U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-28-2017, 06:19 PM
 
2,470 posts, read 2,235,773 times
Reputation: 2655

Advertisements

Obviously, I know that this means two roofs and two sets of repair bills. But beyond that, what are the pros and cons? Initially, I was going to buy a house in the Capital Region of NY for $300k and accept a job there. However, my pay would be lower than downstate NY and $300k would be tight.

So, someone advised me to buy 1 small townhouse in downstate NY (most likely Orange or Putnam County, ideally Putnam Valley NY) for $150k, and another get-away home (small, log cabin or A-frame house) in the northern region, 2-3 hours away so I can drive up any weekend and enjoy being in nature.

Any advice on this plan? Anyone currently do this?
Reply With Quote Quick reply to this message

 
Old 11-28-2017, 06:30 PM
 
Location: The Triad (NC)
23,996 posts, read 51,747,221 times
Reputation: 23867
How about two properties at ~ $125-150,000 ($250,000 max total)...
and keeping a $50,000 reserve for the inevitable?

Better yet... when you actually have those weekends... rent something.
And maybe rent in some other location now and then too.
Reply With Quote Quick reply to this message
 
Old 11-28-2017, 07:24 PM
 
4,244 posts, read 7,219,007 times
Reputation: 5896
Quote:
Originally Posted by VintageSunlight View Post
Any advice on this plan? Anyone currently do this?
The cost of two houses is twice as much as the cost of one house. Simple math.

You should deal with the new job first. Rent to begin with, get to know the area, the people, etc. Then move into what you want. After that is all done with and you have a year or two to settle in..... think about the vacation home and its costs.
Reply With Quote Quick reply to this message
 
Old 11-28-2017, 08:21 PM
 
Location: Boise, ID
440 posts, read 249,620 times
Reputation: 785
Well you will have 2 sets of utilities (water, electric, internet, cable?). You will need to manage lawn care and snow removal for each.
Reply With Quote Quick reply to this message
 
Old 11-28-2017, 09:30 PM
 
Location: San Diego / NWA
615 posts, read 301,114 times
Reputation: 833
Quote:
Originally Posted by MrRational View Post
How about two properties at ~ $125-150,000 ($250,000 max total)...
and keeping a $50,000 reserve for the inevitable?

Better yet... when you actually have those weekends... rent something.
And maybe rent in some other location now and then too.
Living up to your handle
Reply With Quote Quick reply to this message
 
Old 11-28-2017, 09:59 PM
 
1,040 posts, read 698,713 times
Reputation: 1068
Quote:
Originally Posted by Slytrix View Post
Living up to your handle
^^Hear, hear . . . OP, buy one property within your means, live in it for one year and figure out your expenses thereafter, within that time frame you will probably know if you can afford a second and even if you d want to have one.
Reply With Quote Quick reply to this message
 
Old 11-29-2017, 12:22 AM
 
19,680 posts, read 18,731,590 times
Reputation: 23832
Be comfortable where you live full time and work.
Reply With Quote Quick reply to this message
 
Old 11-29-2017, 04:16 AM
 
10,372 posts, read 38,218,720 times
Reputation: 12652
If $300K "is tight", then why buy a 2nd property that pushes you into such a circumstance?

I'd buy one house that is affordable where you work as a primary residence ...

and rent a place for those weekends that actually materialize for your leisure time. You get to stay there for a nominal fee and walk away without any further responsibility/costs when you leave.

It's entirely too easy to fall into the trap of being a slave to a 2nd home ... maintenance, upkeep, repairs, PITI ... all add up plus when you get there on your "weekends", you may find that you're spending much of your time with the upkeep of the property rather than the recreation that you sought in the area.
Reply With Quote Quick reply to this message
 
Old 11-29-2017, 09:19 AM
 
2,470 posts, read 2,235,773 times
Reputation: 2655
Quote:
Originally Posted by sunsprit View Post
If $300K "is tight", then why buy a 2nd property that pushes you into such a circumstance?

I'd buy one house that is affordable where you work as a primary residence ...

and rent a place for those weekends that actually materialize for your leisure time. You get to stay there for a nominal fee and walk away without any further responsibility/costs when you leave.

It's entirely too easy to fall into the trap of being a slave to a 2nd home ... maintenance, upkeep, repairs, PITI ... all add up plus when you get there on your "weekends", you may find that you're spending much of your time with the upkeep of the property rather than the recreation that you sought in the area.
$300k is tight if I accepted a job in another area Upstate and the pay is lower. $300k is well within budget if I continue to work downstate. However, I like it less here, living here full-time. That's why I'm wondering if I can have my cake and eat it too. Buy something cheap here, and cheap in the area I want to live, as a weekend getaway where I can fish, hike, kayak, and generally be in a more natural setting.

Renting for the weekend is not feasible. Its way too expensive for the amount of time I want to be there. I'd really like to be out of downstate NY as often as possible, every weekend at a minimum.

I'm even open to working the numbers, say buying $200k nicer condo here and $100k cabin Upstate.

It would be interesting to hear from people who decided to buy two cheap homes in different places, separated by about 2-3 hours. Not NY/FL snowbirds, because that's not possible to do on the weekend. How did it work out?
Reply With Quote Quick reply to this message
 
Old 11-29-2017, 09:38 AM
 
Location: Black Forest, CO
1,366 posts, read 1,867,426 times
Reputation: 1229
Having a second home adds a bit of stress (I have one). You will worry that it is 'ok' when you are not there - if you can, hire a neighbor that can keep an eye out on it when you are not there. Or at least install a security camera or two so you can check in it it and get alarms if motion is sensed (there are IP cameras you can get pretty reasonably for this). And if you ever need repairs or maintenance on it, you have the issue of scheduling appointments which may cause you to stay there and wait for repair people when you need to get back to your main home.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top