Retirement 2nd home/condo Rent vs Buy

[chinaco]

I have often toyed with the idea of buying a 2nd home or condo. Possibly when we ER. However, I have struggled with the buy vs rent options. Buying is a property investment. But I am leaning toward renting.

Please share your vote and ideas on this matter.

 

[saluki9]

After seeing what my parents went through money and time wise with their second home I think we will rent.

I hate the Chicago winters so much, but I love my family so I couldn't move away full time. I've seen some people get great rates on one and two month rentals in South Florida and AZ so that's what we will plan on doing

 

[W2R]

I have often toyed with the idea of buying a 2nd home or condo. Possibly when we ER. However, I have struggled with the buy vs rent options. Buying is a property investment. But I am leaning toward renting.

Please share your vote and ideas on this matter.

We are still working, but have been having fun going on very brief, spontaneous vacations now and then (by car, exploring various states and combining plenty of fun with the task of looking for an attractive place to retire). We also like to stay at home. I don't think we would need or even want a 2nd home or condo, even if one was given to us.

If that changed, and we decided that for some unimaginable reason we needed and wanted a 2nd home or condo, we would rent. Who needs a double dose of the hassle of home ownership, for a place where you really don't live for the majority of the year? Not us.

 

[LOL!]

We've rented the same condo on Maui a couple of times now. To buy the condo would be about a $1.5 million. For the time we spend there, renting is the better decision.

In another state, we've rented in the same beachfront condominium complex for 20 years. Since we've been going there for so long, we always check what's for sale. We can never make ownership come out better than renting.

It seems to me that the folks with 2nd homes inherited them from their parents. Their parents made the bad financial decision and the (now grown-up) kids benefit.

 

[USK Coastie]

We have 20 acres on a river in Eastern Washington. To go to the river I just have to go out the door. We have a TT to get away and enjoy other spots. Try to avoid major metro areas like the plague too many/much people/traffic. Only exception is passing through to somewhere nice with the trailer or flying.

 

[wabmester]

Could you add one more option?

We owned a second home, realized how insane it was, and sold it.

 

[youbet]

No interest in actually owning our own "up nort" lake place as our interests are too varied. But we'd love to find an owner who doesn't normally rent but who would rent to us for several weeks at a time in exchange for a combination of cash plus maintenance duties. Perhaps someone who only uses their place while the kids are out of school and we could be there in the spring to open the place up and in the fall to put it away for the winter.

We keep hearing that these opportunities are available, but darn if we can find one.

 

[donheff]

We already own the weekend place and have for 15 years. But we view it as a nice extra pot to tap if the market tanks completely. If/when we eventually sell we would consider renting elsewhere but not buying. I like the flexibility of being able to walk away from a rental regardless the current real estate market.

 

[donheff]

No interest in actually owning our own "up nort" lake place as our interests are too varied. But we'd love to find an owner who doesn't normally rent but who would rent to us for several weeks at a time in exchange for a combination of cash plus maintenance duties. Perhaps someone who only uses their place while the kids are out of school and we could be there in the spring to open the place up and in the fall to put it away for the winter.

We keep hearing that these opportunities are available, but darn if we can find one.

There are probably lots of people who would like to do this. If I didn't have a guy near my weekend house who can do anything I would definitely consider it. My mechanical skills are pathetic. I would be the guy chosen for the fix-it team. How about posting a notice of interest in Craig's list and seeing if anyone calls?

 

[tryan]

No interest in actually owning our own "up nort" lake place as our interests are too varied. But we'd love to find an owner who doesn't normally rent but who would rent to us for several weeks at a time in exchange for a combination of cash plus maintenance duties. Perhaps someone who only uses their place while the kids are out of school and we could be there in the spring to open the place up and in the fall to put it away for the winter.

We keep hearing that these opportunities are available, but darn if we can find one.

What area/region are you looking in?

 

[youbet]

How about posting a notice of interest in Craig's list and seeing if anyone calls?

Good idea. I've looked quite a bit on a "for rent by owner" site and never see any opportunities for substituting elbow grease for part of the rent. Maybe Craig's list would be a better spot.

What area/region are you looking in?

Well, our normal territory is northern Wisconsin, UP of Michigan, northern Minnesota and Ontario. But, hey, we'd expand our turf if necessary. We just wouldn't be familar with the surroundings until we'd had a chance to go and get familar.......

BTW, I'm talking about relatively light duty maintenance chores such as spring opening, fall closing, cleaning, interior painting, yard work. I'm getting a little past heavy stuff like putting in piers, moving appliances, major remodeling, working high on ladders. But I could manage/oversee that sort of stuff being done by others in the absence of the owner.

I'd say we're looking for caretaker or house sitter type opportunities as opposed to doing heavy remodeling/extensive repairs while living on site.

 

[Moemg]

Instead of renting ,has anyone tried a home exchange

 

[newyorklady]

Instead of renting ,has anyone tried a home exchange

interesting question. don't know if i would trust someone in my home. but i am a suspicious sort.

i am going to buy a second home, the amount i spend on it will depend on where we are financially in a year. keeping my fingers crossed about my husband's work. he may have an offer that will basically set us up for life in a very nice fashion, in which case we will still be frugal but can afford the second home and the one in new york without worrying at all. so that will be the deciding factor of whether i buy in a very cheap country (with my money), or else if it works out then france or italy (with his money). a second home should be a retreat and a luxury, if you worry about it too much it is just a burden. so the second home thing really depends upon finances.

 

[audreyh1]

An RV is a great alternative for a "second home". It's got all your own stuff in it, but you can take it wherever you want!

I have no interest in a "second property" because it's a fixed location. Who want to go to the same place year after year? I guess some people do. We like to move around too much.

Audrey

 

[simple girl]

Well, our normal territory is northern Wisconsin, UP of Michigan, northern Minnesota and Ontario. But, hey, we'd expand our turf if necessary. We just wouldn't be familar with the surroundings until we'd had a chance to go and get familar.......

BTW, I'm talking about relatively light duty maintenance chores such as spring opening, fall closing, cleaning, interior painting, yard work. I'm getting a little past heavy stuff like putting in piers, moving appliances, major remodeling, working high on ladders. But I could manage/oversee that sort of stuff being done by others in the absence of the owner.

I'd say we're looking for caretaker or house sitter type opportunities as opposed to doing heavy remodeling/extensive repairs while living on site.

You might find something if you periodically check sites like www.housecarers.com. For example, check out this listing for Minnesota: http://www.housecarers.com/search_detail_housesit.cfm?ID=2145483579

I noticed there also are some listings for Ontario.

I've never done housesitting like this before but it sure does look like an interesting option. If you end up doing it, please let us know what the experience is like!

 

[donheff]

I'd say we're looking for caretaker or house sitter type opportunities as opposed to doing heavy remodeling/extensive repairs while living on site.

I don't need those services at my weekend place but when DW ERs in a year or two we could use a house sitter/dog walker for our Golden Retrievers so we can travel.

I always thought that would require attracting someone who wanted to spend a couple of weeks visiting our nation's capitol. But I suppose we could go for people who wanted a more pristine getaway. How many people out there would like to spend a week at a nice place on the tidal Potomac (it is like the Chesapeake Bay - rievr is 7 miles wide) watching 2 dogs who are OK to run free. Two acres, 350' river front, 200' pond front (on the other side), pool, hot tub, jet ski, windsurfers...? Or, conversely, how many would like to be on Capitol Hill, walking distance to the Capitol and the Mall; or even a mixture of both? 8)

 

[tryan]

youbet,

Might want to consider home swaps ... listed our lake house on a home swap network. Got international interested parties.

Kids are a little young to consider international travel .... so I plug the place as a rental. But when they fly the nest ...