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Second home - pros/cons
Posted on 8/21/23 at 9:31 am
Posted on 8/21/23 at 9:31 am
Debating buying a Lakehouse in the KC area. The lake is one of only ones within 30 min drive of KC and homes hold their value. We will probably be here another 8 years. Interest rates are kinda crazy but might be worth doing. Anyone have any pros/cons for buying second home. We only owe little on current home with 3.5% rate but would probably be looking at 7.5 or higher on new.
7
Posted on 8/21/23 at 9:43 am to Shotgun Willie
After the initial investment of buying multiples of items that you don't want to carry between homes, the main PITA is maintenance/upkeep. If you stress when large ticket items have problems, then recognize you'll have more exposure to that happening. I wouldn't be thrilled about paying utilities (including internet) times two.
I think this proposition is a no-brainer one way or the other. Either you have the means and are willing to deal with the issues two homes bring, or you're not.
I think this proposition is a no-brainer one way or the other. Either you have the means and are willing to deal with the issues two homes bring, or you're not.
Posted on 8/21/23 at 10:02 am to Shotgun Willie
Con - you own a second home with all the headaches and costs of having a first home. If you want to go to the lake, vrbo. Especially if you're only in the area for 8 years and sounds like you would have to take a loan to acquire.
Posted on 8/21/23 at 11:22 am to Shotgun Willie
From a practical standpoint...
You can only stay in one properry at a time. It is a lot of "dead money" in the property.
If you have a large family and there would be multiple usages, then that's a completely different story.
You could AirBNB or VRBO to change the "dead money" aspect. But I hadn't figured out the most efficient way for reliable housekeeping unless you are in a community that repeats this service.
I do think these types of properties are in a different sector of demand.
I don't think they will dip in value as hard in a recession. And so long as population grows, they should outpace typical residential housing in appreciation.
You can only stay in one properry at a time. It is a lot of "dead money" in the property.
If you have a large family and there would be multiple usages, then that's a completely different story.
You could AirBNB or VRBO to change the "dead money" aspect. But I hadn't figured out the most efficient way for reliable housekeeping unless you are in a community that repeats this service.
I do think these types of properties are in a different sector of demand.
I don't think they will dip in value as hard in a recession. And so long as population grows, they should outpace typical residential housing in appreciation.
Posted on 8/21/23 at 2:41 pm to Shotgun Willie
I looked for years but could never pull the trigger. Finally, in 2017 I did and bought a house on a private lake on the Missouri/Iowa border. We've never regretted it. If we miss a lake weekend, we're bummed. It also has turned out to be a fabulous investment if I wanted to sell. During and after Covid, house prices at our lake skyrocketed.
All of the responsibilities that come with your current home come with the lake house, unless you hire it out. Still worth it to me.
Do it!
All of the responsibilities that come with your current home come with the lake house, unless you hire it out. Still worth it to me.
Do it!
Posted on 8/21/23 at 3:15 pm to Shotgun Willie
I’m a big fan. We started doing this about ten years ago. Eventually we are going to live part-time in one of are other houses. The houses are in another state from where we live and the property management company takes great care of the properties. We aren’t sure what houses we will keep in retirement, but tenants have basically paid all the bills for those places for a decade. We have regularly paid additional to principal each month and the houses won’t be that far from being paid off.
Posted on 8/21/23 at 3:17 pm to cwill
quote:
If you want to go to the lake, vrbo. Especially if you're only in the area for 8 years and sounds like you would have to take a loan to acquire.
Something to be said for this. We think it will cost about $30k a year to keep the house in Florida after it is paid off, counting utilities, taxes, insurances, maintenance, and so on.
If our plan is to only use the house three months a year we could take a pretty badass vacation for three months on $30k.
This post was edited on 8/24/23 at 12:36 pm
Posted on 8/21/23 at 3:30 pm to Shotgun Willie
Lake houses in my area stay empty after the first year, except for full-time retirees and those yard crews who maintain the unused houses.
Couples buy those oversized lake houses expecting lots of visitors, but few seem to show up after the first year.
And those $300,000 ski boats sit unused in the boat slips, gathering spider webs.
That, and with the VRBO downturn I'd think twice.
Couples buy those oversized lake houses expecting lots of visitors, but few seem to show up after the first year.
And those $300,000 ski boats sit unused in the boat slips, gathering spider webs.
That, and with the VRBO downturn I'd think twice.
Posted on 8/21/23 at 10:02 pm to WB Davis
This particular lake doesn’t have houses for rent. I’m guessing it’s not allowed. It is close enough to KC that I can be there in 25 min from our house. The one we are looking at is on a pretty good lot with an awesome boat dock and deep water. Only issue is we would have to add onto the property for additional bedroom
Posted on 8/24/23 at 6:51 pm to Shotgun Willie
quote:
We will probably be here another 8 years.
For this reason alone I’m out. I would purchase somewhere near my planned move in 8 yrs if possible.
Many better options than KC for a lake home.
This post was edited on 8/24/23 at 7:10 pm
Posted on 8/24/23 at 9:22 pm to RoyalWe
quote:
main PITA is maintenance/upkeep
Most people really only make good use of one property.
If you truly can afford to waste the overhead for rare instances of use then go ahead. Just consider it a luxury don't convince yourself this is a about making a good investment or a good value. It rarely turns out that way.
Also consider the possibility that if you are wealthy enough to afford the extra property the extra time it costs might make it no bueno.
If you are thinking about a vacation home maybe you should just blow the money traveling different places instead.
Posted on 9/6/23 at 6:17 am to WB Davis
quote:
Lake houses in my area stay empty after the first year, except for full-time retirees and those yard crews who maintain the unused houses. Couples buy those oversized lake houses expecting lots of visitors, but few seem to show up after the first year.
Interesting point. It may sound strange but based on many family scenarios over the years, I think a lot of people don’t end up handling having lots of visitors well - the social aspect of it.
It definitely takes a certain chill mindset. Some freak out over every misstep or try to order everyone around, which makes for a miserable time that most won’t repeat.
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