Since this site is dedicated to “affordable” real estate, you may be wondering “WTF? We can’t afford a first home. Why are they showing this weekend crap?” Well, that’s just it. If you’re stuck renting in the boroughs because the real estate train passed you by, at least you may be able to own something.
This advice is not for those of you paying $5000 for 1 BR apartments. It’s for those of you lucky enough to have a rent stabilized apartment or adventurous enough to be paying low rents in fringe neighborhoods.
Second homes are best for people who don’t get to travel anymore. Having less vacation time, kids and various responsibilities puts a damper on that 3 week trip to India. So, it’s good to have a place to go at the drop of a hat.
Make sure you like the area!
It’s a good idea to rent a place for a week and explore the area. Some towns only have 1 greasy spoon diner while others offer 5 star dining. Make sure you’re comfortable there.
Pay your dues:
Don’t pay for someone else’s shoddy renovations. If you’re handy and have time, sweat equity pays off! Warning: you may come out at the same price of a “renovated” home when all is said and done, but at least you know what’s going on behind the walls and it’s your taste. Also, perhaps you don’t have the money up front and it’s best to do renovations over time.
Know what you’re getting into:
It’s not easy, especially if you’re renovating. Figure in your 2+ hour journey from the city, spending time cleaning and shutting down the house every time you leave and taxes on top of mortgage payments.
The Payoff:
Every Friday, you can leave this God forsaken city. Sure, the city is great. But knowing you can get out…even better.
If you’re not using the place enough, you can always rent it out to weekenders.
At the end of the day, you’re a property owner. You can sell it in a few years and hopefully make enough profit for a down payment on that place in the city you’ve been longing for.
Don’t do what we did.
Just a word of caution for anyone thinking they would like to move out of the city to live in the woods. We tried it. We LOVED our country home in Marbletown so much that we decided to move up there full time. Just because it’s a wonderful weekend home doesn’t mean it’s a great place to live year round. Just make sure you know what you’re doing if you come to that crossroad!
3 Comments
i lived in the country when i lived in england and there is great reward in living n the beauty of the woods but when all you can do is go to the pub every night and there is only one good italian restaurant in the area plus the little town next to your little town is known for having a high population of members of the most racist party in England…well…I prefer the city. 😛
Sounds like some small towns in Ireland. There could be NOTHING in town…oh, but it must have a pub!
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