Do you have a vacation home?

[regentrude]

No. We have three very nice tents; two backpacking ones and a large one for car camping.

 

I don't want a vacation home. I would feel obliged always to go there to spend my vacation, and I'd rather go different places.

Edited May 2, 2017 by regentrude

[EMS83]

Nope!  Our debt including the mortgage is also less than half the national average, so I think I can live without the vacation home, possibly forever.  :)  If we can retire to a vacation home mortgage-free, I'll consider it...

 

But we also do prefer to go to different places.

[madteaparty]

I have to say, to be completely honest, that when we lived in NYC and rented an apartment, we got really sick of the city and bought an abandoned farmhouse 2 hrs or so from the city. (Yes we do things backwards always, babies before careers and grad school and country house before real house) But we liked it so much we moved there full time.

[Bluegoat]

No, and I can't picture us having one.  We are saving up for a tent trailer.

 

I've found there can be really different cultural expectations around this.  For some, they have a "cottage" that was the rural family home, but now they live in the city.

 

There are wealthier people who have cottages bigger than my house.

 

I lived in one town where cottages were very common, but typically not that far away, and usually they were small.  And I lived in a rural area where most people had a house near a main road but many also had a "camp" back in the woods.  Often but not always this was a man-oriented thing.  They weren't wealthy people, at all.

 

We can use my sister's cottage at times.  For her it's really her main home, she rents a small apartment in the city.  If she worked shorter hours she might just live at the cottage.

 

 

 

 

[BarbecueMom]

Nope, no desire for one (maintenance! taxes! liability!). We don't travel either. There's a tent downstairs, but it's mostly a backyard play thing for the kids since we haven't been camping in ten years (and don't have plans to do so anytime soon).

[Mom22ns]

No. I've never seen the attraction. I like exploring different places. We almost never stay at the same place twice (with the exception of a few national parks). I've been to almost every state and and rented condos and cabins in many of them. We've also camped and stayed in hotels. While there are places I love, I still wouldn't want to waste the money owning something I would only visit occasionally.

[Serenade]

We have a tent. Does that count? :D

We have a motor home. DH and I were just talking this past weekend about how that is our vacation home.

[Annie G]

My sister has a condo at the beach and she lets family and friends borrow it anytime. She and BIL bought it as a vacation spot but a year after they bought it he died in a surfing accident so she's not happy going there alone and yet can't bring herself to sell it.  I love going with her or by myself but I'd never want to hassle of a second place. I can barely keep up with the house we have. 

 

Those who have a second place pretty close to home- under three hours away- that would be the ONLY way it would appeal to me. But as it is, I live in northern Illinois and a three hour drive isn't going to get me a warm spot to escape. 

[Happy]

I'm currently helping a client find a lake camp or cottage. Some place their family can gather to have fun, enjoy kayaking and fishing, and maybe catch some star watching time. It will be a cousin camp.

 

It sounds like a fun idea. I'm thinking it over....maybe someday. But, like many of you, we like going new and different places. On the other hand, it does cost a lot to fly and stay in hotels--even when you get a good deal. A lake house would draw everyone there instead...but we might have to have lake toys. That gets costly.

 

More to think over...

[DawnM]

My sister has a condo at the beach and she lets family and friends borrow it anytime. She and BIL bought it as a vacation spot but a year after they bought it he died in a surfing accident so she's not happy going there alone and yet can't bring herself to sell it.  I love going with her or by myself but I'd never want to hassle of a second place. I can barely keep up with the house we have. 

 

Those who have a second place pretty close to home- under three hours away- that would be the ONLY way it would appeal to me. But as it is, I live in northern Illinois and a three hour drive isn't going to get me a warm spot to escape. 

 

Oh I am so sorry!  How horrible.

[creekland]

Yes.  We have a home at the beach.  It's about a year old and is thankfully paying for itself through rentals.   Dh required a business plan before he agreed. It was about two years from let's do this to ownership.  

 

Does it do well as an investment?  Because that's what we'd be interested in if we bought a condo.  We'd want a place to store a few things (in retirement) and to call home a few weeks or months per year, but we'd still want to travel on our vacations.  We're thinking 2 bedroom/2 bath condo on a nice beach somewhere, above first and/or second floor for flooding purposes - great for us and renters.

 

We're just unsure if it really would pay for itself or be more of a drain than renting is.  Our rental houses (long term - not vacation) do well, but we don't have to worry much about turnover or associated fees.

[Artichoke]

Does it do well as an investment?  Because that's what we'd be interested in if we bought a condo.  We'd want a place to store a few things (in retirement) and to call home a few weeks or months per year, but we'd still want to travel on our vacations.  We're thinking 2 bedroom/2 bath condo on a nice beach somewhere, above first and/or second floor for flooding purposes - great for us and renters.

 

We're just unsure if it really would pay for itself or be more of a drain than renting is.  Our rental houses (long term - not vacation) do well, but we don't have to worry much about turnover or associated fees.

 

 

Yes, so far it's been paying for itself and for the cost of furnishings last year.    The key I think is to have the best rental company that you can find.  We found an amazing rental company, and then built in the area that they primarily manage.   Also be aware of flood insurance, it can get tricky.  You'll have to purchase it even with a higher level condo.   As for storage, that may be hard to find.  Most condos have little to no storage space except for an owner's closet in the unit.  

[creekland]

Yes, so far it's been paying for itself and for the cost of furnishings last year.    The key I think is to have the best rental company that you can find.  We found an amazing rental company, and then built in the area that they primarily manage.   Also be aware of flood insurance, it can get tricky.  You'll have to purchase it even with a higher level condo.   As for storage, that may be hard to find.  Most condos have little to no storage space except for an owner's closet in the unit.  

 

Thanks!  An owner's closet is all we'd need.  We don't have much stuff (or won't by that point anyway).  How did you find the amazing rental company?

[Paige]

No and I don't want one. I like to go to new places and wouldn't want to be tied down. Even if I love a place, how do I know I love it more than somewhere else unless I go somewhere else? I'm a wanderer. 

[luuknam]

I cannot fathom a world in which that would be possible for real people. We haven't been on a vacation since our honeymoon 4.5 years ago.

 

 

Mortgage-free would take some effort, but you can buy an okay house here for under $100k, and I'd think you could probably find some place for a vacation cabin or something for under $100k too (obviously nothing fancy, nor a prime location), so, the grand total would be under $200k, which is a perfectly normal middle class mortgage. 

[Artichoke]

Thanks!  An owner's closet is all we'd need.  We don't have much stuff (or won't by that point anyway).  How did you find the amazing rental company?

 

We live about eight hours away so finding the right management company was a top priority for us.

 

Once we decided the overall area where we wanted to build, I did an internet search and weeded out several companies based on their lack of response.   Then I spent a week in the area and walked through the neighborhoods.  Almost all of the rental homes have rental signs out front with contact info.  If a property was in disrepair,  I noted what rental company managed it.   When I noticed a pattern, I marked that company off my list.  I also stopped and talked to the folks who were checking on properties.  They would be driving company cars so it was easy to tell where they were from.  When I got to just a few companies, I spent some time on VRBO and checked out their property listings and the calendars for bookings.  I also contacted them as a guest to see how I was treated.  Finally, I got down to the nitty gritty of the cost and the contracts.  One company stood head and shoulders above the rest.    It was a long drawn out process.  I did it though because these are the people who would literally either make us or break us.  I found the least productive info i got was from the homeowners  I met.  Most of them assumed all management companies were the same and usually had chosen whoever their realtor had recommended.  

 

 

Edited May 2, 2017 by Artichoke

[Luckymama]

My mother's parents and their siblings built a cabin in the Sierras in the late 40s. It's been modernized over the years but is still quite rustic. I grew up visiting the cabin when we were in CA to see the families. Last summer dh and I joined my aunties and a rotating group of cousins during their annual 2 weeks there.

 

I dream about owning something similar, but there aren't those kinds of mountains here. I am so not a beach person.

 

We do like to rent houses or condos when we vacation.

[Artichoke]

Do you have a vacation home?

 

Condo at the beach?

Cabin in the mountains?

Lake house?

 

Just curious.  All of my neighbors seem to.

 

We don't.  I doubt we will ever get one.  we like going to various places and I think if we had one place somewhere we would feel like we could only go there.

 

ETA:  I also think all my neighbors are in a lot of debt.  Some have said they are.  Others may be able to afford it just fine.  

 

 

The affordability of a vacation destination property that you rent out is not as expensive as you might think.   We've owned our  modest home for almost twenty years and chose not to upgrade to a more expensive home.  The cost of building a beach house was about the same as an upgraded home in our area would have cost.   The irony is that dh and I can afford to own our vacation home but would be stretched to rent it for a week ourselves during the summer months.   

[kroe1]

We have had multipurpose second homes several times in our lives. At some points they were considered vacation houses and at other times they were used by inlaws and other family members who needed homes. Right now, I use an RV to live in while I work out of town. I can write it off on taxes as a second home, but, I really do not think of it as a vacation when I am there. At least for me, all of the second homes we have had just meant more cleaning for me, and anything but a vacation.

[Scarlett]

We live about eight hours away so finding the right management company was a top priority for us.

 

Once we decided the overall area where we wanted to build, I did an internet search and weeded out several companies based on their lack of response.   Then I spent a week in the area and walked through the neighborhoods.  Almost all of the rental homes have rental signs out front with contact info.  If a property was in disrepair,  I noted what rental company managed it.   When I noticed a pattern, I marked that company off my list.  I also stopped and talked to the folks who were checking on properties.  They would be driving company cars so it was easy to tell where they were from.  When I got to just a few companies, I spent some time on VRBO and checked out their property listings and the calendars for bookings.  I also contacted them as a guest to see how I was treated.  Finally, I got down to the nitty gritty of the cost and the contracts.  One company stood head and shoulders above the rest.    It was a long drawn out process.  I did it though because these are the people who would literally either make us or break us.  I found the least productive info i got was from the homeowners  I met.  Most of them assumed all management companies were the same and usually had chosen whoever their realtor had recommended.  

 

 

Wow I am impressed with your homework!

[Scarlett]

The affordability of a vacation destination property that you rent out is not as expensive as you might think.   We've owned our  modest home for almost twenty years and chose not to upgrade to a more expensive home.  The cost of building a beach house was about the same as an upgraded home in our area would have cost.   The irony is that dh and I can afford to own our vacation home but would be stretched to rent it for a week ourselves during the summer months.   

 

 

When I worked there were 3 sales reps who built a triplex beach home in PCB FL.  I stayed there at least 3 times.  Once for free, and twice more we paid.  Two of the three were investment properties and they rented them out....the 3rd one lived there year round.  It was much more affordable than I would have imagined.  The ones who rented it out most of the year just kept the calender free for the times they wanted (Whole month of August and maybe a few more weeks scattered throughout the year).  Sometimes they rented it out by the month....and for a few years some snowbirds rented it 6 months at a time.

[MaeFlowers]

We don't and we really don't want to. My in-laws have a beach condo and a lake house. We could use either for free and never do. We just never have the time so I can't imagine buying one for ourselves at this stage in our lives.

Edited May 2, 2017 by MaeFlowers

[DawnM]

Yes.  We have a home at the beach.  It's about a year old and is thankfully paying for itself through rentals.   Dh required a business plan before he agreed. It was about two years from let's do this to ownership.  

 

 

Never mind, you answered it later in the thread.

Edited May 2, 2017 by DawnM

[Carol in Cal.]

Does it do well as an investment? 

This varies a lot.

 

For instance, here in NorCal, vacation properties except for the ones that were right. on. the. water. dropped about 50% in value after the 2008/2009 downturn.  The ones that were prime dropped maybe 35% or so.  Since then they have rebounded maybe 5-10% total.  This is sobering when you're considering this as an investment.

[Carol in Cal.]

dp

Edited May 2, 2017 by Carol in Cal.

[alisoncooks]

We do not, and I can't imagine ever being financially secure enough to do so. However, I do have parents who take us on vacation with them yearly, so we do get vacations (usually beach or mountains for a week or so)...

[Artichoke]

This varies a lot.

 

For instance, here in NorCal, vacation properties except for the ones that were right. on. the. water. dropped about 50% in value after the 2008/2009 downturn.  The ones that were prime dropped maybe 35% or so.  Since then they have rebounded maybe 5-10% total.  This is sobering when you're considering this as an investment.

 

 

Owning a beach house is a risk.  There's no guarantee that the economy or a weather event won't devalue your investment.   You have to be as insured as possible and hopefully have cash reserves built up.  

Edited May 8, 2017 by Artichoke

[Scarlett]

My best friend has an amazing vacation home.  It is on a beautiful lake in AR.  It is only about 1 1/2 hours from their main home and they go to it often.  Her husband is retired so that helps. The kids/grandkids/friends/family use it a lot.

[creekland]

This varies a lot.

 

For instance, here in NorCal, vacation properties except for the ones that were right. on. the. water. dropped about 50% in value after the 2008/2009 downturn.  The ones that were prime dropped maybe 35% or so.  Since then they have rebounded maybe 5-10% total.  This is sobering when you're considering this as an investment.

 

Investing in any property is always a risk.  Investing in the stock market is also a risk.  Investing in general is usually a risk.  But... investing has helped us (financially) a ton, so we're cautious, but not afraid.  One can earn far, far more than from a savings account or CD - both of which actually seem to lose compared to inflation TBH.  Caution is warranted though - definitely.

[Lady Florida.]

Nope. Wouldn't want one either. I prefer to vacation in different locations most of the time. We have a few favorite places we like to return to, but not for every vacation and certainly not enough to buy a home in any of those places.

 

 

We have a tent. Does that count? :D

 

So do we. It's a 2 room tent with a screen porch (great for keeping shoes out of the tent). Maybe it does count since we used to call it The Condo. :D

Edited May 2, 2017 by Lady Florida.

[SKL]

No.  I like going someplace different each time.  If I'm not going someplace new, I'm happy staying home.  :)

[Lady Florida.]

No.  I like going someplace different each time.  If I'm not going someplace new, I'm happy staying home.  :)

 

Yep. To me that's kind of the point of a vacation - exploring new places. I get that not everyone feels that way. Some just want to get away from home. If I get away from home for vacation it's to go somewhere new and see new things.

[mom2scouts]

Vacation home? :lol:  We're doing well if we ever get a vacation!

[Guest]

I do. It has four wheels.

 

Actually, I permanently live in what most people would consider a vacation home, considering that I live in a national park.

 

Eta: I don't personally know anyone who owns a vacation home. I do have a cousin in Dallas who owns a ranch out near Midland. But other that, nope.

Edited May 2, 2017 by Kinsa

[creekland]

... tent). Maybe it does count since we used to call it The Condo. :D

 

We call ours The Lodge.  :coolgleamA:

[SamanthaCarter]

I know maybe three people who do. I must not run in a very high class crowd. [emoji12]

 

 

Sent from my iPhone using Tapatalk

[creekland]

I know maybe three people who do. I must not run in a very high class crowd. [emoji12]

 

Those I know who own vacation homes/cabins/cottages aren't always high class crowds (socio-economically).  Many tend to be those who like to vacation in one spot with that one spot almost always a relatively short distance from home (making going there on weekends feasible).  They may not actually have ever been out of state, or if so, not often unless they live near the border of their state.

 

Otherwise, they aren't always college grads or rolling in the $$ or whatever.  They just have their preferences.  Often these places are passed down from parents to children too.

 

There are the Rich and Famous types who own houses in various places, but I'm not sure those are the majority who own vacation places.  They aren't if my IRL acquaintances are the norm.

[Carol in Cal.]

Those I know who own vacation homes/cabins/cottages aren't always high class crowds (socio-economically).  Many tend to be those who like to vacation in one spot with that one spot almost always a relatively short distance from home (making going there on weekends feasible).  They may not actually have ever been out of state, or if so, not often unless they live near the border of their state.

 

Otherwise, they aren't always college grads or rolling in the $$ or whatever.  They just have their preferences.  Often these places are passed down from parents to children too.

 

There are the Rich and Famous types who own houses in various places, but I'm not sure those are the majority who own vacation places.  They aren't if my IRL acquaintances are the norm.

 

I had relatives who bought a little piece of land not too far from a river.  The SAHM and two boys camped there all summer every year.  The father would drive up most weekends and for his annual week or two of vacation.  They were not particularly well off, but this lifestyle was something they could (barely) manage.

 

[Χά�ων]

Heck no! I want to see different parts of the country and the world.

 

I grew up spending vacation bored out of my mind in a cabin in the mountains on a lake. No watercraft of any kind, or swimming, I could only fish, I was not allowed to explore the woods. No TV since we were so far out and of course this was before laptops and internet. No other kids were around. I'm an only child and my parents were around 30 when I was born, my parents reason for not doing anything active or commonly associated with a cabin on a mountain lake was that they had already done that when they were younger (prekid) and did not want to do it again.

 

So I was stuck in a cabin with only whatever books and gameboy games I brought with me. Every few years on vacation we might leave the cabin to go to town to eat or see a play or something otherwise my father attempted to grill all the food and I spent the entire time eating burnt black everything. They did not view the food as cooked unless it was charred black for a solid inch on the outside. A matter of preference, but I have always hated food that was burnt.

 

As soon as I was old enough not go with them on vacation I did not go. I might have enjoyed myself if I had been allowed to swim, or use a peddle boat, or explore the woods or do anything or if they had done it with me. Nope. My mom would sit in the cabin the entire time and my dad would "fish" aka feed the lake worms.

 

I swore I would not do that to my children, and I don't. He has been to dozens of states, more national and state parks than I can count, the beach, the mountains and museums all over the country.

 

My parents get upset when we go anywhere for various crap reasons that are rooted more in my rejection of their type of lifestyle than in reality. They did fun stuff before kid and then became the go to work then come home and sit in front of the TV until bed time type. They never go/went to museums, zoos, or do anything other than go out to eat on occasion and watch TV. I do not own a TV (a mortal sin) and can list things to do locally for almost anyone and have done most of them. I do not stay home, there are so many things to see and do and many are free. And no, it is not and was not a money issue.

[Zoo Keeper]

Why, yes--I have a summer home in Maine.

 

It also happens to be my winter, spring, and fall home, but let's not get too picky. ;)

[Catwoman]

I cannot fathom a world in which that would be possible for real people. We haven't been on a vacation since our honeymoon 4.5 years ago.

How do you define "real people?"

 

I'm not being snarky, but I was surprised to read your post, particularly because so many people here are posting that they have vacation homes.

[Scarlett]

How do you define "real people?"

 

I'm not being snarky, but I was surprised to read your post, particularly because so many people here are posting that they have vacation homes.

I don't think a lot posted that they have vacation homes. One poster had one but sold it, and one other person has a beach house. Most of the vacation homes mentions belong to family.

[DawnM]

I am surprised at those of you who tent.  I hate tent camping.  Hate it.  I have done it a few times with scouts.  I hate it.

 

Interestingly enough, my older two now hate it too and now that they have Eagle and are done, they are DONE.  They have no desire to backpack, tent, or camp again.  It is weird.  They were so into it for so long and I really thought they would want to keep doing it.

[rainbowmama]

No. If we had the money I would in the house we live in

[creekland]

I am surprised at those of you who tent.  I hate tent camping.  Hate it.  I have done it a few times with scouts.  I hate it.

 

Interestingly enough, my older two now hate it too and now that they have Eagle and are done, they are DONE.  They have no desire to backpack, tent, or camp again.  It is weird.  They were so into it for so long and I really thought they would want to keep doing it.

 

I'm not sure how folks figure out what they like and hate.  I was never brought up camping at all.  Hubby introduced me - after we had kids - in order to stretch our travel dollars.  I've grown to absolutely love it - as long as I'm in a decent campground (defined by having a fantastic view, some privacy, and a reasonable bathhouse).  All three of my boys love it too - even going camping on their own now that they're in (or out) of college.  If the view is good, we'll pick tent camping over hotels - and not just due to the finances.  I love sleeping out in nature - listening to the sounds of nature, etc.

 

It's interesting how we all end up - the diversity we have.  One can't help but wonder how our brains process things we like (or don't).

[HTRMom]

Edited because I quoted the wrong thing and don't know how to fix it.

 

Real people = people that I interact with in daily life. I don't mean that other people are not real in any objective sense, just like so distanced from my own experience that they don't seem real or relatable to me. My family never even owned our residence, much less a second one.

Edited May 3, 2017 by HTRMom

[Catwoman]

Edited because I quoted the wrong thing and don't know how to fix it.

 

Real people = people that I interact with in daily life. I don't mean that other people are not real in any objective sense, just like so distanced from my own experience that they don't seem real or relatable to me. My family never even owned our residence, much less a second one.

I have done the "wrong quote" thing, too, and I'm glad to see I'm not the only one!

 

I know you were responding to me, so I guess you didn't need the quote anyway. :D

 

Thanks for the clarification -- Your post makes perfect sense to me now. :)

[*LC]

I'm currently helping a client find a lake camp or cottage. Some place their family can gather to have fun, enjoy kayaking and fishing, and maybe catch some star watching time. It will be a cousin camp.

 

It sounds like a fun idea. I'm thinking it over....maybe someday. But, like many of you, we like going new and different places. On the other hand, it does cost a lot to fly and stay in hotels--even when you get a good deal. A lake house would draw everyone there instead...but we might have to have lake toys. That gets costly.

 

More to think over...

My parents bough a lake house when my college kids were toddler/preschool age. It was bought to be a cousin camp even though there were no cousins yet; my sibling was a newlywed. My parents found a lake that was located a conveient distance between their house, my house and my sibling's house, all in different locations/states. Now, we can go for the weekend or my parents sometimes go for a day. It is where we spend Thanksgiving, July 4th, and numerous summer/fall weekends, so the cousins have time together. We relax there; we bond there. None of the families vacation there.

 

My parents have a boat and a canoe there; the same ones they had when I was a child. We have some of the same skis, but have added some along the way. We have a big raft-like thing to pull behind the boat. I replace this every few years with whatever is on clearance at the end of season. I add the next size of lifejackets the same way. We found a $140 paddleboard the same way. One of my kids used birthday money to buy a kayak. We have a lot of inherited fishing supplies.

 

It has been great. However, there are two issues on the horizon that are worrisome.

 

1. The house only has three bedrooms. All the cousins sleep on the floor/cot in a parent/grandparent bedroom or in a den with a pull-out couch & air mattres. It sorta works. Once upon a time, we could fit four kids on the pullout couch, but that doesn't work with teens/tweens. However, what happens when the kids start getting married. (My oldest graduates college this year, and her friends are starting to get married.) I guess we can start tent camping in the yard until they start having kids.

 

2. My parents are getting older. They have been able to go to the lake house to check on it regularly; to have work done on it whenever it was needed. I am not sure I will be able to do that once my parents are unable to do it since I still have kids at home. I live closer to the lake than my sibling.

 

P.S. I know many families, with kids college age and younger, who have a lake or beach or mountain home. They visit these homes on weekends and during the season most associated with the area. They also take vacations to other locations. One family, who bought a lake house last year, will be in Europe this summer at the same place my oldest is visting days later.

 

I only know of one family who has more than "vacation" home. Their homes are destination homes not nearby. One was inherited. One was bought; that one is used by extended family every Christmas.

Edited May 3, 2017 by *LC

[Lady Florida.]

None of the people I know who have vacation homes are rich. With some it's a family house that's been there for generations (dh's family actually has one though we never use it), some have just a small cabin, and a few bought time shares. In all cases they're just middle class people who for whatever reason have a house or cabin that can be used as a vacation home. While there is certainly privilege there, having a vacation home doesn't automatically equal being rich.

[marbel]

It seems that most people here equate "having a vacation home" as being 'uninterested in traveling anywhere new.'  That is not necessarily the case.   Just because it's called a "vacation" home doesn't mean that's the only place people vacation.  

 

I was reminded of some people like that on facebook. They have a place at the beach about 1.5 hours from their "regular" home. They use it frequently for quick weekend trips.  But they also travel to other places.  I have known others like that too.  My in-laws have a vacation home but when they were younger, they traveled to other places as well.  

 

It's not an either/or thing.