Everyone needs a place to live, but no one needs a second home. Thus, the choice of holiday homes, which to buy and where should be fun. Yet people regularly buying second homes who end up being less than expected, or worse.
I speak from experience here. My wife and I own a condominium in Naples, Fla. One of our neighbors is as bad as the neighbors come. In the jargon of real estate in Florida, it is a "condo commandos" - a draft that residents of other questions on what they do and then complain regularly to the condo board about them.
bad neighbors abound everywhere, but they seem particularly troublesome when they are in places where you go to relax. If they are not all just be grateful to be sitting in the sun or the fire near the ski slopes?
The dynamics of second home ownership often conspire against it, "said Milton Pedraza F., CEO of luxury, the Institute an organization that conducts research on wealthy consumers. "People become slaves to their homes. They buy in securities and making them unhappy enough with their holiday homes."
Mr. Pedraza is a common cause of the second home was the misery that the owners did not take into account how much time and money were needed to maintain a place of hundreds, even thousands of miles.
My colleague Ron Lieber recently wrote about the difficult financial answer questions that children ask their parents. It made me think that adults buying second homes should also ask hard questions - of themselves. Why, after all, you want a second home? What will you use it for? Have you any idea how much it will really cost?
Although many parts of the country are still struggling with falling home prices, a survey by the National Association of Realtors said sales of second homes rose 7.9 percent last year, against an increase 7.1 per cent for primary residences. And this is the time of year when people start looking for winter rentals that often turns into second homes.
Before you begin, here is an overview of what you should know before buying a second home.
This is not an investment if recession taught something, is that the value of a house can get. Vacation properties are certainly not immune.
Beyond the ups and downs of the housing market, Mr. Pedraza said most buyers underestimated the costs of raising a second home.
"Think of the 20-25 vendors who come to your house for air conditioning, heating, landscaping, pool man, the plumber - now you have to get these same suppliers of another property, he said ". If you have money and it does not mean anything to you one point of view of investment and you may hire staff, then fine."
Deb Howard, an estate agent in Lake Tahoe and president of the National Association of Realtors station and the welcoming committee on the other hand, said many people look at properties as a place for families to gather and as leave something to children. But they still need to consider the costs of carrying the property.
Ms. Howard said her first question to buyers is always this kind of life they expect to have. But his second is whether they need to rent the house to cover the costs. "Sometimes it is not the right decision," said Mrs Howard. "You're not going to use it enough. Or it will not reach your financial goals. "
This is less RELAXING persuades people to buy a second home is usually on vacation. A second home, they think, make you dance with the added advantage of having a clean place.
"They see the benefits - sitting by the pool, having a piña colada, driving in the lane and leaving the Rolls Royce here," said Pedraza. "They never face the door will be broken and they will need an electrician. "(You can also make your own piña colada and clean the blender.)
The enthusiasm for a place can also lead to a hasty purchase. Barry Peele, of Sotheby's International Realty in Beverly Hills, said a client recently bought a house on Miami only to discover after closing that the dock does not take account of his yacht. Suddenly, the convenience of walking to his boat - the ride home - has disappeared.
And then there's the pressure to use the area. "People have high expectations of their use," said Brian Sharples, CEO of HomeAway, which runs several vacation rental Web sites. "The industry average is 30 days of use per year."
When people realize how much they are rarely using their second homes, they often turn to Web sites for rent. Mr Sharples, who has a second home in Aspen, Colo., said revenue could cover part of costs, fees for maintenance. But renting a home can be stressful, and you can not make enough money to justify the sentence.
IT'S time consuming because people do not use their second home regularly, they can not walk as if she was their principal residence. At a minimum, they must open up the house when they arrive, make sure everything is still running, close it when they leave.
Mr. Peele was staying with a friend on Cape Cod when we spoke, he said that his friend had not realized how long it would take to keep his second home appearance.
"This is nothing other than the elements, but being from New York, he had not heard that there would be additional maintenance needed water," said Peele. "If you do not think the salt and the sea and the wind going to gnaw at home, you go blind."
Even if money is no object, you must find people to do the repairs. A condo may seem a better alternative, but you may find yourself with a neighbor like we have. Mr. Pedraza suggested timeshare clubs or private residence, where everything is updated for you. But he acknowledged that lack the cachet of a house.
IT'S confusion regard to our neighbor, I decided that it suffers from what I call the effect of Naples. Someone in this condition was rich in his hometown, but was moved to an area rich as Naples and realized he is just the middle class. He may have owned a small business, as our "condo commandos," but when he decamped to a place where the average home costs seven figures and property by the sea reached in the eight figures, it is at the bottom of the wealth pyramid.
Some people are fine with that, realizing they have the chance to be in a beautiful and happy to reap the benefits made possible by the rich people around them. It's like living in New York no matter how much money you earn, you'll never follow the Bloombergs, but at least you can enjoy what their philanthropy has given the city.
Yet others can not easily accept. They become busybodies like our neighbor. They pursue the owners colleagues because of the angle of their outdoor lights, the color of their house or their pets.
These are luxury problems, of course. The recession has shown that stress can put houses to anyone. But before you dive into a second home, ask why you do it. Ultimately, staying in a hotel could be more relaxing.
I speak from experience here. My wife and I own a condominium in Naples, Fla. One of our neighbors is as bad as the neighbors come. In the jargon of real estate in Florida, it is a "condo commandos" - a draft that residents of other questions on what they do and then complain regularly to the condo board about them.
bad neighbors abound everywhere, but they seem particularly troublesome when they are in places where you go to relax. If they are not all just be grateful to be sitting in the sun or the fire near the ski slopes?
The dynamics of second home ownership often conspire against it, "said Milton Pedraza F., CEO of luxury, the Institute an organization that conducts research on wealthy consumers. "People become slaves to their homes. They buy in securities and making them unhappy enough with their holiday homes."
Mr. Pedraza is a common cause of the second home was the misery that the owners did not take into account how much time and money were needed to maintain a place of hundreds, even thousands of miles.
My colleague Ron Lieber recently wrote about the difficult financial answer questions that children ask their parents. It made me think that adults buying second homes should also ask hard questions - of themselves. Why, after all, you want a second home? What will you use it for? Have you any idea how much it will really cost?
Although many parts of the country are still struggling with falling home prices, a survey by the National Association of Realtors said sales of second homes rose 7.9 percent last year, against an increase 7.1 per cent for primary residences. And this is the time of year when people start looking for winter rentals that often turns into second homes.
Before you begin, here is an overview of what you should know before buying a second home.
This is not an investment if recession taught something, is that the value of a house can get. Vacation properties are certainly not immune.
Beyond the ups and downs of the housing market, Mr. Pedraza said most buyers underestimated the costs of raising a second home.
"Think of the 20-25 vendors who come to your house for air conditioning, heating, landscaping, pool man, the plumber - now you have to get these same suppliers of another property, he said ". If you have money and it does not mean anything to you one point of view of investment and you may hire staff, then fine."
Deb Howard, an estate agent in Lake Tahoe and president of the National Association of Realtors station and the welcoming committee on the other hand, said many people look at properties as a place for families to gather and as leave something to children. But they still need to consider the costs of carrying the property.
Ms. Howard said her first question to buyers is always this kind of life they expect to have. But his second is whether they need to rent the house to cover the costs. "Sometimes it is not the right decision," said Mrs Howard. "You're not going to use it enough. Or it will not reach your financial goals. "
This is less RELAXING persuades people to buy a second home is usually on vacation. A second home, they think, make you dance with the added advantage of having a clean place.
"They see the benefits - sitting by the pool, having a piña colada, driving in the lane and leaving the Rolls Royce here," said Pedraza. "They never face the door will be broken and they will need an electrician. "(You can also make your own piña colada and clean the blender.)
The enthusiasm for a place can also lead to a hasty purchase. Barry Peele, of Sotheby's International Realty in Beverly Hills, said a client recently bought a house on Miami only to discover after closing that the dock does not take account of his yacht. Suddenly, the convenience of walking to his boat - the ride home - has disappeared.
And then there's the pressure to use the area. "People have high expectations of their use," said Brian Sharples, CEO of HomeAway, which runs several vacation rental Web sites. "The industry average is 30 days of use per year."
When people realize how much they are rarely using their second homes, they often turn to Web sites for rent. Mr Sharples, who has a second home in Aspen, Colo., said revenue could cover part of costs, fees for maintenance. But renting a home can be stressful, and you can not make enough money to justify the sentence.
IT'S time consuming because people do not use their second home regularly, they can not walk as if she was their principal residence. At a minimum, they must open up the house when they arrive, make sure everything is still running, close it when they leave.
Mr. Peele was staying with a friend on Cape Cod when we spoke, he said that his friend had not realized how long it would take to keep his second home appearance.
"This is nothing other than the elements, but being from New York, he had not heard that there would be additional maintenance needed water," said Peele. "If you do not think the salt and the sea and the wind going to gnaw at home, you go blind."
Even if money is no object, you must find people to do the repairs. A condo may seem a better alternative, but you may find yourself with a neighbor like we have. Mr. Pedraza suggested timeshare clubs or private residence, where everything is updated for you. But he acknowledged that lack the cachet of a house.
IT'S confusion regard to our neighbor, I decided that it suffers from what I call the effect of Naples. Someone in this condition was rich in his hometown, but was moved to an area rich as Naples and realized he is just the middle class. He may have owned a small business, as our "condo commandos," but when he decamped to a place where the average home costs seven figures and property by the sea reached in the eight figures, it is at the bottom of the wealth pyramid.
Some people are fine with that, realizing they have the chance to be in a beautiful and happy to reap the benefits made possible by the rich people around them. It's like living in New York no matter how much money you earn, you'll never follow the Bloombergs, but at least you can enjoy what their philanthropy has given the city.
Yet others can not easily accept. They become busybodies like our neighbor. They pursue the owners colleagues because of the angle of their outdoor lights, the color of their house or their pets.
These are luxury problems, of course. The recession has shown that stress can put houses to anyone. But before you dive into a second home, ask why you do it. Ultimately, staying in a hotel could be more relaxing.
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