Maintaining two homes

[GRambler]

I haven't been on here in awhile. We both got our work hours reduced to have more 3 and 4 day weekends, which has kept us both in the work place longer.
Fine I guess, since we're spending someone else's money for a while longer.

We're nearing the point of ER and already have two homes. One is our primary, the other a rental (to friends) we visit a couple times a year that we'd planned to renovate and snow bird to once they move out.
At one point we thought we'd retire to the smaller rental but the area just isn't for us full time, love to visit but not live permanently, at least not for another 15-20 years. We spent considerable time and effort getting our primary renovated to our liking the past couple years while the rental has only needed minimal repair and upkeep.

Now that we're closer to ER the reality of maintaining two properties 700 miles apart is sinking in.
Routine stuff like lawn maintenance is easy to contract out, and some renovation we'd do ourselves.
But, hiring contractors and basically having to give them the keys for a major renovation isn't something we'd considered. Property managements are generally for routine stuff. Staying in the house while it's being renovated would be difficult long term, and distance keeps us from regular check ups on it.

We'd double our money if we just sold the rental and could take a lot of extended vacations to that area for years just on the profit, but it would be staying in motels or condo's.
We're going for a week over Labor day and look everything over from a home owner perspective and see what the place tells us.

Opinions from those that have done the two properties? How'd you make it work?

 

[Amethyst]

We could not make 2 properties "work" financially, and finally decided to renovate the FL property and sell it. It worked out quite well, actually. I did end up giving the kitchen contractors keys (they put a lock box on the door). I interviewed several contractors before finding two that had excellent references, and impressed us when we went down to meet them. Both contractors were very good about sending me photos and texts of the projects.

It was a bit harder to deal with handymen, but I managed via text, email, phone, and 3 quick trips (Spirit Air, one carry-on, cheap rental car, stayed in a Hampton Inn). The lock box made it all possible, and the fact that they knew I would pop in to inspect and they were not getting paid till I was satisfied. Also I had already lined up a real estate agent, who also "popped in" now and then. She reported a couple of things I'd missed, and together we got those fixed.
It was not as fast as if we'd been able to be on site the whole time, but it all got done.

 

[JustCurious]

We're nearing the point of ET

What is "ET"?

 

[GRambler]

What is "ET"?

A fat fingered ER

 

[Danmar]

It is certainly doable but will be fairly expensive. We have multiple homes and have professional management at most of them. Only you can decide if it's worth it.

Pro's include control, your style of decorating and art, your cars in garage, your clothes in the closet, ie a real sense of ownership. Being able to use it on a moments notice.

Cons include mostly expense and time. Perhaps getting bored with it?

 

[GRambler]

We would do some minor upgrades to sell, like carpet and paint, but new kitchens and baths wouldn't gain much if any more than we'd put into it. Those would be for our own snow birding and eventual moving there.
The market is hot there right now so selling shouldn't be a problem.

The other issue we're having with the Florida property is the HOA outside storage restrictions and lack of adequate garage space for retirement.
While we could sell and basically do a property swap for something less restrictive the same renovation issues remain in the short term while maintaining two properties.
Storage of boats, trailers and other toys is a royal PITA down there. Lot's of storage places, but all expensive and literally, money going out for nothing.

 

[bigcmagor]

We have a winter home in Florida and have timed renovations at both homes while we are away. Best way to get it done with minimal disruption in my opinion. Have to choose your contractor wisely though.

 

[GRambler]

We have a winter home in Florida and have timed renovations at both homes while we are away. Best way to get it done with minimal disruption in my opinion. Have to choose your contractor wisely though.

Do you close it up completely or do you go down even not during the Winter to work on it?

Allegiant flies direct and cheap, so weekend visits are simple. I've already acquired some tools from second hand stores and pawn shops so I don't have to drive down to haul stuff.
Sure makes you think about what you really need when you have about every tool known to man at our primary house.

 

[bigcmagor]

Pretty basic shut down for us since I go back every ten weeks or so. Just turn off the water heater, turn off the water to the house, antifreeze in the drains to keep the traps from drying out.


I'm in a similar situation with tools, but have basic tools covered in Florida. Have to have Gladiator units both places though, being a garage guy. I use Allegiant too. Direct flights are wonderful, even having to put up with a tightwad airline.

 

[RunningBum]

You don't sound too excited about keeping the second place. It sounds like it'd be more of an albatross than an escape. I had two homes for about 5 years, farther apart than yours, but both were in good shape and needed little work. Even so I didn't really like it and was glad when my need for the 2nd one was gone and I could sell. Maybe it's time to sell while the market is hot? Doesn't sound like this is the ideal place for you anyway. Is this the area you see yourself eventually ending up in, and would this place work for you when you are that age?


Here's a test: write up a post with all the reasons to keep the 2nd house, and see how convincing it is.

 

[DrRoy]

I grew up in a family that had a 2nd (vacation) home. After thinking for years that I would always want to keep it, I decided for a mix of reasons to let my sister buy me out. DW and I now use hotels/lodges to visit many different places from year to year instead of going back to the same place that is owned. My sister, though, would never give it up. It is a personal choice.

 

[brucethebroker]

We have a similar situation. We let a friend use our "down south" place for a week a few years ago. She has mentioned how much she liked it more than once. Recently, while daydreaming where to invest the money if we sold in this hot market, I wondered if the friend, who will is about 15-20 years from FIRE, would consider buying our place and letting us snowbird for the first couple of years. Our rent payment would pay most of her ownership expenses, give her a place for non-winter getaways (spring/fall break with her HS aged kids, etc.). And we would bank the $ and still keep our "snowbird friends" in the neighborhood. Seems like a heck of a deal for both parties. But I haven't gotten to the "pull the trigger" point yet, so have not mentioned it.....

 

[brucethebroker]

Another thought on the renovation of an out of state property. We have snowbird friends in our development who never visit the "winter" place during off season. You may have them too. Bet they would let you use their place for a week or so if you visited to follow up on your renovations. Most people would love to have someone check up on their second home just to make sure all is OK.

 

[kcowan]

We have a great property/project manager who pays the maid and hires the subs. She sends pictures of progress on any planned changes, and she keeps in touch with our full time neighbors. Worth every penny!

 

[Danmar]

We have a great property/project manager who pays the maid and hires the subs. She sends pictures of progress on any planned changes, and she keeps in touch with our full time neighbors. Worth every penny!

Agree. I would say two of our places are like this. Really simplifies things. We are having our pool in Arizona re done this year and our property manager is running the whole thing. Problem is, she sent some samples to us and we didn't like them, so heading down there next week for a couple of days to pick things out. Arizona in August, nice!!

 

[W2R]

Never wanted a second home, mainly because my overall objective is to simplify life now that I am retired.

I suppose I could easily afford to buy one that was moderately priced. But honestly I figured that if I didn't really want the responsibilities of a second home, I shouldn't make that purchase.

Besides, I like my present and only home too much to travel. I don't want to leave it.