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I live in Buffalo, NY and can't do these winters anymore. In my search for the perfect relocation spot, I've slowly and sadly come to the conclusion that there is no perfect place. But I think I might have a plan to achieve as close to my "perfect" as possible.
I love the glorious western NY summers & early autumns, so I'd live here from Memorial Day to Thanksgiving. Then I'd buy a second home down south, say in Hilton Head, SC or Jekyll Island, GA and spend winters & springs there while the bugs are at their lowest counts.
I was thinking that if I pick the right property in Hilton Head or Jekyll Island (or wherever I decide on) I can rent out that home in the summers while I'm living up north.
It sounds good to me, but I just have a feeling the dream could become a nightmare in reality...
What are the common pitfalls that come with owning 2 residences? What do I need to consider? Is there a smart way to do this in order to maximize my chances of success and satisfaction?
Kids and employment are not factors in our plans. We can afford 2 mortgages as long as both houses are relatively modest. But I know there's a catch (or 2 or 3) somewhere. Give me the scoop on owning 2 homes!
I've slowly and sadly come to the conclusion that there is no perfect place.
But I think I might have a plan...
Give me the scoop on owning 2 homes!
It's expensive.
How well do you get along with your brother/sister?
Would you be willing to share your home with them?
If you each owned one or the other property...
and agreed to share them with the others for "the season"...
then it's just about who mows the lawn and how to split the electric bill.
The key is to have someone trust worthy in each place to keep an eye on the property, maybe to check the interior once a week to make sure there are no leaks, etc. A second point is to be honest with yourself about whether you would accept someone else living in your beach home with your personal goods in place. I'm not sure I could do it.
Of course it will be more expensive, but that is a given.
How well do you get along with your brother/sister?
Would you be willing to share your home with them?
If you each owned one or the other property...
and agreed to share them with the others for "the season"...
then it's just about who mows the lawn and how to split the electric bill.
Quote:
Originally Posted by luv4horses
The key is to have someone trust worthy in each place to keep an eye on the property, maybe to check the interior once a week to make sure there are no leaks, etc. A second point is to be honest with yourself about whether you would accept someone else living in your beach home with your personal goods in place. I'm not sure I could do it.
Of course it will be more expensive, but that is a given.
MrRational, I love my sister so much that I couldn't bear to be apart from her like that. If we were sharing a house, we'd want to be in it at the same time, not on opposite schedules.
luv4horses, I have trustworthy people here in Buffalo that could keep an eye on our place through the winter, but you're right renting the beach place to strangers would make me uneasy. Mostly because I think people do gross stuff in rentals they'd never do in their own home...
I have a vacation home and the tax advantage are not as good as it use to be but still ok. I bought in a gated community with a guard not the cure all but it cuts down on traffic. I looked at a condo but with the high HOA and the type of living it was not for me. As a full time landlord I would never rent out a place that I also live in part time or not. I will say that I do not think anyone should by a second house unless you pay cash just my 2 cents.
just go down and rent a house for those months, no
worries about hurricane damage, insect damage, insurance , upkeep, renters.
after awhile you would learn which houses are
fabuolus to rent and you would not be tied to one beach area.
we have owned two homes and it is a lot
of work, double bills etc.
That's a good idea.. at least for the next few winters, just rent a place in SC or GA or even the FL Keys for 3 months. The big problem there: I have 4 dogs and that seriously limits my rental options. I happen to be a professional trainer with "the best dogs in the world" but I would not blame a landlord for balking at FOUR dogs.
MrRational, I love my sister so much that I couldn't bear to be apart from her like that.
If we were sharing a house, we'd want to be in it at the same time, not on opposite schedules.
Then you misunderstood the suggestion.
Not sharing. You each own one of the houses (presumably) as you each own a house now.
One in NY and one somewhere in SC or FL.
Then you each offer accommodation to the other on a recurring seasonal basis.
I used to live in WNY and one of my golf buddies (70+ years old) owned 2 homes: one in WNY and another in Sarasota FL.
I asked him how he managed the 2 properties. He said in winter, his sons checked his WNY 2k+ sqft home every week. On the other hand, he owned a small condo in Sarasota, which required minimal maintenance in summer. Just kept the thermo at 80 and paid the bills/dues.
Of course, it's not cheap. But the couple seemed to really enjoy their lives.
Not sharing. You each own one of the houses (presumably) as you each own a house now.
One in NY and one somewhere in SC or FL.
Then you each offer accommodation to the other on a recurring seasonal basis.
Ahhh! Gotchya! Rather genius...
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