spent nearly every weekend on it except for when the weather was stormy or we had social or family events to attend. But one day we looked at each other, after another mechanical problem, and put it up for sale. It sold within 2 weeks.
I really miss my boat but don't miss all the work. It was wonderful to have the experience for 10 years though.

girlonthego, every friend I have had that had a vacation home ended up finally selling them as either they did not use it that much, constant maintenance problems or lack of time to utilize their vacation home and also have time to travel to other places. One secret I think is that one needs a vacation home that one can reach within 3 hours of the main residence. Having a vacation home that requires hours of driving or that is difficult to get to with public transportation takes away some of pleasure. Believe that was the main problem for all of my friends.

amwosu

I agree with LoveItaly that accessing the place within 3 hours is key. We thought about buying in Tuscon or Sante Fe but they required 2-3 flights or a flight and a drive which was not something we were willing to do for a long weekend.

We bought where we have direct/nonstop flights and where there are several airlines that fly to our destination as competition keeps airfare lower.

We also like that we can get to places as diverse as Las Vegas, LA, the Grand Canyon, or Rocky Point, Mexico with just a quick flight or a few hours drive.

MonicaRichards

I agree having the place close is key. Ours is a 2.5 hour mostly pleasant drive (except for the stretch on 580--yech!). That way you can use it for a regular weekend, and use your vacation time for other destinations. I also think a cleaning service is key!

LoveItaly

Our boat which was in the CA Delta was just one hour from our home. We would leave at 5:00pm Friday evenings and be on the boat by 6:00pm, in time to sit on the deck, have a drink and enjoy the peace and quiet and the wildlife. We would leave on Sunday about 6:00pm, stop for dinner on the way home and be home no later than 9:00pm. I still miss my boat, LOL.

bennnie

The only second home I can see my dh and I purchasing is one that would be near whatever college my DDs' attend assuming they don't stay nearby. I'm picturing my girls at UVA or William & Mary and us owning a condo in Williamsburg. Not likely that will happen but you never know.

But other than that we currently plan to rent a different place every winter when we retire - one year Phoenix, one year Naples, one year La Jolla etc.

We had a cottage on the Cape when we were growing up. Parents sold it when we got to be teenagers and noone wanted to spend time there. Wish they had hung on to it.

Neopolitan

bennie, speaking of the "near to college" idea, I know lots of wise parents who actually bought condos near universities for their offspring to live in while in college, find roommates to share and pay all the expenses, and everybody came out way ahead.

lolfn

we bought what i refer to as a "weekend" home as opposed to a vacation home 7 years ago. we were living in nyc at the time and it was a wonderful getaway. it is about 3-4 hr drive from nyc area. we spent 2-3 wknds/mo there in the warmer weather, 1/mo in the winter. my husband hates to sit around being idle so actually loved the little upkeep projects. and we undertook larger projects too because he is a total diy-er and wanted to do it. we did have someone cut our grass and could easily have paid someone to clean too but found it really didn't get that dirty/messy as we were only there on weekends. and how long does a quick dusting take?

we fell in love with it so much that we moved here full time 2 years ago. we are only in our 30s and have young children. when they get into 1st grade, we'll consider moving to a more metropolitan area especially if i want to go back to work. but i believe this will be our retirement home. it has tripled in value in the 7 years we've owned it, though i doubt we'll ever cash in on that equity. but it is nice to know that money could be there if ever needed. and it is nice to know we will own our retirement home outright in a few years.

we still travel for 5-14 days at a time, though that has slowed with the arrival of the kids. we wouldn't have bought the house if we couldn't have afforded it without crimping our lifestyle. frankly, i'd rather spend most weekends in the comfort of MY home in a beautiful place than bibop around the country on quick trips staying in hotels or friend's guest bedrooms.

and, one last point, if you are spending leisure time in the same place, you are able to make friends and build a social life there.

J_Correa

At this point in my life, I wouldn't consider buying a second home. We just bought our first home - which consequently I do look at as an investment rather than some place I will live for years and years and pass on to heirs. It is definitely a stepping stone. At some future point, I might consider a vacation home. Who knows.

GoTravel

bennie, my parents did the same thing years ago.

I went away to college at Lynchburg College in Lynchburg Virginia and real estate was so inexpensive around the college at that time, my dad bought an old two story three bedroom house (we turned the downstairs dining room into a bedroom). There were six girls living in this house and I think it ended up being a really good deal for my dad while I was there.

About six years after I flunked out, my dad decided it was too much of a hassle to upkeep and sold the house.

mlgb

I owned one for 5 years, a golf course condo in the desert. By renting it out 3 months in season, it covered about half of my out of pocket costs. It was within a few hours drive of home, so I went there 2 long weekends a month, and for longer stretches.

I did begin to feel locked in to visiting the same place. I enjoyed it more when I was still working, since there was no planning needed and weekend

mlgb

...no planning needed, and weekends were the only time I could get away. However when I retired I wanted to go on longer trips and felt like I was "wasting" my investment if I went anywhere else.

Luckily real estate prices went nuts and I was able to cash out. I can rent a condo for a month at almost the same out of pocket cost as to own. The main downside is not being able to just get in the car and arrive somewhere without having to pack a suitcase.

girlonthego

Go Travel,
Did you flunk out because you had this really cool house to party in?LOL
Thanks for all the replies. It is great to hear the other side of the coin. Who owned, who liked it, disliked it, etc..
About the cleaning service, yes there would be one because of the rentals. I am not going to go and clean the whole time!!! I have to do that at home.

gail

My son's college in Savannah even has ads in college paper encouraging parents to buy real estate as housing and an investment - would have considered that except it is 1000 miles from home.

kasperdoggie

We do own 3 vacation homes solely for investement - we do not vacation there ourselves. The homes are all in the same general area, within 2 hour drive from our primary residence. The area has very short high season, but even so, the rents cover the mortgage and some of the underlying expenses (insurance, taxes, utilities, etc). I manage all three and do not dislike this aspect of ownership - it's a lot of work, but I find it fun at the same time.

GoTravel

girlonthego, partly I'm sure its the reason I flunked out. I don't know how it is now but freshman were not required to live in dorms and the drinking age was only 18.

So lets see, I'm 18 years old living in a house with five other 18 year olds, legal to drink, no supervision for the first time in my life...

Gee, I wonder how I talked my father into that? LOL!

cd

LoveItaly
Your weekend schedule was exactly like ours! I too miss the good times on our boat. We have some great memories but I would not own another "live on". Maybe a pontoon but not one that takes so much work and money. The couple that purchased ours have taken her down the Mississippi and into the Bahamas. They have thier travels on a website so we keep up with what "our" boat is up to. They are on their way to St Thomas.

mikemo

Location, location, location: I bought a vacation home in San Miguel de Allende, Gto. MX; leased and lived in it for nearly 26 months; broke even nearly to the dollar (rental income/day to day expenses ex: food and travel); made nearly a 50% net capital gain on the sale and now live here full time.
M