“I always wanted a second home,” my secretary once remarked. A vacation home by the beach or in the mountains is definitely something special. But dreaming the dream and living the life of two-home ownership are very different. When my secretary confided in me her thoughts on the subject, she had just purchased a model park (stationary) trailer in coastal New Hampshire. The seasonal RV park was new and my purchase, although a resale, had hardly been used. I felt hurt. I had fun customizing the decor and entertaining my friends.
Then I realized I was doing double duty, because when you own a vacation home, you clean, shop, and do laundry in both places. Ladies, beware! A woman’s unpaid housework doubles when a vacation home comes on the scene. There are two kitchens, two refrigerators and two bathrooms to store and clean. If she has a full-time position outside the home, she now has three full-time jobs! I kept the trailer cleaner and tidier than my winter residence, it was, after all, my solace, my getaway from the busy work and home life. For men, a second home can mean double the sessions behind the lawn mower, constant painting, and repairing broken decking and railings. Men who enjoy “playing” are the best candidates for vacation home ownership. For others, the additional duties become onerous.
After a few years, I gave up excessive cleaning. I found myself doing all the jobs, both inside and outside, because my husband was MIA (missing in action). He had signed up for a lot of guard work, and they did. At this point my vacation RV was being converted to a job site. The bushes seemed to double in size before I was finally able to prune them, and I caught a nasty case of poison while trimming the bushes in the back. By then I already resented the demands made on this property, which was only available to me from May 1 to October 15 of each year.
Did I mention costs? You might think that if the down payment, mortgage, and extras on a second home are manageable, then you can trade it. Think some more. Property taxes, while generally tax deductible, increase each year. My trailer lot rent increased from $1500.00 a year when I bought it to $3225.00 a year 13 years later. And while my 12 X 35 foot trailer was in excellent condition when I bought it, by the time I sold it I had re-roofed it, replaced at least four windows/screens, replaced the AC vent system, repaired, caulked and recaulked leaking garden window and rebuilt damaged panes and surrounding woodwork, painted/stained deck twice, flipped several main deck boards, had new steps built, added new latticework to deck, replaced both deck panels patio slider glass (degraded joints caused fogging), refinished all kitchen and bathroom cabinets, installed new bathroom faucets and kitchen sinks and a new tub shower attachment, and purchased bunk covers custom made. The day I sold it I still had a custom screen door on order for over $140.00.
The above list would be larger and more expensive for a larger and more expensive vacation home. The other day I took a walk through the streets closest to the beach. They are full of well-maintained summer homes of all kinds, some spacious and reeking of boom money, others just cute little houses. My favorite had always been a little pink house in a corner. “If I ever got a real country house,” I told my friend as we drove one summer not long ago, “that would be my ideal. Nice and not too hard to care for.” I passed by the same cabin last week. Its bright pink shingles had faded to almost white. It clearly needs a paint job. There goes summer!
My advice is to add not just the immediate changes or repairs you need or want to make to your proposed vacation property, but think ahead. Find out how old the roof is and take a good look at all window frames for dry rot. If the windows have it, you will surely lose a lot of glass. Have someone you trust assess the life of any cover or shed. Use these inspections to formulate future repair and painting costs, and then add inflation for each year plus a 10% contingency for each repair, replacement, or upgrade. So you could get closer to the true cost of what it takes to sustain your investment.
If you think you are still a candidate for a second residence, good luck and enjoy it to the fullest!
