| Posted By |
Message |
jenheartsrob
LIF Adult
Member since 5/06 1861 total posts
Name:
|
anyone thinking about a vacation home?
With the market soft and interest rates low, is anyone else contemplating the idea of buying a rental property that you could eventually use as a vacation home? Something that completely pays for itself with rent and maybe a little of your regular bills, too? What part of the country would you look in? Someone suggested it to me and I am intrigued by the idea... I wouldn't want to spend more than 250k.... and obviously in NY that's not going to happen, so where would you start looking?
|
Posted 5/23/08 12:28 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
qtdimps231
LIF Toddler
Member since 11/07 477 total posts
Name:
Diana
|
Re: anyone thinking about a vacation home?
honestly i would get a beautiful victorian somewhere upstate where it's quiet or an isolated area near water. i've always wanted a victorian with the wrap around porch.
|
| Posted 5/23/08 12:37 PM |
| |
|
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: anyone thinking about a vacation home?
DH and I are thinking about buying something in the Poconos.
|
| Posted 5/23/08 1:04 PM |
| |
|
MrsB-07
proud RELAXIVIST
Member since 11/07 2027 total posts
Name:
b
|
Re: anyone thinking about a vacation home?
I know one couple that has a house in Rhode Island and an uncle w/ a house in Vermont
|
| Posted 5/23/08 1:10 PM |
| |
|
johnsae
Sip.
Member since 3/06 18677 total posts
Name:
|
Re: anyone thinking about a vacation home?
yes...we are looking to buy a place around Red Bank, NJ
|
| Posted 5/23/08 1:26 PM |
| |
|
Kate
*****
Member since 5/05 7557 total posts
Name:
Kate
|
Re: anyone thinking about a vacation home?
We're thinking of getting a condo in Florida. 
|
| Posted 5/23/08 1:28 PM |
| |
|
ml110
LIF Adult
Member since 1/06 5435 total posts
Name:
|
Re: anyone thinking about a vacation home?
my parents have a vacation house down in the outer banks in NC. its worked out well for them so far.
theres a rental agency thats down there that takes care of advertising it for rent, booking rentals, and any repairs that need to be done when my parents can't get down there. so thats nice
i think for something with taxes, in order for it to be considered a rental property, they can only use it for personal use for 2 weeks in "prime season" (summer), and i think they get 2 "maintenance" weeks to go down and do updates/repairs,etc. so they can really use it for 4 weeks a year.
the only thing is that because they're so far away, sometimes the agency and repair men seem to take advantage of them and charge a lot for stuff because they know my parents can't get down there. also, certain times like recently my parenst had new tile put down- my mom just happened to go down there a couple days later, and turned out it was the wrong tile!! she never would have know if she hadnt have driven down there....
but, the rental does help pay down the mortgage and hopefully one day they won't rent it out at all and we can all go down whenever!
|
| Posted 5/23/08 2:32 PM |
| |
|
LIMOMx2
...
Member since 5/05 24989 total posts
Name:
|
Re: anyone thinking about a vacation home?
We would eventually love a house upstate or in PA.
|
| Posted 5/23/08 2:45 PM |
| |
|
csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
|
Re: anyone thinking about a vacation home?
Posted by ml110
my parents have a vacation house down in the outer banks in NC. its worked out well for them so far.
theres a rental agency thats down there that takes care of advertising it for rent, booking rentals, and any repairs that need to be done when my parents can't get down there. so thats nice
i think for something with taxes, in order for it to be considered a rental property, they can only use it for personal use for 2 weeks in "prime season" (summer), and i think they get 2 "maintenance" weeks to go down and do updates/repairs,etc. so they can really use it for 4 weeks a year.
the only thing is that because they're so far away, sometimes the agency and repair men seem to take advantage of them and charge a lot for stuff because they know my parents can't get down there. also, certain times like recently my parenst had new tile put down- my mom just happened to go down there a couple days later, and turned out it was the wrong tile!! she never would have know if she hadnt have driven down there....
but, the rental does help pay down the mortgage and hopefully one day they won't rent it out at all and we can all go down whenever!
My parents have the same thing in Myrtle Beach.
|
| Posted 5/23/08 2:58 PM |
| |
|
KPtoys
I'm getting old
Member since 5/05 8688 total posts
Name:
Karen
|
Re: anyone thinking about a vacation home?
we have one on a small lake upstate ny. It's perfect for getting away in the summer when things are way too hectic around here.
|
| Posted 5/23/08 10:31 PM |
| |
|
sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
|
Re: anyone thinking about a vacation home?
we were planning to buy land upstate and a 'regular' house on LI, but then my DH discovered our neighborhood & our lake. We decided to move out here-eastern suffolk. so now its like we live in a vacation house all year.
|
| Posted 5/24/08 6:49 AM |
| |
|
ali120206
2 Boys
Member since 7/06 17789 total posts
Name:
|
Re: anyone thinking about a vacation home?
Posted by csorisi
Posted by ml110
my parents have a vacation house down in the outer banks in NC. its worked out well for them so far.
theres a rental agency thats down there that takes care of advertising it for rent, booking rentals, and any repairs that need to be done when my parents can't get down there. so thats nice
i think for something with taxes, in order for it to be considered a rental property, they can only use it for personal use for 2 weeks in "prime season" (summer), and i think they get 2 "maintenance" weeks to go down and do updates/repairs,etc. so they can really use it for 4 weeks a year.
the only thing is that because they're so far away, sometimes the agency and repair men seem to take advantage of them and charge a lot for stuff because they know my parents can't get down there. also, certain times like recently my parenst had new tile put down- my mom just happened to go down there a couple days later, and turned out it was the wrong tile!! she never would have know if she hadnt have driven down there....
but, the rental does help pay down the mortgage and hopefully one day they won't rent it out at all and we can all go down whenever!
My parents have the same thing in Myrtle Beach.
We have this in Myrtle Beach (a condo). Our rentals have been down though over the last couple of years though.
|
| Posted 5/24/08 1:10 PM |
| |
|
