Having a second weekend home

[llessac15]

OP here. Thanks for the replies. I don't think I'll be brave enough to pull the trigger on a weekend home that is 3 hrs away for a few more years. If 5 or so years go by and I still want to move there, I may reconsider it. I'll be in a better financial spot by then and I'll have a better idea of which direction life is taking us.

[StarTrekDoc]

We took an RV rental out for the first time this summer.   That is a very viable 2nd home that we're entertaining.

[The White Coat Investor]

I know someone with a couple of weekend homes. I go to them once or twice a year each and play. Meanwhile, he's doing maintenance or mowing the lawn.

[AdamMGrossman]

My family has had a second home in a beach town for five years.  Here are my observations:

1. You should recognize that a second home isn't an altogether rational economic decision.  In my case, the cost (beyond the purchase price) isn't too bad. Last year it was $25,000 -- about half of that was taxes, and then there were utilities and repairs, etc. -- but that money would certainly be more productive in an investment account.  Just don't buy so much house that you are not only subtracting from your retirement savings but also unduly burdening your budget.

2. I would think carefully about buying a house three hours away.  Traveling long distances with kids can be tiring for everyone.  And, as the kids get older, they may not want to be away every weekend due to sports practices and other activities.  We considered a location that was 1.5 hours away but bought a house in a town that is just 1 hour away, and that really seems to make a difference in terms of how much everyone tolerates the back-and-forth.

If your heart is really set on this town, maybe you want to get a rental there for a month each summer.  That will allow you to try it out before you make a bigger financial commitment.