We have had a second home 1/2 an hour away on a lake for 10 years and then sold it and bought a second home in St Pete / Clearwater Fla (1200 miles away) stay there 5 months a year away from snowy upstate NY.
We saved and were able to pay cash for it. We can afford the 14K a year we spend on taxes, insurance, utilities, lawn, pest, water, repairs, and small hoa. We love to go there because we have friends and family there. We still go on vacations when we want and have money for leisure. My wife likes to fix places up and buys furniture on FB market place and Craigslist to make both places home. In our 60’s and retired we have time to paint and do minor maintenance. Luck of the draw it has appreciated 40%+ when covid hit (we bought it in 2020.)
The second home brings us more happiness than the 350K (what we paid for it) would bring us in an index fund and an extra 14K a year. But one needs to be honest with themselves as to the joy and pain and opportunity cost of the money and time is. We miss our best friends when we are away from home.
Our primary home is 1800 sq ft and plenty big enough for my wife and I. I would be reluctant to give up your tax break on your primary home. Yell if I can break down the monthly costs of the second home more specifically if that will help. Good luck - no easy answers.
We saved and were able to pay cash for it. We can afford the 14K a year we spend on taxes, insurance, utilities, lawn, pest, water, repairs, and small hoa. We love to go there because we have friends and family there. We still go on vacations when we want and have money for leisure. My wife likes to fix places up and buys furniture on FB market place and Craigslist to make both places home. In our 60’s and retired we have time to paint and do minor maintenance. Luck of the draw it has appreciated 40%+ when covid hit (we bought it in 2020.)
The second home brings us more happiness than the 350K (what we paid for it) would bring us in an index fund and an extra 14K a year. But one needs to be honest with themselves as to the joy and pain and opportunity cost of the money and time is. We miss our best friends when we are away from home.
Our primary home is 1800 sq ft and plenty big enough for my wife and I. I would be reluctant to give up your tax break on your primary home. Yell if I can break down the monthly costs of the second home more specifically if that will help. Good luck - no easy answers.
Statistics: Posted by Parkinglotracer — Tue Mar 12, 2024 10:51 am — Replies 13 — Views 1409