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Old 02-06-2012, 12:52 PM   #21
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Agree with MichaelB - if you are going to own two homes, at least the one where the weather is worst should be a condo.
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Old 02-06-2012, 05:35 PM   #22
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For me, taking care of one home is work enough. I'd rather rent where I want to visit than own a second home. There are many good web-sites to facilitate this.

Right now we don't own at all, but will be back to being owners by the end of the year.
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Old 02-07-2012, 07:29 AM   #23
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You're just trying to make me feel good, right?
Some people love doing that home maintenance stuff and admittedly I did too. But perhaps I'm getting lazy since the idea of repainting the entire house is not appealing. At one time I looked forward to it.
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Old 02-07-2012, 07:33 AM   #24
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Some people love doing that home maintenance stuff and admittedly I did too. But perhaps I'm getting lazy since the idea of repainting the entire house is not appealing. At one time I looked forward to it.
I'm suffering from the same lazy streak. I'm sure it's nothing more than laziness and has nothing at all to do with advancing age...
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Old 02-07-2012, 07:52 AM   #25
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Some people love doing that home maintenance stuff and admittedly I did too. But perhaps I'm getting lazy since the idea of repainting the entire house is not appealing. At one time I looked forward to it.
How much of that was looking forward to painting and how much was getting away from work (or something else)?

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I'm suffering from the same lazy streak. I'm sure it's nothing more than laziness and has nothing at all to do with advancing age...
Could be common sense. I've spent my adult life about evenly split between houses and condos. There is no clear and easy choice, but I have to admit every time there is major home maintenance or expense due I recall the condo times fondly...
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Old 02-07-2012, 08:06 AM   #26
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How much of that was looking forward to painting and how much was getting away from work (or something else)?
It must have been the idea of making the house the way we wanted it since I didn't take time off from work to do it. And there is something nice about the "new" look that fresh paint gives a place.
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Old 02-07-2012, 08:19 AM   #27
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A beachfront condo in Ecuador for 60,000$ ?? maybe I will buy afterall!

Why Ecuador is a great place to retire - moneyville.ca Blogs

Don't be lured by fools gold. Even the slick salesmen pushing Ecuador warn that property appreciation there in the future will be zero, and that retirees or snowbirds there would be better off renting.
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Old 02-07-2012, 11:21 AM   #28
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We rent one place and own the other. The place in Mexico is owned because we can have fulltime helpers to keep it safe and maintained. We are there for 6 months. We travel in September to work through the bucket lists. The place we rent is sublet while we are down south.

Getting to this place took 15 years and our first purchase was after 5 years of retirement. I would recommend taking your time and do a financial analysis of any potential purchase. Don't rely on rental income to offset costs. Don't trust realtors any more than you would trust other brokers/advisors.

(Obviously our situation is much different than yours. We are Canadian residents for tax purposes. But that is probably the extent of it.)
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Old 02-07-2012, 11:27 AM   #29
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Don't be lured by fools gold. Even the slick salesmen pushing Ecuador warn that property appreciation there in the future will be zero, and that retirees or snowbirds there would be better off renting.
People should perhaps consider that they, the expats, are the real estate market in many of these locations unless there is a lot of dope money sloshing around. So as soon as something happens to scare the gringos into going home, hasta la vista real estate bids.

I have read but have no direct knowledge that this is currently the case in some Mexican gringo enclaves.

Ha
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Old 02-07-2012, 12:20 PM   #30
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People should perhaps consider that they, the expats, are the real estate market in many of these locations unless there is a lot of dope money sloshing around. So as soon as something happens to scare the gringos into going home, hasta la vista real estate bids.

I have read but have no direct knowledge that this is currently the case in some Mexican gringo enclaves.

Ha

I have read the same about all of Nicarauga, and parts of Panama, Costa Rica and Mexico. The middle class is just developing in Latin America, which is why they don't have many buyers of their own, except for Brazil and Argentina.
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Old 02-07-2012, 12:39 PM   #31
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I think that a condo is a better choice as a second home. But even a condo comes with non-trivial carrying costs. In desirable locations, HOA fees, property taxes and insurance can amount to hundreds or even thousands of dollars a month for a condo that sits empty most of the year. You can try to rent out the condo when you don't use it to help cover the carrying costs. But, in general, I think that renting a vacation home is probably a better option.
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Old 02-07-2012, 09:22 PM   #32
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I would rent. There are so many more options without the problems.
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Old 02-08-2012, 11:09 AM   #33
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I own a second home, but it's for reasons that work well for me. I like to be able to get away impulsively when I want to. That is harder to arrange if I am renting. And I have two dogs that I want to take with me. I still also go on vacation to other places as much as I used to before. My second home did not take the place of faraway vacations.
+1. While this approach is not the best for many, it works well for DW and I. We bought a "new" (lived in for only one year) foreclusure near Tucson that was immaculate in a highly desireable neighborhood for about 60% of the original sales price. Prior to buying, I ran the numbers for renting vs buying. The cross over point for us was about 3 months. While we enjoy the summers at our water-front house located spitting distance from the Canadian border, we have grown to dislike the winters for many reasons. A low-mileage convertible that was getting little use up north, is left down south in the garage for the times we choose to fly rather than drive. Similar to Kat, ownership does not take away from other travel.
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Old 02-08-2012, 12:27 PM   #34
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Have you considered a time-share in a resort area? Might get you the best of both worlds. Stability of reoccurring visits and flexibility to bail (rent) on a moments notice; with out maintenance and a huge financial committment.

We own our waterfront second home but it rents pretty well (grossed 30k last year) to offset the costs. Ownership is not for the faint heart .... Irene did 9k worth of damage. A biblical icestorm had me "stranded" in the house for 5 days. Heat has gone out a couple times .... otherwise we LOVE it.
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Old 02-08-2012, 09:22 PM   #35
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For the past 11 years, we have rented the same house in Maine for two weeks in July. Since we are still w*rking, we are time limited more than anything else. Once we retire, I'm certain we'll be able to extend our stay if we want. We love going to Maine every summer, but I would not want the hassle of actually owning the house.
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Old 02-10-2012, 12:50 PM   #36
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I find that buying a second home would obligate me to go there more than I otherwise might. There are too many other interesting places to go!

Own one house outright, that is enough. Plan to rent for several months per year elsewhere. Variety is good.
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Old 02-10-2012, 01:05 PM   #37
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I milled this over several times then realized that all the nice places are nice because they are new and exciting. I noticed that all the places that I liked were next to state/federal parks. For $12 a night I can hang out and have the best location. I purchased a lightweight trailer(22') camper, house with wheels, and am free and flexible. I currently am reserving every other weekend during the season, @ $12/night on the best spots. If I don't go - it's not much of a loss.

I say - be flexible and ownership is the opposite of flexible.
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Old 02-10-2012, 02:08 PM   #38
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I rent my primary residence (lower cost than owning) and would only "own" investment properties that produced rents/timber/grazing/agriculture. If it all goes to hell, I can still live in my rental property and barter for my needs or sell off land in whatever the currency of the day might be. There is also a very good chance there is enough gold there if anyone still wants to hoard it!
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Old 02-12-2012, 09:35 AM   #39
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This article weighs the pros and cons of owning a second home...Interesting in the comments sections most people advise against it it seems...a lot of them with experience http://www.theglobeandmail.com/globe-investor/personal-finance/financial-road-map/second-home-could-become-a-primary-headache/article2321324/
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Second home could become a primary headache - The Globe and Mail
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Old 02-12-2012, 11:46 AM   #40
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The link is to the comments section following a newspaper article on Canadians owning second homes. I did not read them so perhaps Frugalityisthenewblack can give us a short summary.
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