does anyone own a second home?

DH and I talk about buying a second home out east for the summers.

I am wondering for those who have BTDT - how you knew when the right time to buy was? How you knew you could afford it and keep it up. Was it tight when you first did it?

Also what did you look for a in a vacation home that might be different than where you live most of them time?

Re: does anyone own a second home?

I envy the fact that you can afford this.

I would love a home out east for weekends / vacations.

Re: does anyone own a second home?

We don't own one but we are talking about it.

DH and are in the military and leaving this area in 2011 when we are done with our contract. We know where we want to live and are talking about looking now to ease some of the military-to-civilian life transition.

It won't be for the same reasons as you posted but it'll be our 2nd home for a few years until we are ready to sell this one!

Re: does anyone own a second home?

My BIL asked us if we wanted to buy a vacation home with him. We passed because I don't really want to be tied to one place, I'd probably worry about it and life's too busy right now.

I'm glad we passed early on in the process because he just purchased one. It's GORGEOUS, huge... something out of a magazine. It's on a lake.
I had a chuckle when I saw it because we obviously had different ideas about how much we wanted to spend

Many of the homes in the area are second homes and there are companies that will look after the home and provide maintenance year round.

As far as affording it, we owned previously so we have a small mortgage on this house. Things would be tighter and we would have to go there for all of our vacations. BIL is a partner in a large Boston law firm, just paid off his law school loans and just about paid off his first home's mortgage.

Timing? Well, he has been looking in the area for a few years and prices have dropped.

Message edited 5/27/2008 8:50:13 AM.

Re: does anyone own a second home?

My parents had a second home in South Hold when I was growing up. They had it built directly across from my grandparents summer house which was on the canal. It was technically their 2nd home but their first mortgage because they lived in apartment that was rent free. It was definitly nice and I have fond memories and going every Friday night and spending time with my cousins their and friends that we made. Then my parents bought a new home (primary) and it became tight and they ended up selling it. My parents have the ability to buy a second home but my dad will never do it again. He says it is to much work. You are working and cleaning on your own home and then you end up doing the same thing on our 2nd home because you haven't been their for a week or 2.
Actually cousins of his purchased a home in Montauk 2 years ago and they put it up for sale over the winter becuase it was getting to be to much upkeep.

Re: does anyone own a second home?

My husband has been trying to talk me into this for the past two years. I'm not sold just yet. The only place we would consider is LI, because it has to be convient or I don't think we would get enough use to justify the purchase.

Growing up my parents had a summer place in Montauk and while I have fond memories of summers out there, I also remember my teenage years and not wanting to go. In addition, I remember all the work my parents did. I feel like we have a large home, I work and have two kids that are involved in a million activities, I'm just not sure I need/want another home. Yet, my husband keeps showing me pictures. We'll see.

Message edited 5/27/2008 11:22:26 AM.

Re: does anyone own a second home?

im lucky i can have 1 home. Maybe one day....