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Old 01-04-2017, 06:21 PM   #41
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Socca & ivinsfan,
Thanks for the additional info. Single level condos could be quite expensive to maintain.

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Old 01-05-2017, 05:23 AM   #42
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Originally Posted by folivier View Post
We've looked at buying a second house but always come back to renting being the cheaper/easier option. Consider the yearly costs of owning another house. Often times it is the same or cheaper to just rent a house or condo for the 4 or so months you may use it. Then you keep the down payment, etc. and don't have any maintenance issues.
Also when renting you can go different places as your desires change. Or health, etc.

This has been our approach. I think there have been analyses on this forum on the number of months that you snowbird dictating whether it makes financial sense to own vs rent. I know the OP does not want to debate that issue, but renting solves his issues regarding financing as well as his wife's desire not to downsize. We snowbird for two months a year at this point. Same location, same unit every year. Lot's of friends and continuity and the advantage of avoiding the headaches of maintaining a second home remotely.

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Old 01-05-2017, 02:16 PM   #43
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Originally Posted by Hdhead View Post
We own a second home in Florida. Honestly, would not have considered it unless I could buy with cash, which we did. Bought in 2011 (I was 57 years old) when market was beat up and now has appreciated over 50%. So it has obviously been a decent investment that we can actual enjoy. Very liquid if ever needed. Be sure to add up all the carrying costs then add 20%. For us tax, HOA, pool maintence, power, internet, tv, insurance (not cheap), another car (we keep there). I figure $15,000 annually. We very much enjoy it and would do it again.
Very liquid if it's in a big place with lots of turnover perhaps. We have what was originally a second home, now an unneeded third home, on the market. Has been for sale for 1 1/2 years. Seasonal market with not much supply, but also limited demand due to the high prices. Could cut the price $250K and get an offer probably, but will wait a bit more through another season. No mortgage on it, so the only costs are opportunity cost the funds, insurance, taxes, etc. in that order. Not too worried because current list price is 2.6 times what we paid for it 20 years ago and we will have to pay a huge capital gains tax when we sell.
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Old 01-05-2017, 06:42 PM   #44
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I agree that "unreasonable" was a poor choice of words to describe the association fees tied to condos and townhomes. Utilities and maintenance costs are necessary part of owning a property.

I personally still prefer having a single family home with no association. I can do as much of the maintenance labor as I choose, and make all of the financial decisions regarding repairs and updates.


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