what's the benefit of owning a vacation home (non rental) (1 Viewer)

[tommyboy]

considering buying a 2nd home for family to get away to. Its 3 hrs from home, in a great location that we go to frequently every year, have rented homes for years. House is relatively cheap and I have the funds to buy it without putting stress on our budget.

However, the business man in me says 'dont buy it'. So any of you have experience in owning 2nd properties that your primary use is for family getaways? what are the pros and cons.

tia

 

[belljr]

Pros

place to go that is yours

can use whenever

if in an area of high volume could rent out if inclined

cons

up keep

$$



eta: I would love to own a vacation home

 

[Dippa]

Pros

place to go that is yours

can use whenever

if in an area of high volume could rent out if inclined

cons

up keep

$$



eta: I would love to own a vacation home

To add to your cons, you also aren't usually there much other than vacation, so you get to spend a large amount of your vacation doing upkeep while others enjoy it.

At least that's the impression I've gotten from staying at family members' vacation homes.

 

[Cliff Clavin]

3 hours is a long haul for consistent weekend trips. Had that for our last cabin and it sucked getting up there so late on a Friday then leaving mid-afternoon Sunday. Sold it and got one 45 minutes away and it is the greatest thing ever. On the dock by 6 having beers every Friday during the summer.

Not sure what type of property you're talking about but with a cabin, the toys (boat, seadoo, pontoon, quad, skidoo, etc) end up costing you damn near as much as the property.

 

[tommyboy]

3 hours is a long haul for consistent weekend trips. Had that for our last cabin and it sucked getting up there so late on a Friday then leaving mid-afternoon Sunday. Sold it and got one 45 minutes away and it is the greatest thing ever. On the dock by 6 having beers every Friday during the summer.

Not sure what type of property you're talking about but with a cabin, the toys (boat, seadoo, pontoon, quad, skidoo, etc) end up costing you damn near as much as the property.

its in the mountains, 20 mins from skiing. there's also a couple great rivers, and several great fishing lakes right nearby. Its mainly a place that people from the city go to to escape, your talking family place where your kids can ride bikes all day, or go swimming, fishing, skiing, hiking. Not a cabin at the lake, i'm not into boats so doubtful that's in the future.

 

[Chemical X]

ours is in italy LAM and the main pro is that when we go, we have left many items there, so we are able to pack lightly, if at all. not having to pack, drag clothing, bathroom items, is helpful. when we arrive, we feel like we are home and no one takes care of your place like you. being able to travel when you want and not stay in a hotel is worth it to me. some areas where we are get 150usd a night, so a 10 night trip does add up. cons are leaving your place empty for long periods (this prevented us from considering a detached property) and all the upkeep, like insurance. for me, knowing a place is my bathroom and being able to sleep in my own bed is worth not renting.

 

[Doctor Detroit]

I have a cabin in Michigan, 700 miles away.

It's a hassle keeping it up at times but it's the best thing I've ever purchased sans my dog, I love it. All winter I think about the next time I can get up there.

 

[Jayrod]

Depending on how long you rent it out for, the interest on any mortgage is deductible just like your primary residence.

 

[Judge Smails]

The one thing I do know is that my friends who have bought them have used the shiny new toy like crazy in year 1. Cabin in Big Bear, house in Palm Springs, etc. Then life starts happening, kids start travel ball, can't get away on weekends, etc and then they hardly go. I don't think people account for life changes enough.

That being said, my former CEO has a big ### house on a lake 1 hour from his house in AL, and they go every freakin' weekend in the summer. No secret if you use it (proximity has a lot to do with it) then they are worth it.

 

[parasaurolophus]

We have friends that their whole family went in together and bought a lake house. They have a draft for weekends every year. They basically have a draft party.

It is 45 minutes away. They all use it all the time. The costs are shared by 5 couples.

We have other friends that have one about 2.5 hours away. They maybe go twice a year and he hates it. Says for the cost he would rather take two family vacations a year to much better places.

So I guess what I am saying is if it isn't very expensive and you will use it a lot, seems like a great idea. If it is expensive and inconvenient, it is basically like betting on Romney.

 

[bigbottom]

considering buying a 2nd home for family to get away to. Its 3 hrs from home, in a great location that we go to frequently every year, have rented homes for years. House is relatively cheap and I have the funds to buy it without putting stress on our budget.

However, the business man in me says 'dont buy it'. So any of you have experience in owning 2nd properties that your primary use is for family getaways? what are the pros and cons.

tia

Our place is three hours away. It's a longer than ideal hike, but we make it out there around one weekend a month, and spent a little over a week over the holidays. This upcoming summer will be our first and the family will be spending a lot of time out there (lake house) - I'll be working during the week and head out on the weekends. I really like it because it's therapeutic for me. Beautiful scenery, starry skies, quiet, slow-paced, reflective. And there are far fewer distractions, which leads to better family time - board games, puzzles, hikes, fishing, basketball and when summer hits, boating, tubing, wakeboarding. Wanting to create some new memories with immediate and extended family in a new location over the next 4+ years before my son leaves for college.

Biggest con is cost (capital improvements, mortgage, insurance, taxes, another DirecTV bill, gardener, etc.).

 

[msommer]

For me the biggest con is the feeling of obligation to go the same place every time you have vacation. That's a big turn off for me. Hence we are selling ours despite prime location, facilities etc.

 

[ClownCausedChaos2]

You could rent it out to Eminence nine months of the year.

 

[FUBAR]

:star:

We bought land a couple years ago with the plan to either build our primary home or vacation cabin on it in a few years. I'm more inclined to go with the cabin but not sure yet. It's in the country, near a marina, not too far from Nashville. I don't see us using it as our only vacation spot but for weekends throughout the summer and the occasional weekend the rest of the year.

or we could sell it if it came to that.

 

[AcerFC]

Mine is 4.5 hours away. We went there every summer for vacation so we figured why not. It is a condo so there is hardly any upkeep. We actually like that it is a little further. It gives us the sense that we are going somewhere. Would have been good if a little closer but we didn't want Jersey. So we drive a little further to ocmd.

 

[jamny]

We like to go to new places most of the times. I wouldn't want to be locked into one location. Maybe a winter/summer thing when we retire though.

 

[AcerFC]

We like to go to new places most of the times. I wouldn't want to be locked into one location. Maybe a winter/summer thing when we retire though.

That is the best part. You own the place but only go when you want. If you want to go someplace else that week, month, year- do it. You always have the vacation place

ETA: Since we bought the beach condo we have gone to Hawaii/LA-San Fran, Great Wolf Lodge, Disney Cruise (coming up) and Disney World. I didnt feel like we couldnt go to any of those places because I own another property

 

[jamny]

We like to go to new places most of the times. I wouldn't want to be locked into one location. Maybe a winter/summer thing when we retire though.

That is the best part. You own the place but only go when you want. If you want to go someplace else that week, month, year- do it. You always have the vacation place

I'd feel too obligated to go there to justify owning it. We go on 4 or 5 vacations a year, almost always to someplace new. Maybe back to Vegas or Chicago, but that's about it.Plus, there's no way my wife would want to do housework while on vacation.

 

[kutta]

For me the biggest con is the feeling of obligation to go the same place every time you have vacation. That's a big turn off for me. Hence we are selling ours despite prime location, facilities etc.

We loved our 2nd place, but we always felt this weird obligation to go there for all our trips. We started skipping the beach and our travelling vacations to go to our mountain home. I may do it again once the kids are gone, but we had it for a couple years and sold it.

 

[DCThunder]

For me the biggest con is the feeling of obligation to go the same place every time you have vacation. That's a big turn off for me. Hence we are selling ours despite prime location, facilities etc.

I had a friend with a 45' sailboat. He felt like if he didn't go down to the boat every weekend, having the thing was a waste of money. Sometimes he never left the dock, but every week, he was at the boat from Friday night to Sunday.

And everybody knows that sailboats are just holes in the water into which you pour money...

 

[Mr. Ected]

considering buying a 2nd home for family to get away to. Its 3 hrs from home, in a great location that we go to frequently every year, have rented homes for years. House is relatively cheap and I have the funds to buy it without putting stress on our budget.

However, the business man in me says 'dont buy it'. So any of you have experience in owning 2nd properties that your primary use is for family getaways? what are the pros and cons.

tia

Our place is three hours away. It's a longer than ideal hike, but we make it out there around one weekend a month, and spent a little over a week over the holidays. This upcoming summer will be our first and the family will be spending a lot of time out there (lake house) - I'll be working during the week and head out on the weekends. I really like it because it's therapeutic for me. Beautiful scenery, starry skies, quiet, slow-paced, reflective. And there are far fewer distractions, which leads to better family time - board games, puzzles, hikes, fishing, basketball and when summer hits, boating, tubing, wakeboarding. Wanting to create some new memories with immediate and extended family in a new location over the next 4+ years before my son leaves for college.

Biggest con is cost (capital improvements, mortgage, insurance, taxes, another DirecTV bill, gardener, etc.).

Growing up near Boston (70s/80s) bunches of families had houses on Cape Cod (1-2hrs away depending on traffic). In this era of stay-at-home moms, the mom and the kids would stay down there for the summer, and the dads would stay in the regular house Sunday - Thursday and head down on Friday. May or may not work today.

I like the idea of a place that you can use in both summer and winter, so that you can get more use out of it and not feel obligated to be there every weekend. I also like the idea of multiple members of the family going in on it, however making sure everyone is paying their bills seems like a starting point for family destruction!

BB - my in-laws live up in WI and use Direct TV; they have a second place that they use in the summer, they have installed a receiver there and take a STB from home with them each visit to get TV so they only have one bill! (Not sure how it works, but adjusting the STB to get the signal can't be that difficult.)

 

[Doctor Detroit]

For me the biggest con is the feeling of obligation to go the same place every time you have vacation. That's a big turn off for me. Hence we are selling ours despite prime location, facilities etc.

Agree with this. In my case however I know this is going to be where I retire to so I feel less obligated every year. I try to get up there six times a year for a total of about 30 days, but last year I only got about 20 days.

 

[pecorino]

Writing right now from our 2nd home here in sunny Vero Beach, Florida. We bought at the depth of the real estate collapse and have the rare opportunity to use the house during this high season (January to March). If we had the money, we would not rent the place but instead use it as the OP described, but for us it must be a rental for most of the year. With that said, we look at it as an investment as much as anything. I didn't like the idea of having so much of my retirement money in stocks so this provides a different kind of diversification. No doubt, it is expensive but the house has appreciated already in just three years and we love having a place to escape to.

My suggestion is to do a lot of homework. We did not buy until after almost two years of research and shopping. It's easy to be surprised by unexpected costs, like for instance the electric company here is notorious for insanely high prices. So know what you are getting yourself into, and have fun with it.

 

[spreagle]

It needs to be on a lake or a place that's very, very interesting or you will eventually get bored of it. If it's on a lake and you get bored of it well at least it will sell and you won't lose much money on it.

I've been going to the same family cabin to 40 years because it's in an awesome location I never get tired of. Grandpa bought the land for 50 bucks back in the 50s and in my opinion there can't be a better location anywhere. The fishing and wildlife and general solitude is off the charts awesome. Give me a choice and I would still rather vacation there than anywhere else in the world.

 

[tommyboy]

considering buying a 2nd home for family to get away to. Its 3 hrs from home, in a great location that we go to frequently every year, have rented homes for years. House is relatively cheap and I have the funds to buy it without putting stress on our budget.

However, the business man in me says 'dont buy it'. So any of you have experience in owning 2nd properties that your primary use is for family getaways? what are the pros and cons.

tia

Our place is three hours away. It's a longer than ideal hike, but we make it out there around one weekend a month, and spent a little over a week over the holidays. This upcoming summer will be our first and the family will be spending a lot of time out there (lake house) - I'll be working during the week and head out on the weekends. I really like it because it's therapeutic for me. Beautiful scenery, starry skies, quiet, slow-paced, reflective. And there are far fewer distractions, which leads to better family time - board games, puzzles, hikes, fishing, basketball and when summer hits, boating, tubing, wakeboarding. Wanting to create some new memories with immediate and extended family in a new location over the next 4+ years before my son leaves for college.

Biggest con is cost (capital improvements, mortgage, insurance, taxes, another DirecTV bill, gardener, etc.).

Growing up near Boston (70s/80s) bunches of families had houses on Cape Cod (1-2hrs away depending on traffic). In this era of stay-at-home moms, the mom and the kids would stay down there for the summer, and the dads would stay in the regular house Sunday - Thursday and head down on Friday. May or may not work today.

I like the idea of a place that you can use in both summer and winter, so that you can get more use out of it and not feel obligated to be there every weekend. I also like the idea of multiple members of the family going in on it, however making sure everyone is paying their bills seems like a starting point for family destruction!

BB - my in-laws live up in WI and use Direct TV; they have a second place that they use in the summer, they have installed a receiver there and take a STB from home with them each visit to get TV so they only have one bill! (Not sure how it works, but adjusting the STB to get the signal can't be that difficult.)

this is a year round place with great activities summer and winter. not going to involve family, just going to buy it outright and have a 2nd home. I might rent it out cheap to friends a few times a year but overall it'll just be another $1000 month expense or more depending on taxes and upkeep. The place is furnished, so I don't have to buy any furniture etc. Only thing I'd have to buy is a TV for the living room.

this place is in the same community that I've been going to yearly since I was a kid. As an adult with kids, I take my family over there 3-4 times per year for vacations, we just spent Christmas week over there. We'll be going back for spring break. we'll be there for 2 weeks this summer (every summer). for years I've toyed with the idea of buying a place over there, I figure I spend 8-10,000 per year there right now, so why not just buy a place? the answer is a) fixed expenses b) upkeep c) cheaper to rent, more variety d) may or may not be a good investment long term; doubtful it loses money but might not appreciate much either.

still, have this nagging urge to just buy this place. We could go whenever we wanted, which appeals to me. Also gives my wife and I a place to retire to when I'm done working in 8-10 years and we had already planned to retire there, this would just be a head start. Someone talk me out of this

 

[pecorino]

Do it. Yolo.

 

[Bucky86]

I like to travel the world too much to ever buy a vacation home. Even when I settle down and have kids I'll probably continue traveling.

 

[DA RAIDERS]

.

 

[villa]

mine is 1.5hrs away, that is about the cut off for a weekend get away as far as I'm concerned.

Can get there on a Friday while it's still light out and come home Sunday without having to look at the drive as a chore.

 

[Brony]

I like the idea of a second place as an investment property, but living in Chicago, there is no place around here that is worth driving to each weekend (or at least none that I've encountered yet)

 

[Doctor Detroit]

I like the idea of a second place as an investment property, but living in Chicago, there is no place around here that is worth driving to each weekend (or at least none that I've encountered yet)

Youre a three hour drive and one hour flight from Traverse City. Wish I lived in Chicago, tons of lakes in Michigan and Wisconsin.

 

[Notorious T.R.E.]

I have a cabin in Michigan, 700 miles away.

It's a hassle keeping it up at times but it's the best thing I've ever purchased sans my dog, I love it. All winter I think about the next time I can get up there.

Still waiting on my invite, gb.

 

[Doctor Detroit]

mine is 1.5hrs away, that is about the cut off for a weekend get away as far as I'm concerned.

Can get there on a Friday while it's still light out and come home Sunday without having to look at the drive as a chore.

Lol, I have a one hour one-way commute to work every day.

 

[Doctor Detroit]

I have a cabin in Michigan, 700 miles away.

It's a hassle keeping it up at times but it's the best thing I've ever purchased sans my dog, I love it. All winter I think about the next time I can get up there.

Still waiting on my invite, gb.

I'll be up there Memorial Day and Labor Day for sure, you're always welcome.

 

[Mr. Ected]

I like the idea of a second place as an investment property, but living in Chicago, there is no place around here that is worth driving to each weekend (or at least none that I've encountered yet)

My in-laws place is in Eagle River, WI; it's 6 hr from Chicago, but we see lots of Chicagoan folks in Bears gear when we are up there in the summer. It makes it easier to be with my wife's Packer-loving family!

 

[Brony]

I like the idea of a second place as an investment property, but living in Chicago, there is no place around here that is worth driving to each weekend (or at least none that I've encountered yet)

Youre a three hour drive and one hour flight from Traverse City. Wish I lived in Chicago, tons of lakes in Michigan and Wisconsin.

It's about 6 to Traverse City. I'm about 3 hours to Saugatuck. I like both of those places, but neither is worth the hassle to do more than a few times a year IMO - the payoff isn't there for the drive time. Obviously, quite a lot of people are willing to put up with the drive as evidenced by Friday night traffic.

I've checked out a few places in Wisconsin too... it's good, but not 'drive 2 hours in traffic and only really enjoy 3 months of year' good.