Hideout Question (for sale, rental, mortgage)

[Party of 4]

Hi I am new to this forum and have lots of questions, about a year ago we purchased a home in the hideout for summer, vacation and long weekend stays and it's been great for us and our kids. We really like it and considering moving permanently next summer so my kids can start the new school year in September 2017. But our home now is small for us to use as our primary home, granted it a great home with 4 bedrooms, 2 bathrooms, a hot tub, great outdoor space but the living/dinning is kinda small (smaller than our apt) the bedrooms is great for weekend stay and such. We are looking for a bigger home with more living space but we have this other home that we are not sure what to do, is our best bet is to sell it or use it as a rental what would be our best options?

Thank you for any and all feed back.

[Gettingouttahere]

Your best bet is whatever gives you the $$ you need to buy a new place, if that's even possible.
Are prices going up or down where your vacation place is?
(In my area, things are still dropping)
If you can sell it for more than you paid for it, it's a no-brainer. If not, it depends on your financial situation.

[okaydorothy]

Can you add to the existing home?


I plan on doing that when I move there full time.

[Party of 4]

We thought about adding to the home but we found this great home 4bedrooms, 3 bath, a basement, an attached garage for a great price and more spacious than what we have now. A separate family room is great especially when family come over and it's a little tight in our living room area now, which is what the basement would be use for. In our existing home we don't have a basement just a crawl space and no garage (which will probably be good during those snowy cold winters to have).
I am not sure, a little torn on what to do, especially when you come across a home for sale that's a great deal.

[theatergypsy]

Can you carry two mortgages? (If the bank will let you,) you probably can if you can find permanent, reliable tenants for your "smaller" home. BUT - what if you don't? Are you going to have to commute to work? As many have learned, the commute is brutal. How old are the shorties? Teens are notorious for missing city living, no matter how much they enjoy vacationing here.


These are questions only you can answer. Good luck, whatever you decide.

[Party of 4]

Well we kinda do it now with apt rental in ny and the utilities plus the mortgage in the hideout, my kiddos are 11 and 7 years old....and yes we have thought about it for a couple of years now. Different lifestyle here in NYC, and more expensive. WE kinda like the slower pace in PA...more lay back style...we like it. Luckily we rent an apt from my parents so it would be my husband who will be commuting back and forth and we would definitely give up the apt here and he would crash in my parents basement during the week and work a day or two in PA (which thankfully he can) I am a stay at home mom so it's a little easier for me.

[Gerania]

Originally Posted by theatergypsy

Can you carry two mortgages? (If the bank will let you,) you probably can if you can find permanent, reliable tenants for your "smaller" home. BUT - what if you don't? Are you going to have to commute to work? As many have learned, the commute is brutal. How old are the shorties? Teens are notorious for missing city living, no matter how much they enjoy vacationing here.


These are questions only you can answer. Good luck, whatever you decide.

Teens are also notorious for doing outrageous things when you're not at home. Ask me how I know that.

[TomMoser]

If you are planning on being there full time and able to keep an eye on it, you may want to rent it out if you can cover your costs. Prices are very depressed in The Hideout right now. Keep in mind, though, that The Hideout has several regulations regarding renters, so make sure that you check with the POA and comply.

[mathjak107]

prices are depressed all over pike and wayne county . we sold our house 4 years ago in a development in tafton . the people who bought it sold it last january after dropping 60k below what they paid us only 4 years ago .

that is a 100k drop in price from the price the people we bought it from paid when they bought it in 2007 . so it started life at 275k , we paid 235k in 2009 , sold it for 235k in 2012 and they sold in in jan 2016 for 175k . home prices just seem to have no bottom because demand is so low . took us 1 year to get a buyer and we were lucky with a top notch home .

there are homes for sale for years with no buyers.

[Southern Star]

I know you didn't ask but I feel compelled to warn you. Commuting to and from NYC gets real old real fast. Don't allow your husband to do this to himself, you or your children. What looks good at 30 can become a nightmare at 50.