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No second home for me. Working on paying off the primary home first to ensure early retirement is possible.
Too busy to even enjoy my current home 😂.
I have a vacation home. It works great. I have a really good property management company, and they take care of everything. Rented probably 80% of time when I am not there. It covers majority of my mortgage there.
Is that 80% after mgmt fees, utilities, insurance, lawn and cleaning svc, and insurance let alone maintenance costs both incurred and saving for major items like replacement of roof, hvac, deck etc. ? The payment for the property is only a frac
Funny. A manager was telling me the other day that I am now in the minority of partners in our office that does NOT own a second home. He proceeded to then list off each partner and their vacation home location. Good to know 🙄
No vacation home here. Well aware of almost all others in my office have one or more!
Had one. Sold it. My family used it several times a year, but was a constant maintenance headache. I wouldn’t touch a second home in todays overpriced market.
Coach
Fair. But it’s not like prices are ever going down. Just growth cooling off
I do not bc did not want to get tied into one spot - recently joined a timeshare that has access to many locations- beach / city / mountains are the three themes - maybe consider that?
No need. My family would rather travel the world, and I don't need the headache. I grew up with a second home, and it was more hassle than enjoyment. I put that money toward paying off my primary residence.
Are these just investment properties. I consider a 2nd home to be one that only my family uses. Why would I want to use my own rental home? Kinda gross since who knows what is going on in there.
This is more common for partners who are 47 or older (or at least 10 yrs in). I do agree the maintenance and time thinking/worrying about the property are not small.
No second home for me. Don’t want the maintenance and upkeep of two.
I do but I live in city in condo. It’s very helpful and we have gotten so much out if it with our larger family gathering here. And we still travel.. honestly with the pandemic, it turned out to be the best purchase I have made. Who knew….The market is totally saturated and over priced now. Wait if you consider
Coach
Yeah. I’ve thought about it and thought about waiting, but I don’t think prices are ever coming down. Just rising slower…
We have plenty of disposable income. My primary home is worth like 70% of my annual comp. I’ve just always worried about maintenance and feeling like we NEEDED to get use out of it.
I do but I live in city in condo. It’s very helpful and we have gotten so much out if it with our larger family gathering here. And we still travel.. honestly with the pandemic, it turned out to be the best purchase I have made. Who knew….The market is totally saturated and over priced now. Wait if you consider
Don’t have one and no plans to get one. Better off Airbnbing vacation homes that provides flexibility, less of a headache and no long term commitment!
Mentor
I don’t Airbnb. It creeps me out. 🤣. But I hear you on the headache and commitment. Part of me keeps thinking it’s a good long term play if I get a place where I intend to retire and pay for it now versus later.
We have a vacation home in Florida. Recently bought another one that will be primarily rental. The Florida home is fairly low maintenance - we are in a small condo building so the association handles much of the maintenance. The new rental has a mgmt company. Fee is hefty (30%) but worth it for zero actual work on our behalf. They also become our house watcher, even when not rented.
We use Florida home 2-3x/year, and let family/friends use it. It's near other family and on the beach. It's great with kids and small dog who is easy to travel with.