Anyone Else Desire The Two-Home Lifestyle?

[kimcdougc]

We had a 2nd home (a condo on the top of Mt. Spokane) in Spokane, Wa. Had it for 6 years and sold as we found we just didn't spend enough time there for what we were paying. Doubled what we had paid for it.

Now we just use our RV as our 2nd home and are "at home" wherever we go. We have met so many people from all over the world and love visiting the not usual touristy places. Life is good.

 

[Mango1956]

One of our 2 homes is in Mexico. It has roughly the same FMV of our FL home (even though the MX home has a large pool, separate casita and is 2x the sq. footage, both homes within 1 block of large body of water). Est. FMV of each is 375K USD.

MX homes are cheap to carry....my annual taxes are USD equiv. $221
MX homes are cheap to maintain....we do nothing ourselves which is waaay different than what we do in US where we find FL contractors high priced and <sometimes> shady. Have had a great relationship with our contractor here in MX since 2008 (this is our 2nd MX home). Labor is cheap and with current exchange rate, materials are also cheap.

Solar is cheap, too....we put in an 8 panel system that produces on avg. 50-100 KWH monthly ABOVE our usage resulting in zero electric bills with a healthy credit balance to account for additional expansion/usage/toys. It cost us equv. of USD 4,200 for installation and all equipment.

We have a gardener who comes 5x a week for a few hours each day; he also keeps our pool sparkling. His pay is about USD equiv. of $37 USD per week. If we didn't have him maintain the pool his pay would be about $25 USD per week.

I'm not pushing living in MX (it's not for everyone!!), but it does make owning a 2nd home very affordable and takes the Harry Homeowner work out of the picture.

Timely post, as we just returned from a week in Mexico (45 minutes north of Ixtapa/Zihuatanejo). While there, my sister and her DH bought a condo. They can afford it, and will have the property maintained while away. I think if you really love an area, and you have the money, why not? I’m just glad we have someplace now to stay for our yearly Mexico getaway. Works for me!

 

[Retired Expat]

Two homes for a while at least

We live in a wonderful home is Uruguay a short walk from the beach. But found ourselves missing home a bit. Recently bought a lovely riverfront home in Connecticut which we are fixing up and hope to use 4 months a year and rent out when we aren’t. We also find that traveling from there is much easier than traveling from there and we will continúe to do lots of that.

Ran all the numbers and looked at expectations and fully know this is not forever but should be fun for the next 10 or 15 years. So while the value of the house will not appreciate as other investments might the principal should still return to our Retirement funds and might be considered as diversification. We fully expect the rentals to cover the costs and give us a great get away several times a year.

Conversley renting homes in this area for 4 months a year would likely cost the same when you figure all costs including opportunity but it wouldn’t be nearly as much fun or comfortable, not to mention how DW and I love a Project and this helps keep us busy.

 

[FIREarly]

There is the "snow birds" idea of spending warm weather in your main home location (where it gets cold in the winter) and spend the winter in your second home where it is warm in the winter. Ex: summer and early fall in New England and winter and early spring in Florida. You could also spend the winter time in Central America/South America

 

[LazyDaze]

Second Home or RV

DW and I find ourselves going back and forth on the merits of second home. My wife sells Real Estate and we can't help but think we are in another bubble as far as house pricing. In Columbus, Ohio homes sell the minute they go on the market and often well over asking price. New and existing inventory is limited with home buyers competing with each other, as well as, flippers and housing investment firms. New apartment construction is high and it seems we are headed to a renter society for most people. Really sad for next generation steep in college tuition debt and rent rates are outrageous.

By selling now we could certainly fund two downsized condos with one in Columbus and another in Florida. It makes sense to do it now and sell at a possible peak in a sellers market. Maybe buy a condo in Columbus and wait for a possible correction to housing market for a vacation home.

However, we really like living in our existing house and city & college town location with great hospital access. We have a first floor bedroom and this house would work well as we age. We keep coming back to the same fact that you can only live in one house at a time. And if not rented out it just does not seem to make any financial sense. Although DW parents had a vacation house and loved the weather advantages and lifestyle. We too enjoyed using their vacation home in the Summer, and it was nice knowing exactly what you would do when you arrived.

I traveled International for work and I really do not care if I get on an airplane the rest of my life. We do have an interest to travel in the US. We have an RV that we take to Lake Erie for vacations. Our RV 27 ft comfortably sleeps 4 and is just the right length to fit in our driveway. This means we do not have to pay a monthly fee to store RV. I actually enjoy doing the maintenance and cleaning or hanging out in the RV like a man cave. RV is set up to pull a car; however, we really prefer keeping it simple with bicycles (electric). Or we just rent a car at location. I use Google Map to plot my strategy as to where to park at restaurants, or we we just go early when it's possible to park a RV. With a Golden Buckeye card for seniors, we are able to stay at State Parks at a 50% discount $20 range per night. RV's are still an expensive lifestyle. The trick is to buy used with low miles in the off season and travel anywhere to purchase the right RV. For lots of people a RV purchase is like exercise equipment. They buy the dream and do not use. I also really like Class C for size, safety and utility.

So at this stage, it appears the RV lifestyle and flexibility of different locations is winning. I might have just figured that out by writing this response. Our RV is a Lazy Daze which is not common in mid west and a fantastic airstream-like quality Class C - they claim they invented the Class C. A new coach looks just like one that is 15 years old except for the front end ford truck. With Climate Change threats, I'm also not sure I want to be invested in costal property, and hope my concerns are not warranted. We are looking forward to taking the RV to someplace warm in the winter for a few months when my DW retires.

 

[pacificlou]

We lived out of state for about 8 years and keep our primary home vacant and throughout the year went back for a few months to make sure all was well, we rented a condo during that period which I may of regretted not buying it but then again the hassle for me making a few hundred dollars every month was not worth the the trouble once we left to come back home. Paying the up keep and maintenance along with renter issues as an absentee owner was not something I was looking forward to doing in my case.
If I want to visit or extend a vacation for a few months there's plenty of homes or condo's available furnished ARNB's we can afford and enjoy without the added costs of paying more property taxes, renter issues and upkeep.

 

[catii]

At one point, we owned a house in Phoenix, two houses in Louisiana, plus one in Hawaii where we live, & another that we rent out. Today, just this house, with the paid-off rental on the market, & I couldn't be happier!

 

[joel2125]

We have owned three houses for 18.5 years and two for a decade. I am not a fan of three for sure. One we VRBO and it breaks even, the other we rent out full time but all three need to be maintained and it is a huge pain in the butt. We will keep two for a while in retirement as they are five hours apart and one has better winter weather being further south on the Ca coast. But I have to agree with one of the folks here...its a great way to torpedo the firecalcs. Ultimately, ONE HOUSE, ONE CAR, ONE WIFE. Gotta simplify at some point.

 

[67walkon]

We have 2 homes, one in Florida, one in the NC mountains. Florida is our home butt we like NC better; nicer people, easier, less crowded great summer weather. We have been in the Fl home for 30 years and this will be the7th year of going tho the mountains for about6 months.

We like it. No mortgages really helps and good neighbors too check on things are important. It costs very little tho maintain the NC house over the winter. The only bill is electricity, which can be $125 or as low as $25, depending on the weather. Taxes and insurance are cheap compared to Florida.

I and my wife really look forward to heading up tho the NC in spring. It's already started and we have 6 weeks or so to go.

 

[Kragness]

Grew up in the northeast where summer Sundays were spent picnicking at several local lakes, where I met families who were summer-home residents. I equated that with the Lifestyles of the Rich and Famous.

After marriage and moving to DC-Metro, I envied those who had weekend homes. We struggled just to buy our first home, but as our careers grew, I realized we could afford a modest beach house or a cabin in the Blue Ridge.

DH saw this idea as more work for us (neither of us wanted a low maintenance condo, even for a weekend). And as DC grew, so did the Friday afternoon drive times to the mountains or beach. We settled instead for one Big House, and took a lot of vacations to memorable places. In hindsight it was a good decision, with my often 50+ hour work weeks and his construction business that made it tough to get away on weekends in the summer.

After we retired we fell in love with Central Mexico, but did not want to abandon having a US home. So in 2008 we became a Two-Home couple and do not regret it to this day.

Anyone else have or desire that lifestyle, either pre- or post- retirement?

We have 2 homes, our main home is in the suburbs of Chicago and we have a condo in Florida. I don't have issues having 2 homes. While it is expensive, it is really no burden. The HOA fees on the condo take care of all the maintenance, so we really don't have to do anything except show up and enjoy the amenities of the complex. We only use the condo 4 months per year from January through May to get away from winter so there is really no outside maintenance at the home in the Midwest. With the exception of the HOA fees getting too expensive, I cant ever see selling the condo - the location has too much to enjoy.

 

[Music Lover]

I have no interest in owning 2 homes and the last year or so have confirmed that belief. I currently maintain my home and my aging parent's home. In addition I did work on my GF's house to get it ready to sell (now sold), and am also working on her family cottage which will be sold soon. And this spring her mother will be moved to some form of assisted living and her house needs some attention before it can be sold.

Once this all settles, I look forward to just one house to maintain (mine) and the occasional winter vacation in a rental where I am responsible for nothing.

 

[brucethebroker]

The mountain house was where they planned to retire eventually, and they went there most weekends. Scenic vistas, vast woodlands full of wildlife, clean air, quiet; it was lovely...

...except that my mom cried every Sunday afternoon when they had to drive back to the city. The mountain house was really where their hearts were. Those weekend refreshers probably hastened M&D's retirement by a year or two because it was so painful to leave the place they loved.

They never cried on Fridays when they locked up the city house. And when they finally sold it and departed the city for good, they were all smiles. It was a lesson not lost on me.

Great story-thanks for sharing.

 

[brucethebroker]

I have no interest in owning 2 homes and the last year or so have confirmed that belief. I currently maintain my home and my aging parent's home. In addition I did work on my GF's house to get it ready to sell (now sold), and am also working on her family cottage which will be sold soon. And this spring her mother will be moved to some form of assisted living and her house needs some attention before it can be sold.

Once this all settles, I look forward to just one house to maintain (mine) and the occasional winter vacation in a rental where I am responsible for nothing.

I am friends with two retired couples who do exactly that. Great plan for many.

 

[meleana]

We consider our fixed week timeshares as our second homes. And we can also trade them to go other places. No hassles with maintenance.


Some people piece together a few consecutive months with their timeshares.


We ourselves do not like leaving our home in winter. Too many things can go wrong and we don't have anyone to check on the house.


I wouldn't want the hassle of caring and worrying about an additional house. And I don't like the idea of RV'ing either.

 

[RandomPJ]

If you do go regularly to a second home, rented or owned, do you drive? And what do you do with your car if you want to leave it at home? The place I want to do is over 1000 miles away so I really don't want to drive but dont want to incur the added expense of renting a car too.

 

[capjak]

We consider our fixed week timeshares as our second homes. And we can also trade them to go other places. No hassles with maintenance.


Some people piece together a few consecutive months with their timeshares.


We ourselves do not like leaving our home in winter. Too many things can go wrong and we don't have anyone to check on the house.


I wouldn't want the hassle of caring and worrying about an additional house. And I don't like the idea of RV'ing either.

+1 we have 5 weeks worth of timeshares and can do unlimited additional weeks via interval international so it has worked out exceedingly well thus far. We do rent them out sometimes if we can't use all 5 weeks or bank them for an extra week the next year.

 

[medved]

We live in a wonderful home is Uruguay a short walk from the beach. But found ourselves missing home a bit. Recently bought a lovely riverfront home in Connecticut which we are fixing up and hope to use 4 months a year and rent out when we aren’t. We also find that traveling from there is much easier than traveling from there and we will continue do lots of that.

I guess this response might be very slightly off-topic, but I will ask anyway because i am interested: How did you end up in Punta del Este? Had you lived in Uruguay while working, or just decided on it as a retirement residence? Are there many people retired from the US there? Do you speak Spanish? I have never been there but heard (mostly from Europeans who traveled there) that it is a great place. It has been on my list of places to visit for some years. I also understand there are some very good wines produced in Uruguay, many of which are not exported to the US.

 

[RAE]

Well, here we have been renting for the winters in Texas, and now Florida, but recently decided to buy a house here in west-central Florida. We had no plans to buy anything down here, but a very good deal on a house came up, and we love it here, so we pulled the trigger and closed on it last week. Our other house is in Michigan, and we will always live there for about 7 months of the year, but we really don't want to be in Michigan during the long winters anymore. We could have just continued to rent down here each winter (and that was the original plan), but we fell in love with this house, and the price was right. Buying this house will give us the flexibility to come and go anytime we want to, though we will most likely be down here from about November through April or so. So now we are spending our remaining 3 weeks or so down here by painting, staining, repairing, and furnishing our new place. Yes, it's work (and money), but it is also satisfying, as I think the place will be worth more than we paid for it after this work is done (and it should look great). We are pretty excited about coming back down here next November to our new Florida place.

 

[Souschef]

I only did it for a little over a year due to expediency. We were married in late 2007 and bought our home in Ventura County. It was quite a bit closer to my j*b from my place and all freeway.
So, until I retired in January 2009, I lived in my place during the week, and Friday nite took the train from my office up to our home. I then took the train back down Monday AM.
We then went down to my place, fixed it up and rented it out for 5 years. By that time the housing market had recovered enough for me to sell, which I did.
I can see it being an advantage for some to have 2 homes, but the simplicity of having one place is for us.

 

[robnplunder]

I hate to have two of everything. I am having hard enough time to downsize my current home and everything in it.

 

[Dd852]

We did it for six years. Expensive! Basically we doubled up on too many things. And at the end of the day we didn’t spend enough time in home #2 to make it truly worth while. I do think that’s the key - how much time will you really and truly (rather than fantasy) spend in the second place to make owning rather than leasing a furnished place once in a while worthwhile. It is a very personal decision, of course. For us the happy ending is we actually gave up home 1 and moved full time into home 2, so in the end I’m truly grateful we had it to make that choice an easy one. But as a long term decision, having two is a heavy burden to shoulder I think.

 

[Ronstar]

There are two forces at play here.

1. The expense. Some people claim that a second home is too expensive and feel that they won’t/ don’t spend enough time at house 2 to justify the cost. Or that they could spend the money on something else rather than spend it in a second home.

IMO, if folks are trying to decide on whether to buy a 2nd home based on financials, don’t do it. It has to be a lifestyle decision. If you feel that a 2nd home would improve your lifestyle and you have enough $ to do it without cutting back on your current lifestyle, then do it.

2. The hassle/ maintenance of a second home. Some people don’t want the extra work that a 2nd house entails.

IMO, a 2nd home doesn’t need to be a maintenance headache. Hire people to handle the maintenance.

 

[HadEnuff]

There are two forces at play here.

1. The expense. Some people claim that a second home is too expensive and feel that they won’t/ don’t spend enough time at house 2 to justify the cost. Or that they could spend the money on something else rather than spend it in a second home.

IMO, if folks are trying to decide on whether to buy a 2nd home based on financials, don’t do it. It has to be a lifestyle decision. If you feel that a 2nd home would improve your lifestyle and you have enough $ to do it without cutting back on your current lifestyle, then do it.

2. The hassle/ maintenance of a second home. Some people don’t want the extra work that a 2nd house entails.

IMO, a 2nd home doesn’t need to be a maintenance headache. Hire people to handle the maintenance.

and hence, it really just comes down to the first thing in play. Money.

 

[Dawg52]

If you do go regularly to a second home, rented or owned, do you drive? And what do you do with your car if you want to leave it at home? The place I want to do is over 1000 miles away so I really don't want to drive but dont want to incur the added expense of renting a car too.

Just under 200 miles for me. A pretty easy drive.

There are two forces at play here.

1. The expense. Some people claim that a second home is too expensive and feel that they won’t/ don’t spend enough time at house 2 to justify the cost. Or that they could spend the money on something else rather than spend it in a second home.

IMO, if folks are trying to decide on whether to buy a 2nd home based on financials, don’t do it. It has to be a lifestyle decision. If you feel that a 2nd home would improve your lifestyle and you have enough $ to do it without cutting back on your current lifestyle, then do it.

2. The hassle/ maintenance of a second home. Some people don’t want the extra work that a 2nd house entails.

IMO, a 2nd home doesn’t need to be a maintenance headache. Hire people to handle the maintenance.

Agree. I don't consider a condo as a 2nd home a hassle at all. A stand alone home would add additional headaches imo. And I wouldn't have purchased it if I felt it was going to strain my finances. For me it's simply a lifestyle choice.

 

[LRDave]

We have a contract on our suburban boat anchor, with closing scheduled mid-April. (Yay!) We have already moved into our former-vacation-now-retirement home. We lived in the boat anchor for 28 years, had great neighbors and in a nice family-oriented neighborhood. But DW and I were SO ready to move on. Adult sons were nostalgic....