Vacation homes. Dismal math & a dead horse

[artemis]

That's a really cute house! I see only two downsides: no garage (not a problem in the summer, but a headache in the winter), and with the first floor doors being sliding glass, there's no direct entry to the lower level from the driveway (which would be a bit of a pain for carrying in groceries and such). Neither strike me as deal-killers if you're only using it as a vacation place (and depending on your tolerance for clearing snow off of your car, they might not be deal killers for year-round occupancy).

[Kamban]

Looked at a few houses.
Love the one Tim had concerns about.
Current owners apparently “just don’t use it much; they are triathlon folks live in NH and out of town a lot. No other problems with place. I talked to neighbors (saw in yard) and they love the neighborhood and live year round (retired). Easy walk to beach and good fishing spots. House is small but clean, updated and organized. Lot of open space. Will look at it again with wife if still on market when wife returns from out of town (she is visiting family for a week)
Anyway, here is the house:
https://redf.in/Ws2aaZ

The price for that house, for its size, made my head spin.

[Hank]

The price for that house, for its size, made my head spin.

Looks like a nice VRBO. I could see staying there for a week or two, but you might want to be further out on Cape Cod or maybe on Martha’s or Nantucket.

I don’t totally love the idea of owning and caring for this property year after year. Then again, closer to Boston, a block or so off the beach, and not an hour east of Hyannisport aspect of things does have some appeal for usability if you own it and want to stay there yourself vs. getting top dollar as a summer rental to other people.

[Tim]

Looked at a few houses.
Love the one Tim had concerns about.
Current owners apparently “just don’t use it much; they are triathlon folks live in NH and out of town a lot. No other problems with place. I talked to neighbors (saw in yard) and they love the neighborhood and live year round (retired). Easy walk to beach and good fishing spots. House is small but clean, updated and organized. Lot of open space. Will look at it again with wife if still on market when wife returns from out of town (she is visiting family for a week)
Anyway, here is the house:
https://redf.in/Ws2aaZ

I was concerned about the ownership turnover, failed sale, attempt to rent etc. Still am.
Curious if this really meets you desires.
Both for fishing and what I perceived as a potential retirement home and you would sell the other.
Since you won’t reveal your secret fishing spots, absolutely no sense in discussing your wife and MIL’s thoughts on potentially living there, even for 3 months. Seems like it serves more for your locums gig. Oh well, you’ll figure it out.

My guess is the wife will tell you it’s really nice. Keep looking.

[Tangler]

I was concerned about the ownership turnover, failed sale, attempt to rent etc. Still am.
Curious if this really meets you desires.
Both for fishing and what I perceived as a potential retirement home and you would sell the other.
Since you won’t reveal your secret fishing spots, absolutely no sense in discussing your wife and MIL’s thoughts on potentially living there, even for 3 months. Seems like it serves more for your locums gig. Oh well, you’ll figure it out.

My guess is the wife will tell you it’s really nice. Keep looking.

Thanks for help!
My guess is my wife will tell me “nope”, and that is ok.
I will dig deeper into the “failed sale and failed rental” stuff. Agent said they never rented it and she did not discuss a failed sale. Where on the listing does it say failed sale? I want to point a finger at it and ask agent “what happened?”
Strikes against it:
1. small
2. no garage
3. no basement for storage etc
4. small yard (close to neighbors, somewhat)

Things I like:
1. Fantastic location (0.2 miles to beach, 0.2 miles to brewery, fishing off beach looks great, 15-20min drive to several kayak launch spots that are amazing)
2. 1hr 15min drive from my primary residence
3. walking distance to restaurants (on the canal )
4. walking distance to marina in the canal (coast guard base)
5. friend who grew up on cape loves location
6. looks very rentable to me
7. love the kitchen, deck, open floor plan
8. 25 min drive to locums gig

When my wife says “nope” I will keep looking and likely be a little relieved (but also a little sad).

If she says yes, I will do more due diligence.

[Tangler]

Looks like a nice VRBO. I could see staying there for a week or two, but you might want to be further out on Cape Cod or maybe on Martha’s or Nantucket.

I don’t totally love the idea of owning and caring for this property year after year. Then again, closer to Boston, a block or so off the beach, and not an hour east of Hyannisport aspect of things does have some appeal for usability if you own it and want to stay there yourself vs. getting top dollar as a summer rental to other people.

Thanks! If I saw it as a VRBO, I would totally rent it!
I like the location but I understand your thinking.

[Tangler]

The price for that house, for its size, made my head spin.

Roger that. Welcome to Cape cod!

[Tangler]

Here is another one I really like.
It is extremely small. That does not bother me too much.
Also, it is amazing kayak fishing location.......sorry...spot burn for the 3 people who actually read this.
I very much like the way it says: "yard was designed with the purpose of holding a boat"
Seems like the neighborhood would be less noisy and the yard feels more "country mouse oriented"
Anyway, Tim......what do you see? I know.....I know....it is expensive. (The math sucks, but we will all die with money and I would use this).

https://redf.in/Dz8HDh

[Mitchel674]

Here is another one I really like.
It is extremely small. That does not bother me too much.
Also, it is amazing kayak fishing location.......sorry...spot burn for the 3 people who actually read this.
I very much like the way it says: "yard was designed with the purpose of holding a boat"
Seems like the neighborhood would be less noisy and the yard feels more "country mouse oriented"
Anyway, Tim......what do you see? I know.....I know....it is expensive. (The math sucks, but we will all die with money and I would use this).
https://redf.in/Dz8HDh

Cute, but really small! What if you want to have guests?

I've been following this thread with great interest. I've been looking for a lake house 1-2 hours from my primary residence for the past 2 years. We are avid waterskiers and want a place to keep a boat and ski on the weekend and a few weeks a year. Lots of options for lakes here in Florida, but the market has been insanely hot with most homes selling within 24 hours of listing. Things are finally cooling down but nice home on good lakes with a slalom course are few and far between.

My wife is opposed. Prefers to rent. Feels the burden will fall on her to maintain. We did have a beachfront condo 10 minutes from our primary for years which we sold. She did most of the work there since I was in the prime of my practice.

[Tim]

Tangler
Zillow showed a longer history. Probably Realtor dot com as well.
Property records for the county would show only sales.
Note: The realtor showing can provide quite a bit of info. That is one reason why I prefer to work through a well established local realtor. They have knowledge and skills and cut through explanations that are more hot air than substance.

Listed for rent: $1,600.
Monthly cost; $4,104
Per Zillow.
Not trying to rain on your parade.
Check out “Real Estimate” and “Home Value “ on realtor dot com.
No data source is actionable. This house could be worth $100k more to you than anyone else.
You will find a place that you will finally tell the wife, “No isn’t the answer. This is the one, not passing it up.”
She will say, okay, But I will say “I told you so” if you complain about anything.

[Kamban]

Here is another one I really like.
It is extremely small. That does not bother me too much.

This might qualify for a tiny home. 700 sq feet? That is it? and 600K for that place.

Thank God I don't live in the North East.

But seriously, buy if you will enjoy it. My biggest concern is that when the time comes to get rid of this tiny home you won't have that many buyers lining up for it. For a house built in 1940.

[Kamban]

Here is another one I really like.
It is extremely small. That does not bother me too much.
Also, it is amazing kayak fishing location.......sorry...spot burn for the 3 people who actually read this.
I very much like the way it says: "yard was designed with the purpose of holding a boat"
Seems like the neighborhood would be less noisy and the yard feels more "country mouse oriented"
Anyway, Tim......what do you see? I know.....I know....it is expensive. (The math sucks, but we will all die with money and I would use this).
https://redf.in/Dz8HDh

I truly would like to hear what your wife and MIL say to this house. If she is anything like mine she will laugh at it and at me for trying to buy it as a weekend place, let alone a future permanent place. Her answer would be "you can drive 1+ hour there for the weekend and come back when you want and I will stay out in Boston in my comfortable home."

That is why I did not buy any lake or beach or mountain home. Too much work, too boring after sometime and no fun if SO does not come. That 600K in investments will produce a lot of money for rentals so that you don't have to maintain, keep records, pay bills, taxes etc on a second home. And a 1940 home, even with updating, will still be an old home that will have constant repairs.

I hear you that you and many others in this forum will die with a ton of money and would rather use it to buy something that you can enjoy. But sometimes buying for buying sake leads to more headaches. And as I get older, simplifying my life is my number one priority.

[childay]

Cute, but really small! What if you want to have guests?

I've been following this thread with great interest. I've been looking for a lake house 1-2 hours from my primary residence for the past 2 years. We are avid waterskiers and want a place to keep a boat and ski on the weekend and a few weeks a year. Lots of options for lakes here in Florida, but the market has been insanely hot with most homes selling within 24 hours of listing. Things are finally cooling down but nice home on good lakes with a slalom course are few and far between.

My wife is opposed. Prefers to rent. Feels the burden will fall on her to maintain. We did have a beachfront condo 10 minutes from our primary for years which we sold. She did most of the work there since I was in the prime of my practice.

Is renting a reasonable option? Do you have the boat already? 2 hours is pretty far

[StarTrekDoc]

The first house would be a my limit of driving for a 2nd house. Don't let the AirBNB/VRBO potential dictate your purchase determination as this is primarily a 2nd house than vacation rental.

IF the vacation house fits your needs; THEN calculate the rental potential and pencil out the financials to see if it makes sense to own.

[G]

I don't get looking at a second home only an hour or so away from primary home. I get the convenience (until you realize that your favorite fishing rod is at the beach but you're at your main house and tomorrow you're going fishing in the opposite direction), but is it that burdensome to just drive home at the end of the day?

It takes me 30 min to get "downtown" from my house--and I learned to drive during an hour-long commute to high school--so perhaps I'm just attenuated to driving.