Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: Second Home
Old 02-20-2007, 04:19 PM   #41
Thinks s/he gets paid by the post
SteveR's Avatar
 
Join Date: Jul 2005
Posts: 2,803
Re: Second Home

Quote:
Originally Posted by youbet
Are we sharing this with the prospective buyer for the cabin.......? Or is it just between us folks?
Total disclosure! He is a contractor and did his own inspection. The new stuff is obvious as is the repaired walls and ceiling sheetrock.

I just did not mention the little mouse problem we had 2 years ago...I remember snapping 48 of the little bas$$ds before I finally sealed the garage door with special trim. 8) After all, it is in the woods and woodland creatures are all around....mice, skunks, racoons, porcupine, marmet, deer, moose, elk, lot of spiders, winter flies and tons and tons of hornets in summer.
__________________

__________________
Work? I don't have time to work....I'm retired.
SteveR is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Second Home
Old 02-20-2007, 04:57 PM   #42
Recycles dryer sheets
 
Join Date: Feb 2005
Posts: 166
Re: Second Home

After these horror stories, I think that a second home sounds even less appealing particularly a second home that wakes you up in the middle of the night.


Dex
I live in Atlanta also. We were looking in North Ga and NC. Anything with a view is very pricey.
__________________

__________________
treypar is offline   Reply With Quote
Re: Second Home
Old 02-20-2007, 06:10 PM   #43
Recycles dryer sheets
 
Join Date: Jan 2006
Posts: 77
Re: Second Home

Quote:
Originally Posted by Cute Fuzzy Bunny
More or less. After reviewing about 100 homes I came to the conclusion that people are still looking for about 20% more for their properties than they're worth, and anything that looks like a good deal has a major problem or two.

I like to buy fairly priced stuff...so i'll wait a while.

We might snoop around my old mcmansion neighborhood. They have excellent schools and its an ultra safe neighborhood with a lot of nice amenities. But we'll sell the place we're in shortly after buying down there if we do it.
What area of the country was your old house in?. I'm thinking of moving to smaller digs as my current 18000.00 tax bill has me a little nervous of not being able to sell if they go much higher as they certainly will.
__________________
CRABBY JERRY is offline   Reply With Quote
Re: Second Home
Old 02-21-2007, 03:02 AM   #44
Full time employment: Posting here.
 
Join Date: Apr 2005
Posts: 577
Re: Second Home

Quote:
Originally Posted by tryan
OK here's another one ....

MIL inherits a small house in central VT decides to keep it as a second home. Locks the place up in November ... see ya in the spring. No freeze alarm. Insurance still in her mothers name.

Shows up at the house in March can't open the doors ... hmmm, what's up? BIL goes to the house a week later; thinks he hears water running. Basically kicks in the door (it was swollen shut) only to find every pipe in the joint spurting water.

The basement was 6 feet under water. 96K worth of damage. Thankfully the insurance company honored the claim. We believe the furnace (oil) failed and everything went down hill from there.
Well, my parents would shake their heads in wonder. Their place is in Vermont and they have never once tried to lock it up for the winter. You'd have to be crazy. The temp in the house is at 50 year round, 40 in the bedrooms. All because of the tendency for water to freeze when it's cold.... They were advised not to try that, locking it up for the winter. I see why!

__________________
kat is offline   Reply With Quote
Re: Second Home
Old 02-21-2007, 07:55 AM   #45
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Re: Second Home

MIL found a care-taker to check on the place - now. But it was a tough way to learn ... lost a bunch of her mothers stuff (furniture, pictures, ....). Also now has a freeze alarm.

Just goes to say this is not for the inexperienced or the weak at heart.

BTW the insurance company drop her like a bad habit.
__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Re: Second Home
Old 02-21-2007, 07:56 AM   #46
Recycles dryer sheets
ScaredtoQuit's Avatar
 
Join Date: Jan 2007
Posts: 190
Re: Second Home

Once again I have learned another important tip about retirement. For years, I have toyed with the concept of buying a second home in Florida and becoming a snowbird when I retire. Now, after reading this thread, if I feel compelled to get away from the cold, I'll just rent!


__________________
ScaredtoQuit is offline   Reply With Quote
Re: Second Home
Old 02-21-2007, 10:07 AM   #47
Thinks s/he gets paid by the post
SteveR's Avatar
 
Join Date: Jul 2005
Posts: 2,803
Re: Second Home

Quote:
Originally Posted by ScaredtoQuit
Once again I have learned another important tip about retirement. For years, I have toyed with the concept of buying a second home in Florida and becoming a snowbird when I retire. Now, after reading this thread, if I feel compelled to get away from the cold, I'll just rent!
Renting is a smart option for many. Purchase of a second (or third :) home is a much larger investment than just the intitial cost. The Worry Factor has to be dial in as well as the maintenance costs (which will be higher since you won't be there to spot a small problem before it gets to huge and costs 10X as much to fix). Hiring someone is an option but again it is more $$ and you are at their mercy. If they forget or quit you are back to square one.

Lease a condo and let someone else do the exterior maintenance. In the long run it might save you a lot. If you get tired of the locale then rent somewhere else for a while.

__________________
Work? I don't have time to work....I'm retired.
SteveR is offline   Reply With Quote
Re: Second Home
Old 02-21-2007, 10:24 AM   #48
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Re: Second Home

Yeah, the real game is keeping the "quality of life factor" greater than the "pain in the @ss factor".
__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Re: Second Home
Old 02-21-2007, 11:13 AM   #49
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Re: Second Home

Quote:
Originally Posted by ScaredtoQuit
Once again I have learned another important tip about retirement. For years, I have toyed with the concept of buying a second home in Florida and becoming a snowbird when I retire. Now, after reading this thread, if I feel compelled to get away from the cold, I'll just rent!
If relying on income and appreciation in your second home aren't the primary concerns -- if your main aim is a "place to stay" while visiting your favorite vacation spots -- then yes, renting a place for a few days at a time, even at $200-300 a day, can be MUCH more cost-effective. This is especially true if you don't normally keep the second home rented out while you're not using it. Insurance, maintenance, utilities, property taxes (higher on non-homesteaded property)...all of these can be thousands of dollars a year if not $10,000 a year or more. You could rent a vacation home for a LONG time with that kind of outlay.

Of course, if you're looking at a second home mostly for income and capital appreciation over time, the equation changes. As it would also change if you live in the second home for months at a time (like a "winter home" (for us, it would probably be a "summer home" in Alaska). In that case, buying might be a better option, but not for the occasional short visit.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Re: Second Home
Old 02-23-2007, 03:07 PM   #50
Recycles dryer sheets
 
Join Date: Oct 2003
Posts: 452
Re: Second Home

I often thought of a second home in AZ. But after seeing housing prices soaring in
many parts of the country, including AZ, I'm come to the realization that I can't afford it. Maybe it's best this way; now after wife retires someday, we can spend a month or two, in the winter, in AZ. I could rent 2 months for, say, $2000/month, and do that for many, many years and still spend less than buying. And, no maintenance or taxes.

People tell me that prices have come down, but, while that may be true, they haven't come down to where they were before the housing boom.
__________________
renferme is offline   Reply With Quote
Re: Second Home
Old 02-24-2007, 11:23 PM   #51
Recycles dryer sheets
 
Join Date: Dec 2006
Posts: 65
Re: Second Home

I just got back from "visiting" my former second home on the beach in Alabama. Let me tell you it was much more relaxing as I felt no compulsion to touch up the paint, call the plumber about the drainage problem, replace the couch, etc. I also realized again how LUCKY we were to have sold when we did, as the prices continue to drop and the number of condos on the market explodes. Give it a couple of years with no hurricanes, and things will turn back around, but in the meantime, tourism is still down, and there are a lot of empty condos down there. My mom rented the place for 2 months for $1500 a month (plus taxes). 3 bedrooms, 2 baths on the beach. That definitely seems like the way to go for a snowbird.
__________________
Tracy42 is offline   Reply With Quote
Re: Second Home
Old 02-25-2007, 03:06 PM   #52
Full time employment: Posting here.
 
Join Date: Aug 2005
Posts: 942
Re: Second Home

I have a house in Arizona that I use when I go there for business. To defray the cost, I have rented it out three months of the year in the winter. Until recently, this has worked out OK, leaving me with a cost factor of around $4,000 a year to maintain it.

However, since real estate taxes more than doubled after re-assesment this past year, HOA fees up, Landscape fees doubled, and water, garbage and sewer now over $125 a month with no one there, plus electric, phone, cable tv, and constant repairs when winter visitors are there, it has become a real financial drain. My cost now even with a three month rental has escalated to about $7,000 a year.

I love having the house there. I just wish it wasn't so darn expensive now.
I think unless you have a place in an area with very low taxes, etc., it is quite expensive to keep a second home. And don't forget the worry and threat of break in and robbery while you are not there.
__________________
modhatter is offline   Reply With Quote
Re: Second Home
Old 02-25-2007, 05:47 PM   #53
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,380
Re: Second Home

I no longer want a first home, let alone a second. The bloom was off that rose when my kids grew up.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Re: Second Home
Old 02-25-2007, 06:08 PM   #54
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,827
Re: Second Home

Quote:
Originally Posted by modhatter
And don't forget the worry and threat of break in and robbery while you are not there.
And then they discover that you're not at home, and camp out - - turn it into a crack house, pee all over the rug, toast marshmallows over a fire in the master bedroom, make meth in the bathtub, and punch holes in the wall.

Not that that would necessarily happen... but that's what I would be thinking if I had a second home.

Quote:
Originally Posted by HaHa
I no longer want a first home, let alone a second. The bloom was off that rose when my kids grew up.
So you want to rent? (shudder)
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Re: Second Home
Old 02-25-2007, 06:24 PM   #55
Full time employment: Posting here.
Dog's Avatar
 
Join Date: Apr 2006
Posts: 781
Re: Second Home

DH and I just finished building our retirement home on Whidbey Island. It is about 80 minutes from our current residence including the ferry ride. We just received our occupancy permit a couple of weeks ago, although we have been spending weekends in the house since last fall. We love being here (just watched an eagle fly by) and are looking forward to the day when we can make it our permanent residence (probably in the next 2 - 5 years). We were fortunate to be able to pay cash for the home as it was being built (thanks to LBOM and a lump sum ER bonus - didn't touch my pension lump sum - although I'm back at megacorp as a contactor). So, the only extra expenses are utilities and the cost of what we could have earned if we invested the building funds (about 325k - we owned the property).

We are thinking we will rent our mainland home when we relocate to the island (we still carry a mortgage and would use rent to pay it off). The other option is to sell the mainland home and purchase a condo-townhome-mobile in Arizona (husband likes to golf). After reading all these posts - I am wondering if we would be better off renting or leasing in Arizona or Palm Springs during winter months??

Thoughts ? I learn so much from all of you!
__________________
"Tell me, what is it you plan to do with your one wild and precious life?" - Mary Oliver
Dog is offline   Reply With Quote
Re: Second Home
Old 02-25-2007, 08:48 PM   #56
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: Second Home

Quote:
Originally Posted by Want2retire
Not that that would necessarily happen... but that's what I would be thinking if I had a second home.
I'm just impressed that you came up with that list of activities. Sounds like a party I was at once except...I dont think they had a rug...
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: Second Home
Old 02-27-2007, 05:52 PM   #57
Recycles dryer sheets
 
Join Date: May 2005
Posts: 287
Re: Second Home

I have a second home in the wine country north of San Francisco. I have had it for what will be 17 years this June. Since it is not in snow country I haven't had the problems of others. Also, I made sure the location was no more than two and a half hours from my city place. Even another fifteen minutes is too much, in my opinion. I notice people don't use their second homes much after awhile if they are any farther out.

Another thing is, I have set the country place up so I can leave on a Friday afternoon with not even a tooth brush and I can be there for dinner at the local hotel by 7pm. Everything I need is already there.

I love the change from big city to small country town. Always refreshes me. With a glass of wine I walk the property at sunset. This year I have had a caretaker who watches the place for me and does the repairs. Before that I did most of it myself.

I only work as much as I want. I chop wood and clear brush. I build bonfires in the winter and sit for hours warmed by the fire, looking at the stars overhead. No one lives close to me yet I am only five minutes from a small town of seven hundred people. Secluded but not remote.

I go there to read books and listen to music. I also enjoy the country lifestyle. My neighbor has an organic farm so I eat like a king in the summer. Fresh salmon and crab from the nearby ocean and home made local breads. And the wine; there are eighteen tasting rooms within five miles of my place.

Lately I have invested in a second well, a new redwood deck, some road work, and another living unit with septic for the handyman. It is currently worth about six times what I paid for it.

The only current problem is a mountain lion that has been prowling around. The handyman caught him sleeping on his stoop.


I highly recommend doing this if you do it correctly.


b.
__________________

__________________
boont is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Retiring in Texas? Rustic23 Life after FIRE 48 04-07-2007 03:20 PM
RE effect on Home Insurance omni550 FIRE and Money 6 03-15-2007 10:08 AM
Home equity not a retirement solution? REWahoo FIRE and Money 96 07-31-2006 11:34 AM
Trailer Home with Land or Small House...You Decide daystar Young Dreamers 18 12-04-2004 11:20 AM
Home Ownership Overated? otako Young Dreamers 59 08-29-2004 12:48 PM

 

 
All times are GMT -6. The time now is 04:22 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.