Owning 2 homes - Is it worth it?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Topic Author
bg5
Posts: 566
Joined: Mon Jan 15, 2018 10:07 am

Owning 2 homes - Is it worth it?

Post by bg5 »

So my wife and I ages 42 and 37 are both teachers and we will get pensions (our state allows us to collect SS as well). We are great savers and already have around 600K in retirement and that will probably be around $2 million (if not more) by the time we retire in 10-15 years.

We have always thought about buying a 2nd home to winter in such as Florida or Arizona but am curious how others who have two homes feel about it. I have also considered just renting during the winter months or hopping around form vacation to vacation such as going to Mexico for two weeks, then to Arizonia, etc. to break up the winter.

If we could retiree today our pensions combined would be around $80,000 and we will probably draw around $40,000 a year from retirement along with SS when it kicks in. we will be debt free so it appears we will be able to easily afford a 2nd home but now sure what advice those who own a 2nd home have for doing so
User avatar
TomatoTomahto
Posts: 17223
Joined: Mon Apr 11, 2011 1:48 pm

Re: Owning 2 homes - Is it worth it?

Post by TomatoTomahto »

We could easily afford a second home but do not, because one house is enough headache as you get older. It might seem easy to, for example, winterize a house when you’re 50 years old, but it’s less fun when you’re 70. Ask me how I know.
Last edited by TomatoTomahto on Sun Nov 26, 2023 11:38 am, edited 1 time in total.
I get the FI part but not the RE part of FIRE.
hudson
Posts: 7164
Joined: Fri Apr 06, 2007 9:15 am

Re: Owning 2 homes - Is it worth it?

Post by hudson »

bg5 wrote: Sun Nov 26, 2023 11:01 am So my wife and I ages 42 and 37 are both teachers and we will get pensions (our state allows us to collect SS as well). We are great savers and already have around 600K in retirement and that will probably be around $2 million (if not more) by the time we retire in 10-15 years.

We have always thought about buying a 2nd home to winter in such as Florida or Arizona but am curious how others who have two homes feel about it. I have also considered just renting during the winter months or hopping around form vacation to vacation such as going to Mexico for two weeks, then to Arizonia, etc. to break up the winter.

If we could retiree today our pensions combined would be around $80,000 and we will probably draw around $40,000 a year from retirement along with SS when it kicks in. we will be debt free so it appears we will be able to easily afford a 2nd home but now sure what advice those who own a 2nd home have for doing so
Having a second house out of state is a royal pain. You'll have 10 housing bills a month instead of 5.
When you visit there, you'll be working on the house most of the time. There are never ending little and BIG surprises. Ask me how I know.

Renting gets my vote! You make one residential payment per trip. When you leave, you only have the optional survey to complete.
If you are tight on money, you can skip it. I rent and get exactly what I want (I mean what my wife wants.) It's not cheap but it beats having a second nightmare.
Topic Author
bg5
Posts: 566
Joined: Mon Jan 15, 2018 10:07 am

Re: Owning 2 homes - Is it worth it?

Post by bg5 »

Yeah that is kind of what I am thinking.....owning two homes seems like a lot of work and headaches. I am sure it works well for alot of people...but for the money that you spend it seems like it would make more sense to rent and hop around, go on vacations etc.

The one thing I do think about is how much money is wasted when I rent that I will never get back. If I bought a home the appreciation might make it worth it but I get your point
Clover5
Posts: 15
Joined: Wed Feb 05, 2014 7:34 am

Re: Owning 2 homes - Is it worth it?

Post by Clover5 »

Agree with above. A royal pain and would never do it again. Do nice hotels or AirBnb instead. Even if you rented for a month a year it’ll cost a lot less than buying, furnishing, maintaining, etc…
User avatar
AllMostThere
Posts: 910
Joined: Sat Dec 31, 2016 1:04 pm

Re: Owning 2 homes - Is it worth it?

Post by AllMostThere »

Clover5 wrote: Sun Nov 26, 2023 11:28 am Agree with above. A royal pain and would never do it again. Do nice hotels or AirBnb instead. Even if you rented for a month a year it’ll cost a lot less than buying, furnishing, maintaining, etc…
DD and I have been on fence for many years about owning a vacation home in our favorite vacation location. Anybody I know who has a vacation home, it seems as though they are leashed to it. When they travel to the second home it seems as though they spend most of their time doing maintenance, cutting grass and paying utilities. While this is okay for some, my days of double or triple home projects is over. We recently rented a house for a month in our favorite location and it was amazing. Will be doing this for future trip planning. :beer
It is not about how much you make; it is about how much you keep and how well you invest it. - Author Unknown | Dream as if you’ll live forever. Live as if you’ll die today. - Author James Dean
User avatar
sperry8
Posts: 3066
Joined: Sat Mar 29, 2008 9:25 pm
Location: Miami FL

Re: Owning 2 homes - Is it worth it?

Post by sperry8 »

I'll take the other side... vacation home is nice because you're coming back to your home. With your things, and your comfort. Yes, there are things that need doing. You think that isn't true in a hotel or AirBnB? AirBnB's aren't stocked with things you need for living oftentimes and as such require a run to Target to buy pots/pans, comfy pillows, etc. AirBnBs & VRBOs aren't as advertised sometimes - the home is worse than you thought. Hotels sometimes have thin walls and most aren't meant for long term (full winter) living.

All that said, you have to be able to afford the 2 homes - ownership is more expensive than the other option when comparing apples to apples (in many cases). Still, it has its perks.
BH Contests: 23 #89 of 607 | 22 #512 of 674 | 21 #66 of 636 |20 #253/664 |19 #233/645 |18 #150/493 |17 #516/647 |16 #121/610 |15 #18/552 |14 #225/503 |13 #383/433 |12 #366/410 |11 #113/369 |10 #53/282
User avatar
22twain
Posts: 4045
Joined: Thu May 10, 2012 5:42 pm

Re: Owning 2 homes - Is it worth it?

Post by 22twain »

A home doesn't have to be a house. It can be an apartment.

When my parents retired in their early 60s, in the Midwest, they bought an apartment in Florida and did the snowbird thing. They both had pensions and some Social Security, had no mortgage on their house, and had saved enough money that they were able to pay cash for the apartment.

About 5 years later, they decided it was too much hassle to keep the house up north, so they sold it and rented an apartment in the same town. They spent summers there and kept up with relatives and longtime friends.

The relatives and friends gradually moved away or died, so my parents had less and less reason to go back north. After another 5 years, they gave up the northern apartment and became full-time Florida residents.
Last edited by 22twain on Sun Nov 26, 2023 11:49 am, edited 1 time in total.
Meet my pet, Peeve, who loves to convert non-acronyms into acronyms: FED, ROTH, CASH, IVY, ...
tibbitts
Posts: 23915
Joined: Tue Feb 27, 2007 5:50 pm

Re: Owning 2 homes - Is it worth it?

Post by tibbitts »

bg5 wrote: Sun Nov 26, 2023 11:27 am Yeah that is kind of what I am thinking.....owning two homes seems like a lot of work and headaches. I am sure it works well for alot of people...but for the money that you spend it seems like it would make more sense to rent and hop around, go on vacations etc.

The one thing I do think about is how much money is wasted when I rent that I will never get back. If I bought a home the appreciation might make it worth it but I get your point
I own two homes including one in FL. You're being swayed by recent appreciation. I wouldn't have the two I have now unless one was a condo, which definitely has less to deal with than a standalone home. But I should sell anyway.

In theory you may be able to buy a home in a lower tax state and declare it your domicile, and that may actually make the second home viable financially, but ask yourself honestly whether you'll want to spend enough time there to do that. I say that because I know people who buy with the intent of doing that (and actually do change their domicile), but never spend enough time in the new home to meet the legal requirements. Life gets in the way: family back home needs them, or they need/want their medical services back home, whatever. But they get away with changing domicile anyway.
hudson
Posts: 7164
Joined: Fri Apr 06, 2007 9:15 am

Re: Owning 2 homes - Is it worth it?

Post by hudson »

sperry8 wrote: Sun Nov 26, 2023 11:43 am All that said, you have to be able to afford the 2 homes - ownership is more expensive than the other option when comparing apples to apples (in many cases). Still, it has its perks.
I think that a second home is a luxury purchase. It could be an investment, but chances are it won't be.
I think one should pay cash for the 2d home along with all of the trimmings.
If one can't pay cash, is it affordable?
tibbitts
Posts: 23915
Joined: Tue Feb 27, 2007 5:50 pm

Re: Owning 2 homes - Is it worth it?

Post by tibbitts »

sperry8 wrote: Sun Nov 26, 2023 11:43 am I'll take the other side... vacation home is nice because you're coming back to your home. With your things, and your comfort. Yes, there are things that need doing. You think that isn't true in a hotel or AirBnB? AirBnB's aren't stocked with things you need for living oftentimes and as such require a run to Target to buy pots/pans, comfy pillows, etc. AirBnBs & VRBOs aren't as advertised sometimes - the home is worse than you thought. Hotels sometimes have thin walls and most aren't meant for long term (full winter) living.

All that said, you have to be able to afford the 2 homes - ownership is more expensive than the other option when comparing apples to apples (in many cases). Still, it has its perks.
That's a very valid point, but also it means you have to fully equip the second home, or else you'll always miss "stuff" you have back home, and that adds to the expense. And you run the risk that when you buy the second home and actually live in it you'll find out that the walls are thin etc. etc. just like when you buy any home.

I think the summary is that you have to have a passion for having a home in both locations to justify owning one, and not do it as some kind of financial calculation.
Firemenot
Posts: 1503
Joined: Wed Apr 01, 2020 8:48 pm

Re: Owning 2 homes - Is it worth it?

Post by Firemenot »

I had a second home on a lake in the northwoods for over 10 years. It was a little over 2 hours from my house. I had young kids at the time so was nice for an easy vacation place. No pre-planning. Just go.

But . . . there were lots of hassles. Leaf removal, worrying about break-ins, worrying about heat going out and pipes freezing, having vermin find their way in, etc… Maintenance. If I did again I’d want to have the money for a caretaker to regularly check-in on the place. And basically have a handy-man on retainer.
User avatar
sperry8
Posts: 3066
Joined: Sat Mar 29, 2008 9:25 pm
Location: Miami FL

Re: Owning 2 homes - Is it worth it?

Post by sperry8 »

hudson wrote: Sun Nov 26, 2023 11:50 am
sperry8 wrote: Sun Nov 26, 2023 11:43 am All that said, you have to be able to afford the 2 homes - ownership is more expensive than the other option when comparing apples to apples (in many cases). Still, it has its perks.
I think that a second home is a luxury purchase. It could be an investment, but chances are it won't be.
I think one should pay cash for the 2d home along with all of the trimmings.
If one can't pay cash, is it affordable?
Agreed, as I said, you have to be able to afford it. If you can - you can pay cash (or not) since it won't really matter to you since you have plenty of funds. I paid cash for my vacation home. Makes it very affordable now.
tibbitts wrote: Sun Nov 26, 2023 11:54 am
sperry8 wrote: Sun Nov 26, 2023 11:43 am I'll take the other side... vacation home is nice because you're coming back to your home. With your things, and your comfort. Yes, there are things that need doing. You think that isn't true in a hotel or AirBnB? AirBnB's aren't stocked with things you need for living oftentimes and as such require a run to Target to buy pots/pans, comfy pillows, etc. AirBnBs & VRBOs aren't as advertised sometimes - the home is worse than you thought. Hotels sometimes have thin walls and most aren't meant for long term (full winter) living.

All that said, you have to be able to afford the 2 homes - ownership is more expensive than the other option when comparing apples to apples (in many cases). Still, it has its perks.
That's a very valid point, but also it means you have to fully equip the second home, or else you'll always miss "stuff" you have back home, and that adds to the expense. And you run the risk that when you buy the second home and actually live in it you'll find out that the walls are thin etc. etc. just like when you buy any home.

I think the summary is that you have to have a passion for having a home in both locations to justify owning one, and not do it as some kind of financial calculation.
Agreed. Costs to get the vacation home set up are high. But once set up are exactly how you want it. Not only did I pay cash for my vacation home, I had it built to my specs. So walls are not thin and are actually soundproofed :D

Again, if you can afford it - it can be worth it. I realize that is not the case for everyone. I was doing the AirBnB and hotel thing for ~15 years... so I know the difference between the two options. Both have downsides and both have upsides. It all depends on what you value. But having plenty of finances if you choose the vacation home are a must. You need to hire someone to look after it (gardening, gutter cleaning, etc.) so it can be looked after when you aren't there. If you can afford it, it sure is a nice to have though. But I also agree, it should not be thought of as an investment (although it may turn out to be a good financial move someday).
BH Contests: 23 #89 of 607 | 22 #512 of 674 | 21 #66 of 636 |20 #253/664 |19 #233/645 |18 #150/493 |17 #516/647 |16 #121/610 |15 #18/552 |14 #225/503 |13 #383/433 |12 #366/410 |11 #113/369 |10 #53/282
DoubleComma
Posts: 2066
Joined: Sun Aug 23, 2020 2:23 pm

Re: Owning 2 homes - Is it worth it?

Post by DoubleComma »

It is worth it for us, it is not worth it for everyone.

As I consider why we love and so many here hate it I am starting to realize the owning second homes is really as much about affordability as it is about how one is wired. If you are the type that wants to DIY everything because “why pay someone when you can do it yourself” you might not enjoy second home ownership. If you are able and willing pay for someone to perform routine maintenance, repairs, cleaning, etc and just simply show up to enjoy the home and leave then you might enjoy a second home.
shess
Posts: 2167
Joined: Wed May 17, 2017 12:02 am

Re: Owning 2 homes - Is it worth it?

Post by shess »

For some of my relatives, the overhead of the second home is probably why they remain married. They go there and spend a month fixing and cleaning and arranging and stuff, then before heading back they spend a month preparing, plus the corresponding months on the return. AFAICT, that is the literal point for them, they engage with their neighbors on helping (and helping their neighbors with the same kinds of tasks).

For myself, I would see that as a huge hole of chores to deal with.
User avatar
HomerJ
Posts: 21300
Joined: Fri Jun 06, 2008 12:50 pm

Re: Owning 2 homes - Is it worth it?

Post by HomerJ »

hudson wrote: Sun Nov 26, 2023 11:20 am When you visit there, you'll be working on the house most of the time. There are never ending little and BIG surprises. Ask me how I know.
Trick here is to get a condo as a 2nd home. No yard to deal with, no roof issues, usually there's a community pool that someone else takes care of.

We had a lake condo, with two community pools, a swim dock, and a boat dock... All taken care of by someone else.

Of course, there were HOA fees to pay for all that.

But at least, when we went, we weren't "working on the house most of the time" (I knew a few people at that lake who DID own their own stand-alone lake home, and their own dock, and it was more work for sure).
"The best tools available to us are shovels, not scalpels. Don't get carried away." - vanBogle59
Topic Author
bg5
Posts: 566
Joined: Mon Jan 15, 2018 10:07 am

Re: Owning 2 homes - Is it worth it?

Post by bg5 »

wow....alot to think about here....what I am gathering is that its usually a luxury item and not a great investment (although that may vary greatly depending on the market).

I can see pros and cons for both sides of the argument but alot to think about and unpack
adamthesmythe
Posts: 5801
Joined: Mon Sep 22, 2014 4:47 pm

Re: Owning 2 homes - Is it worth it?

Post by adamthesmythe »

I bought a townhouse (exterior maintenance included) about 5 years before I retired. I used it for vacations before I retired. It was substantially easier to sell the house near work and move when I knew where I was going, how large the place was, etc.

I did not rent it out and economically it was probably not the best idea. But it worked out OK. If you think about renting...realize that it will be hard on the property.

For OP, my guess is that it is too soon to buy a second house for retirement.

Owning two houses in retirement...costs a lot and severely limits travel.
heyyou
Posts: 4476
Joined: Tue Feb 20, 2007 3:58 pm

Re: Owning 2 homes - Is it worth it?

Post by heyyou »

Good replies showing that some liked it and some didn't.

OP, spend a lot of time exploring for the location of any second home. Note that the attractiveness of just buying your retirement home a decade or two early, is another consideration, but with the caveats of health care availability in the new location and the physical effort needed to maintain a second home year-round. For me, retiring early was a higher priority than having a weekend getaway place in a recreation area.

In the mountains in the western US, younger retirees move in, then leave years later when the altitude with its winter cold is no longer enjoyable for year-round daily outdoor recreation. That is my current situation.

Watch out for problems related to unattended properties, i.e. indoor mold in humid climates.
afan
Posts: 8254
Joined: Sun Jul 25, 2010 4:01 pm

Re: Owning 2 homes - Is it worth it?

Post by afan »

If you can get there frequently and you would enjoy spending much of your time on repairs and maintenance then maybe. Stronger argument if you can generate a good income from renting it out when you are not using it.

As a pure luxury purchase, it could also work if you can afford to have someone routinely inspect it, arrange repairs and maintenance, and stock it with supplies when you want to visit. You are happy using it only when you want and have a travel budget that lats you go anywhere else when you do not feel like going to the vacation home. You probably would not want to AirBNB your luxury vacation home, but maybe OK if your property manager is really on top of things.

For the latter option to work, you need to have enough money to relieve yourself of any concerns about caring for the property and your trips there are like staying at a hotel.

We have a place we like to go on vacation and considered buying a house there. But purchase prices would vastly exceed a lifetime of rentals, with no hassles. It is an easy drive, so we pack up the cars with whatever we might want.
We don't know how to beat the market on a risk-adjusted basis, and we don't know anyone that does know either | --Swedroe | We assume that markets are efficient, that prices are right | --Fama
srt7
Posts: 1363
Joined: Mon Sep 29, 2014 12:19 pm

Re: Owning 2 homes - Is it worth it?

Post by srt7 »

bg5 wrote: Sun Nov 26, 2023 11:01 am So my wife and I ages 42 and 37 are both teachers and we will get pensions (our state allows us to collect SS as well). We are great savers and already have around 600K in retirement and that will probably be around $2 million (if not more) by the time we retire in 10-15 years.

We have always thought about buying a 2nd home to winter in such as Florida or Arizona but am curious how others who have two homes feel about it. I have also considered just renting during the winter months or hopping around form vacation to vacation such as going to Mexico for two weeks, then to Arizonia, etc. to break up the winter.

If we could retiree today our pensions combined would be around $80,000 and we will probably draw around $40,000 a year from retirement along with SS when it kicks in. we will be debt free so it appears we will be able to easily afford a 2nd home but now sure what advice those who own a 2nd home have for doing so
For your requirement, yes, it is worth it. But like someone suggested it's best to go with a condo so you aren't tasked with taking care of it in your old age.
Taking care of tomorrow while enjoying today.
bcc1234
Posts: 110
Joined: Sat Dec 17, 2016 3:24 pm

Re: Owning 2 homes - Is it worth it?

Post by bcc1234 »

We own two. The second is a condo in Chicago. It's three hours door to door. Small place, around 800 sq feet. It gets used about every other weekend. We have two grown / married kids - they use it also, that's why it works for us.

We needed a getaway that was convenient. That was key for us, we didn't want to have to fly. In the past year we've gone to 6 or so ball games and 4 shows. It works for us.

Convenience is KEY.

bcc
Keebtree
Posts: 29
Joined: Fri Oct 27, 2023 8:55 am

Re: Owning 2 homes - Is it worth it?

Post by Keebtree »

Another one here for second “home” being a condo. Ours requires little maintenance (we bought it as new construction), HOA fees are very reasonable and it’s also easier to furnish.

I’m relatively handy around the house, but I hate how much work keeping up with the primary residence and the yard/pool is and I can’t imagine having another house with chores and maintenance, or having to pay someone else for every little thing that needs to get done.
Johnfmh
Posts: 67
Joined: Thu Apr 04, 2019 6:59 pm

Re: Owning 2 homes - Is it worth it?

Post by Johnfmh »

Yet another vote for the condo idea. We have had one for 23 years at a ski resort about 3 hours from our main house. The HOA is great and takes care of most maintenance issues for an affordable quarterly fee. We don’t rent our condo out (and never have). This gives us flexibility to come and go as we please—very helpful given the fickle weather in our region. We bought the unit for skiing but actually enjoy being there for the other seasons just as much, if not more.

Since 2020, we have been putting in more days there because of more liberal remote work policies at both our places of employment. Internet is excellent because of the ski resort (fiber optic cable). Since we earn a lot of vacation now that we are older, we just started using some of it for staycations at the condo—very relaxing and fun. In the winters, I work a flexible schedule so I can ski a couple hours every day outside of core work periods. I work the rest of the day. My productivity is actually better on these wintry days than at the office. Nothing like a half dozen powder runs first thing in the morning to get day started right. :happy

Pets can come as well. Another plus. It’s definitely a lifestyle choice and not an investment but in our case, we have seen the value of the property rise considerably in 23 years. Of course, we have spent $ on taxes, maintenance, HOA fees, utility fees, assessments, etc.
User avatar
JDCarpenter
Posts: 1801
Joined: Tue Sep 09, 2014 2:42 pm

Re: Owning 2 homes - Is it worth it?

Post by JDCarpenter »

It all depends. :happy I'll give you two answers in one reply.

For DW and I, no way. When working, we barely had time to take care of one house and didn't tend to have weekends off--much less both having the same entire weekend off at the same time. Never even considered the option, as it was too out of the ballpark. Now that we are retired and traveling 6 or more months a year, the same answer applies--no way. We want to continue to be free to travel wherever we wish for however so long we wish. Being tied to yet another house would be a PIA.

OTOH, our eldest and his wife (mid-30s, three kids age 2 and younger), LOVE their weekend/summer home that is three hours from their weekday home in San Fran. (Also will be three hours from their anticipated next weekday home in Mountain View.) In fact, they bought the vacation home first, and intend to eventually retire in it. They've essentially gut rehabbed the place, doing much (most?) of the work themselves with the periodic assistance of visiting grandfathers. Second home has acreage, great mountain views, and is almost double the size (at 1/4 the cost) of their weekday place. Given DILaw's income they can easily afford it, and have no concerns about gains or losses on any eventual sale.

So, who knows.

___________________
E.T.A.--Second home is in a deed restricted development with an active HOA and security. That can be both good and bad, but in this situation, it is a benefit for them.
Last edited by JDCarpenter on Sun Nov 26, 2023 5:05 pm, edited 1 time in total.
Our personal blog (no ads) of why we saved/invested: https://www.lisajtravels.com/
Wash.Invest
Posts: 703
Joined: Sat Jun 13, 2009 1:25 am

Re: Owning 2 homes - Is it worth it?

Post by Wash.Invest »

Variations on a theme.

We really enjoy having multiple homes in nice destination locations in different climates / seasons.

Have done so for more than the 18 yrs bridge between retirement and FRA.

Having them as income props was a bit of a necessity since we had no pension / HC / other income for the first 20 yrs of retirement.

So... all are in no income tax states, near airports, rural / view (for ENJOYMENT + easy resale and good equity gains). All have multiple living spaces, such as cabins / bunkhouse / Daylight basement (fully separate and fully equipped and separate driveways, garages, entry...)

We prefer to rent to military retirees, as they are very helpful, responsible, capable, and congenial. They all have Cash Cards and a list of contractors for repairs. They do all the mowing, maint, landscaping, repairs, so we can travel at will (sometimes gone for several months out of USA).

All of our trips between homes are tax deductible, as is the vehicle we keep at each location. (We fly between, no luggage required)

We do lots of outdoor activities, so we go where the weather is best, or seasonal activities / wildflowers / hunting / fishing seasons. Each locaton has all we need, (Including full shops (Auto, metal, wood), tractors, dozers, motorcycles, bikes, trucks...) Can be a bit intense during October / November - winter oil and filter changes and weatherizing outdoor hydrants and many outbuildings and fences.
We have established great friends, church, and volunteer stuff in each location (I'm a Master Gardener in 3 very different states and growing situations).

It's been very fun, and we have still been able to travel / enjoy may different locations and countries, as well as our multiple homes.

End game will start to consolidate at age 70, but we would still like to build a couple more view homes. (We do this ourselves, very inexpensively and creative and fun)

basically, it's been free vacations + ~$5k / month income (important when you don't have a J-O-B or pension), and ~ $1m+ in equity gain (plus rental houses paid off by tenants). Even our main home has multiple living spaces and has been rented out for many yrs (to very good friends). We've helped several 'young marrieds' get into their own homes.

It's been a win, and not much hassle. 2500 miles away, but as mentioned, ... often 11000 miles away (if we are in Southern Hemisphere, enjoying 16 hrs of sunlight during USA winter. :D

Nice thing about multiple living spaces... we're all set for a live-in caregiver when / if needed. (and their place is paid for many times over)
Last edited by Wash.Invest on Sun Nov 26, 2023 4:54 pm, edited 1 time in total.
User avatar
Artsdoctor
Posts: 6088
Joined: Thu Jun 28, 2012 3:09 pm
Location: Los Angeles, CA

Re: Owning 2 homes - Is it worth it?

Post by Artsdoctor »

So it sounds as if the goal would be to simply have a place for the two of you to stay while getting away from time to time. You don't really want an investment and you don't see a lakeside retreat for family get-togethers. So you'd probably be looking for something relatively easy.

I'd lean towards renting a place. It's easy in and easy out, and when you're tired of it, you go elsewhere. It's a vacation place so if the landlord doesn't behave properly, you just move on without a lot of fuss.

I've had a second home when we were about your ages. It was great and the memories are terrific, and it was only about one hour from the primary house. But it took a lot of money and time, and when it came time to move, I vowed never to do that again. If you decide on a house, I really would make sure that you have the helpers to keep it going when you're away (and all of the repair people available). I would not recommend doing it if you're on a tight budget.

If you're looking at a condo situation, make sure you understand the market. Are condos common or will it be an albatross when it comes time to sell? You really won't be around enough to be a part of the condo board so someone else will be making decisions for you, some of which you might find objectionable. If you're not familiar with buying a condo, I'd spend time learning about it before you actually do it.
User avatar
Svensk Anga
Posts: 1638
Joined: Sun Dec 23, 2012 4:16 pm

Re: Owning 2 homes - Is it worth it?

Post by Svensk Anga »

It has been worth it for me and for DW for 6 summers now. We do 6.5 months in our long-time home in FL, for no state income tax and 5.5 months in Michigan. We get nice weather for outdoor activities year round. This is valuable to me because I get essentially all of my exercise outdoors. We have lots of family up north. Turns out the neighbors there are A1.

I have too many toys to store to do the nomad life in the summer. That favors the house versus rental and may rule out a condo.

The summer house is modest enough that it is hardly a financial burden. I figure the house value ought to keep up with inflation give or take, so it is a decent store of value. Our true expense is the carrying costs. We paid cash. Worst case, if we decided we did not want to do the two homes thing, is that we would be out maybe 10% concession on sales price plus realtor commission. On a modest house, that amounts to a bad day in the stock market given our portfolio size. Amortized over six years now, it is negligible.

Maintaining two places is a burden, but worthwhile.
User avatar
alpenglow
Posts: 1811
Joined: Tue May 31, 2011 12:02 pm

Re: Owning 2 homes - Is it worth it?

Post by alpenglow »

I owned some rural raw land with a camp and that was headache enough. I can't imagine if I had a true 2nd house. After about 15 years I sold the land and never have to worry about what I'll find when I get there. It was a beautiful place but it wasn't worth the problems and work.

My wife and I won't buy land or another house until we're about to retire and we're sure of our needs at that time. I'm amazed at how much our needs and wants have changed in the last 15 years. Who knows what we'll think in the 10 years between now and retirement. In the meantime, we'd much prefer to experience new places and homes via AirBnB without the long-term commitments, risks, and costs.
tibbitts
Posts: 23915
Joined: Tue Feb 27, 2007 5:50 pm

Re: Owning 2 homes - Is it worth it?

Post by tibbitts »

Having a second-home condo myself, I can't see renting it, especially short-term (which is prohibited for me anyway - 4mo minimum.) Doesn't it kill the main reason people have cited for having the home: all your "stuff" is there and ready to go any time you want to use it. Don't you feel you have to meticulously remove or lock up your "stuff" every time you rent?
Last edited by tibbitts on Sun Nov 26, 2023 11:40 pm, edited 1 time in total.
User avatar
alpenglow
Posts: 1811
Joined: Tue May 31, 2011 12:02 pm

Re: Owning 2 homes - Is it worth it?

Post by alpenglow »

tibbitts wrote: Sun Nov 26, 2023 5:08 pm Having a second-home condo myself, I can't see renting it, especially short-term (which is prohibited for me anyway - 4mo minimum.) Doesn't it kill the main reason people have cited for having the home: all your "stuff" is there and ready to go any time you want to use it. Don't you feel you have to meticulous remove or lock up your "stuff" every time you rent?
I've rented some AirBnB's that have had surprising amounts of valuable personal property and personal information in the open. One house had all sorts of corporate information, including the corporate seal for official documents, out on a bookshelf. I'm not talking about snooping - it was just out. Some people are very trusting it seems. I'm like you and would have to lock up everything.
LittleMaggieMae
Posts: 2594
Joined: Mon Aug 12, 2019 9:06 pm

Re: Owning 2 homes - Is it worth it?

Post by LittleMaggieMae »

I guess it depends on what kind of 2nd home you own...

Things to think about:
you will have all the same expenses as your primary home: property taxes, insurances, utilities/water/sewer/trash. You may have HOA fees. You may need to pay for a landscape service/pool service if you do not have an HOA.

And then there's all the other lumpy expenses: appliances (a 10 year old fridge is still a 10 year old fridege even if it's in your 2nd home and you only "use it" 2 or 3 months a year.) Water heater, roof, HVAC, plumbing. Then there's the other stuff - the deck needs sealing/repairs, any sheds or outbuildings may need upkeep every few years... and on and on and on.

And then there's routine indoor cleaning. Unused spaces get dirty - even if you aren't there. If you don't "winterize" your property (even if it's never winter) the drain traps will dry out and you will get sewer smell in your house. Someone needs to run the water and flush the toilets during the months you aren't there.

And finally there's good old entropy... wood rots, window and door seals fail, the damper on the fireplace doesn't do as good a job, etc. This effects every homeowner's house in one way or another.

FWIW: I just spent close to 30K putting new roofs having some tuckpointing, chimney repair , siding replacement done on 2 houses last year. The roofs were between 23 and 27 years old. The tuckpointing and chimney repair were due to water damage and the siding replacement just was to replace ugly 50 year old siding that I didn't want to have repainted.

Owning a house is expensive above and beyond the "mortgage". It's more than just the monthly bills that come in for a house that you own. It's the longer term expenses that you probably should be "saving up for" of have some stock pile of money to draw from.
User avatar
Boglenaut
Posts: 3509
Joined: Mon Mar 23, 2009 7:41 pm

Re: Owning 2 homes - Is it worth it?

Post by Boglenaut »

TomatoTomahto wrote: Sun Nov 26, 2023 11:06 am We could easily afford a second home but do not, because one house is enough headache as you get older. It might seem easy to, for example, winterize a house when you’re 50 years old, but it’s less fun when you’re 70. Ask me how I know.
+1

I don't like maintaining one home. Now maintain a second out of state.

But some people like doing that sort of thing.
User avatar
Wricha
Posts: 1016
Joined: Sun Mar 25, 2012 10:33 am

Re: Owning 2 homes - Is it worth it?

Post by Wricha »

I have owed a second home in Fl for 25 years and do not rent it out. I like the flexibility of showing up anytime and having all my stuff (including cars) waiting there. Show up at the airport with only my iPad (priceless). Door to door under 4 hours so a weekend is doable. With that said, you need to able to afford grass cutting, pool service, cleaning etc. who wants to do this?
I do not regret owning 2 homes but over a year ago a Cat 5 hurricane (Ian) hit us directly and that was cause to pause. Now that I am 90% complete the sting of the hurricane is beginning to fade.
chassis
Posts: 2204
Joined: Tue Mar 24, 2020 4:28 pm

Re: Owning 2 homes - Is it worth it?

Post by chassis »

bg5 wrote: Sun Nov 26, 2023 11:01 am So my wife and I ages 42 and 37 are both teachers and we will get pensions (our state allows us to collect SS as well). We are great savers and already have around 600K in retirement and that will probably be around $2 million (if not more) by the time we retire in 10-15 years.

We have always thought about buying a 2nd home to winter in such as Florida or Arizona but am curious how others who have two homes feel about it. I have also considered just renting during the winter months or hopping around form vacation to vacation such as going to Mexico for two weeks, then to Arizonia, etc. to break up the winter.

If we could retiree today our pensions combined would be around $80,000 and we will probably draw around $40,000 a year from retirement along with SS when it kicks in. we will be debt free so it appears we will be able to easily afford a 2nd home but now sure what advice those who own a 2nd home have for doing so
It's not worth it.

Idle asset when you are not there. Your money is just sitting there, or going up in smoke (expenses) while you look on from afar.

Tenant and property management headaches if you rent it while you are not there.

Energy, time and money drain to maintain it, or to pay someone to maintain it.

From an investment point of view, transaction and carrying costs make this an unattractive use of your capital, both equity and debt.

All for a little bit of enjoyment in the winter. What if you want to go somewhere else next winter, besides where your second house is located?

How does this sound so far?
THY4373
Posts: 2787
Joined: Thu Mar 22, 2012 3:17 pm

Re: Owning 2 homes - Is it worth it?

Post by THY4373 »

This is going to vary by person but for me one home is enough and I have even bought a place with very little yard that is mostly taken care off by the HOA hired yard service. I am still responsible for all other maintenance. The only way I'd buy a second place honestly was if I was rich enough to hire somebody to deal with everything including all the hired help doing maintenance so probably talking 8 figures. The older I get the more I realize stuff owns me as much as I own it. So in general I try to minimize the stuff in my life.
User avatar
Watty
Posts: 28938
Joined: Wed Oct 10, 2007 3:55 pm

Re: Owning 2 homes - Is it worth it?

Post by Watty »

Renting vs buying does not need to be a black and white decision to either rent or buy. You could rent in a location for several seasons then decide to buy if you find that you really like it there.

That would also allow you to really learn the area to pick a really good place to buy if you do want to buy. You can also pick out an ideal area where you would like to buy a house and then wait for a great house to come on the market.
Parkinglotracer
Posts: 4029
Joined: Fri Dec 20, 2019 2:49 am
Location: Upstate NY

Re: Owning 2 homes - Is it worth it?

Post by Parkinglotracer »

Own 1600 sq ft. 3/2/2 near St Pete Florida - 4 blocks from intercoastal; 1 mile from Indian Rocks Beach; 25 Above sea levels
$500K

No doubt not for everyone. I’d estimate our second home costs us about 14K a year for the privilege of enjoying it (paid off). As the debate here has stated there are plenty of pluses and minuses in owning a second home from our experience.

I would go into it eyes wide open understanding specifically what your bills / opportunity cost will be

Costs:
-cost of home
-property taxes $6600
-Homeowners insurance $3000
-hoa fees
-pest care
-lawn care
-utilities (water, elec, trash, cable/internet). Water $100 month, elec $100 month
-maintenance/repairs
-spouses desire to do HGTV stuff to house lol

Tradeoffs:
What will you not be able to do if you have a second home? Ymmv

While some people rent their place we have not. If I was planning to rent it I would find someone who rents their second home in the same location / similar situation as you would be in, ie, fees, property manager, income taxes, and learn from their experience before jumping in with what could be overly optimistic financial or rental income expectations. Like most things prior planning prevents poor performance.

Luck of the draw, it works for us being able to be down south near family and friends during 5 months a year in winter avoiding some chilly months in Up north.

Good luck with your decision.
pizzy
Posts: 4339
Joined: Tue Jun 02, 2020 6:59 pm

Re: Owning 2 homes - Is it worth it?

Post by pizzy »

Wash.Invest wrote: Sun Nov 26, 2023 4:49 pm Variations on a theme.

We really enjoy having multiple homes in nice destination locations in different climates / seasons.

Have done so for more than the 18 yrs bridge between retirement and FRA.

Having them as income props was a bit of a necessity since we had no pension / HC / other income for the first 20 yrs of retirement.

So... all are in no income tax states, near airports, rural / view (for ENJOYMENT + easy resale and good equity gains). All have multiple living spaces, such as cabins / bunkhouse / Daylight basement (fully separate and fully equipped and separate driveways, garages, entry...)

We prefer to rent to military retirees, as they are very helpful, responsible, capable, and congenial. They all have Cash Cards and a list of contractors for repairs. They do all the mowing, maint, landscaping, repairs, so we can travel at will (sometimes gone for several months out of USA).

All of our trips between homes are tax deductible, as is the vehicle we keep at each location. (We fly between, no luggage required)

We do lots of outdoor activities, so we go where the weather is best, or seasonal activities / wildflowers / hunting / fishing seasons. Each locaton has all we need, (Including full shops (Auto, metal, wood), tractors, dozers, motorcycles, bikes, trucks...) Can be a bit intense during October / November - winter oil and filter changes and weatherizing outdoor hydrants and many outbuildings and fences.
We have established great friends, church, and volunteer stuff in each location (I'm a Master Gardener in 3 very different states and growing situations).

It's been very fun, and we have still been able to travel / enjoy may different locations and countries, as well as our multiple homes.

End game will start to consolidate at age 70, but we would still like to build a couple more view homes. (We do this ourselves, very inexpensively and creative and fun)

basically, it's been free vacations + ~$5k / month income (important when you don't have a J-O-B or pension), and ~ $1m+ in equity gain (plus rental houses paid off by tenants). Even our main home has multiple living spaces and has been rented out for many yrs (to very good friends). We've helped several 'young marrieds' get into their own homes.

It's been a win, and not much hassle. 2500 miles away, but as mentioned, ... often 11000 miles away (if we are in Southern Hemisphere, enjoying 16 hrs of sunlight during USA winter. :D

Nice thing about multiple living spaces... we're all set for a live-in caregiver when / if needed. (and their place is paid for many times over)
How many?
Vanguard/Fidelity | 76% US Stock | 16% Int'l Stock | 8% Cash
KBR
Posts: 678
Joined: Sun Nov 05, 2023 4:19 pm

Re: Owning 2 homes - Is it worth it?

Post by KBR »

We had a house in Los Angeles and a beach house till we sold it then a ski condo. A few things. First it must be within a few hours drive
Of
Your primary home unless you’re living half time
In one half time in the other. Ours were within a few hours so we used them all the time. Beach was 1
H away and that was where we lived every weekend. Ski was 4 h away so at most we went twice a month. If you need to fly, unless you’re living six months one and six the other you
Just won’t use it.

Ski house was a condo. No maintenance but high hoa. Not sure it was worth it but it was necessary. Beach house needed weeding, lights replaced, faucets fixed etc. it was great and we loved having it and enjoying it but eventually we sold it when the maintenance just got to be too much of a hassle.

If you’re a snowbird and you spend the winter there full time probably makes sense. Otherwise you need to buy local for a second house and renting probably makes more sense.
KBR
Posts: 678
Joined: Sun Nov 05, 2023 4:19 pm

Re: Owning 2 homes - Is it worth it?

Post by KBR »

chassis wrote: Sun Nov 26, 2023 6:34 pm
bg5 wrote: Sun Nov 26, 2023 11:01 am So my wife and I ages 42 and 37 are both teachers and we will get pensions (our state allows us to collect SS as well). We are great savers and already have around 600K in retirement and that will probably be around $2 million (if not more) by the time we retire in 10-15 years.

We have always thought about buying a 2nd home to winter in such as Florida or Arizona but am curious how others who have two homes feel about it. I have also considered just renting during the winter months or hopping around form vacation to vacation such as going to Mexico for two weeks, then to Arizonia, etc. to break up the winter.

If we could retiree today our pensions combined would be around $80,000 and we will probably draw around $40,000 a year from retirement along with SS when it kicks in. we will be debt free so it appears we will be able to easily afford a 2nd home but now sure what advice those who own a 2nd home have for doing so
It's not worth it.

Idle asset when you are not there. Your money is just sitting there, or going up in smoke (expenses) while you look on from afar.

Tenant and property management headaches if you rent it while you are not there.

Energy, time and money drain to maintain it, or to pay someone to maintain it.

From an investment point of view, transaction and carrying costs make this an unattractive use of your capital, both equity and debt.

All for a little bit of enjoyment in the winter. What if you want to go somewhere else next winter, besides where your second house is located?

How does this sound so far?
Yup. We loved our beach house but we did not feel comfortable taking other beach vacations anywhere else when we were paying a mortgage to own a house! On the other hand - EVERY weekend was like being on vacation. At the beach.
KBR
Posts: 678
Joined: Sun Nov 05, 2023 4:19 pm

Re: Owning 2 homes - Is it worth it?

Post by KBR »

Artsdoctor wrote: Sun Nov 26, 2023 4:52 pm So it sounds as if the goal would be to simply have a place for the two of you to stay while getting away from time to time. You don't really want an investment and you don't see a lakeside retreat for family get-togethers. So you'd probably be looking for something relatively easy.

I'd lean towards renting a place. It's easy in and easy out, and when you're tired of it, you go elsewhere. It's a vacation place so if the landlord doesn't behave properly, you just move on without a lot of fuss.

I've had a second home when we were about your ages. It was great and the memories are terrific, and it was only about one hour from the primary house. But it took a lot of money and time, and when it came time to move, I vowed never to do that again. If you decide on a house, I really would make sure that you have the helpers to keep it going when you're away (and all of the repair people available). I would not recommend doing it if you're on a tight budget.

If you're looking at a condo situation, make sure you understand the market. Are condos common or will it be an albatross when it comes time to sell? You really won't be around enough to be a part of the condo board so someone else will be making decisions for you, some of which you might find objectionable. If you're not familiar with buying a condo, I'd spend time learning about it before you actually do it.
Oy the hoa for a condo will be killer. You can probably rent a couple weekends a month for the same price as the condo fee. Unless you
Had to I’d not get a condo for a second house unless
You’re using it regularly
And bigly.
KBR
Posts: 678
Joined: Sun Nov 05, 2023 4:19 pm

Re: Owning 2 homes - Is it worth it?

Post by KBR »

Wash.Invest wrote: Sun Nov 26, 2023 4:49 pm Variations on a theme.

We really enjoy having multiple homes in nice destination locations in different climates / seasons.

Have done so for more than the 18 yrs bridge between retirement and FRA.

Having them as income props was a bit of a necessity since we had no pension / HC / other income for the first 20 yrs of retirement.

So... all are in no income tax states, near airports, rural / view (for ENJOYMENT + easy resale and good equity gains). All have multiple living spaces, such as cabins / bunkhouse / Daylight basement (fully separate and fully equipped and separate driveways, garages, entry...)

We prefer to rent to military retirees, as they are very helpful, responsible, capable, and congenial. They all have Cash Cards and a list of contractors for repairs. They do all the mowing, maint, landscaping, repairs, so we can travel at will (sometimes gone for several months out of USA).

All of our trips between homes are tax deductible, as is the vehicle we keep at each location. (We fly between, no luggage required)

We do lots of outdoor activities, so we go where the weather is best, or seasonal activities / wildflowers / hunting / fishing seasons. Each locaton has all we need, (Including full shops (Auto, metal, wood), tractors, dozers, motorcycles, bikes, trucks...) Can be a bit intense during October / November - winter oil and filter changes and weatherizing outdoor hydrants and many outbuildings and fences.
We have established great friends, church, and volunteer stuff in each location (I'm a Master Gardener in 3 very different states and growing situations).

It's been very fun, and we have still been able to travel / enjoy may different locations and countries, as well as our multiple homes.

End game will start to consolidate at age 70, but we would still like to build a couple more view homes. (We do this ourselves, very inexpensively and creative and fun)

basically, it's been free vacations + ~$5k / month income (important when you don't have a J-O-B or pension), and ~ $1m+ in equity gain (plus rental houses paid off by tenants). Even our main home has multiple living spaces and has been rented out for many yrs (to very good friends). We've helped several 'young marrieds' get into their own homes.

It's been a win, and not much hassle. 2500 miles away, but as mentioned, ... often 11000 miles away (if we are in Southern Hemisphere, enjoying 16 hrs of sunlight during USA winter. :D

Nice thing about multiple living spaces... we're all set for a live-in caregiver when / if needed. (and their place is paid for many times over)
Well - minus opportunity cost. I always compare any expense to “but what if that much money were in TSM.” For
Our second home I found I never felt at home at either synagogue. The main services are weekend and I spent the weekend where I didn’t really
Live and spent the week at my real synagogue where I didn’t attend the primary services bec I was at the beach. Same for friends. The attachment to friends was very limited bec I couldn’t spend any weekend time with the weekday friends where my real life was but the weekend friends knew I couldn’t be counted on during the week bec that was the fantasy house.
User avatar
HomerJ
Posts: 21300
Joined: Fri Jun 06, 2008 12:50 pm

Re: Owning 2 homes - Is it worth it?

Post by HomerJ »

tibbitts wrote: Sun Nov 26, 2023 5:08 pm Having a second-home condo myself, I can't see renting it, especially short-term (which is prohibited for me anyway - 4mo minimum.) Doesn't it kill the main reason people have cited for having the home: all your "stuff" is there and ready to go any time you want to use it. Don't you feel you have to meticulous remove or lock up your "stuff" every time you rent?
The trick there is to have a closet with a lock on it, and you just store all "your" stuff in 3-4 bins for when you rent.

I will admit that I won't buy a second home again if I feel if I have to rent it. It is a bit of work, although it paid for almost all our annual fees (HOA, property taxes).

But I could really the difference between the weekends when we knew a renter was coming soon, and the weekends when we knew we were coming back next. It was a huge difference between just leaving the place as is (since we were coming back in a week or two), and getting it "renter ready".
"The best tools available to us are shovels, not scalpels. Don't get carried away." - vanBogle59
User avatar
HomerJ
Posts: 21300
Joined: Fri Jun 06, 2008 12:50 pm

Re: Owning 2 homes - Is it worth it?

Post by HomerJ »

LittleMaggieMae wrote: Sun Nov 26, 2023 5:47 pm I guess it depends on what kind of 2nd home you own...

Things to think about:
you will have all the same expenses as your primary home: property taxes, insurances, utilities/water/sewer/trash. You may have HOA fees. You may need to pay for a landscape service/pool service if you do not have an HOA.

And then there's all the other lumpy expenses: appliances (a 10 year old fridge is still a 10 year old fridege even if it's in your 2nd home and you only "use it" 2 or 3 months a year.) Water heater, roof, HVAC, plumbing. Then there's the other stuff - the deck needs sealing/repairs, any sheds or outbuildings may need upkeep every few years... and on and on and on.

And then there's routine indoor cleaning. Unused spaces get dirty - even if you aren't there. If you don't "winterize" your property (even if it's never winter) the drain traps will dry out and you will get sewer smell in your house. Someone needs to run the water and flush the toilets during the months you aren't there.

And finally there's good old entropy... wood rots, window and door seals fail, the damper on the fireplace doesn't do as good a job, etc. This effects every homeowner's house in one way or another.

FWIW: I just spent close to 30K putting new roofs having some tuckpointing, chimney repair , siding replacement done on 2 houses last year. The roofs were between 23 and 27 years old. The tuckpointing and chimney repair were due to water damage and the siding replacement just was to replace ugly 50 year old siding that I didn't want to have repainted.

Owning a house is expensive above and beyond the "mortgage". It's more than just the monthly bills that come in for a house that you own. It's the longer term expenses that you probably should be "saving up for" of have some stock pile of money to draw from.
The answer to this is... Condo.

No siding, chimney, roof repairs... We even had the building manager come in every month, inspect the place, and flush the toilets, so you didn't get the drainage drying out like LittleMaggieMae described.

But you do have to pay an HOA fee every month.

Still worth it, and easy to plan around. If you can afford to pay cash for the place, AND afford the HOA fee, then buy the second place.

I wouldn't buy a second stand-alone HOUSE if you're going to leave it vacant 6 months out of the year.
"The best tools available to us are shovels, not scalpels. Don't get carried away." - vanBogle59
Cruise
Posts: 2756
Joined: Mon Nov 21, 2016 6:17 pm

Re: Owning 2 homes - Is it worth it?

Post by Cruise »

We could easily afford another home, but don’t for a few reasons:

1. It would be one more big thing to worry about. Maintenance, etc.

2. Don’t want to buy another property in my state as that is concentrated risk.

3. Ownership in the only other state I want would want another home would cost me a lot in property and income tax.

For these reasons, we take frequent vacations all over the world, and let others do the work….
User avatar
LiveSimple
Posts: 2321
Joined: Thu Jan 03, 2013 6:55 am

Re: Owning 2 homes - Is it worth it?

Post by LiveSimple »

Go ahead and buy the second home, you may retire in your second home…

If you see other treads on long term care your house will be your long term care insurance.
Both from keeping you busy + active hence may not need long term care; and financially, if it ends up that way…sell one house and use for long term care facilities…or care.
Invest when you have the money, sell when you need the money, for real life expenses...
SGM
Posts: 3341
Joined: Wed Mar 23, 2011 4:46 am

Re: Owning 2 homes - Is it worth it?

Post by SGM »

We have multiple homes. We bought several beach houses up north. When my parents were living and our children young, we used them often. We paid low real estate taxes as they were set up as condo. We had a man who mowed and could bring in repairmen at our request. We recently sold one of the houses for cash and have some capital gains.

Back home we have two houses on adjacent farms. We inherited the house we live in. We considered selling the other house, but we get income from a farmer who rents the fields. We also have a hunter who helps us and acts like a second son.

We have a small cabin next to our farmhouse that we are fixing up as a guest house. i no longer do any work outside the house. We have good mechanics, mowers and farm neighbors who help out.
User avatar
tennisplyr
Posts: 3710
Joined: Tue Jan 28, 2014 12:53 pm
Location: Sarasota, FL

Re: Owning 2 homes - Is it worth it?

Post by tennisplyr »

We know quite a few people who own 2 homes and they seem fine. Guess you could try it and see how it feels.
“Those who move forward with a happy spirit will find that things always work out.” -Retired 13 years 😀
Jtdmn
Posts: 18
Joined: Sun Apr 25, 2021 4:21 am

Re: Owning 2 homes - Is it worth it?

Post by Jtdmn »

22twain wrote: Sun Nov 26, 2023 11:45 am A home doesn't have to be a house. It can be an apartment.

When my parents retired in their early 60s, in the Midwest, they bought an apartment in Florida and did the snowbird thing. They both had pensions and some Social Security, had no mortgage on their house, and had saved enough money that they were able to pay cash for the apartment.

About 5 years later, they decided it was too much hassle to keep the house up north, so they sold it and rented an apartment in the same town. They spent summers there and kept up with relatives and longtime friends.

The relatives and friends gradually moved away or died, so my parents had less and less reason to go back north. After another 5 years, they gave up the northern apartment and became full-time Florida residents.
We are into the third year of renting our apartment in the south while keeping our northern home. As for the apartment we are in a location that does not have much for vacation rentals but it is where we want to be so we rent on a year lease. We come and go as we please and pretty much have all the stuff we need in both locations so very little is carried back and forth. My wife never thought she could live in an apartment again but it turns out she loves it. The house is a pain to keep maintained and having it watched over in the winter. So our plan is to sell the house and rent an apartment in the north while we take our time to find a condo or townhouse most likely in the north and keep renting in the south. While it is not the most cost effective approach it is what we want to do and it will work for us financially. While doing this goes against my life long instinct to be frugal I am glad to have found this thread with some affirmation that our plan isn't totally harebrained.
Post Reply