The Home Ownership Thread

[jcman311]

So whats the question then? What do you want the property for more? Money or easy vacations? Some management firms might black out dates that you want to use. Like you said, some limit you to a certain amount of days a year which seems kind of ridiculous considering you still own the property (unlike a time share). Like brokencycle said, a good management company is worth seeking out.

 

[otc]

Like I said...don't plan far enough in advance for that **** (although I suppose with a ski house I could figure it out a little earlier).

If it were a beach house a 1.5-2.5 hour drive away (like I would love to have), then I'd want to be able to say "hey the weather looks nice next weekend, lets go".

So unless people want to rent it exclusively from like monday-thursday (except weeks I know I want to be there in advance), that kind of arrangement gets rough.

If anything, if I wanted some extra cash I'd rather have a fairly limited rental period. Set aside times where I know I don't want to go. Let them rent it out memorial day weekend when everything will be packed anyways and random weeks in the summer where I know I have other activities in mind. Heck, given how early a lot of houses book up, you might be able to charge a last-minute premium for offering the place up with only a few week's notice.

But for that you'd either need to DIY or have a reputable local independent who is willing to work with you (maybe you handle the airbnb bookings, but they handle keys/maintenance/cleaning).

And if you really are only going to use it sporadically, how much is it going to feel like yours? if it has renters in it for 16+ weeks a year during prime season...that's a lot of wear and tear. You won't want to fit it out with your first choice of kitchen knives, art, bedding, furniture, etc. Then you might as well just find a place you like and become a regular renter. Some friends and I used to go to the same beach house over memorial day weekend and they would always call us up and ask if we wanted it before booking it to anyone else.

 

[Van Veen]

That last bit is really the key. If you’re renting it, you have to expect the worst. I know people who stopped renting their beach house for that reason. A few nightmare renters will quickly turn you off. You can’t think of it as your personal space.

 

[Piobaire]

We spent a couple weeks in late May/early June at the Ritz in Waikiki and that's what is happening there. It's all on the "residence" model, so the suites are sold to owners, then the Ritz rents the suites out as hotel rooms. From the visitor POV the only draw back is that Ritz doesn't participate in any of the Rewards programs but that makes sense from the leasing side. Functionally it's an interesting mix of people that obviously live there and regular hotel guests. That particular Ritz also clearly catered to wealthy folks from Japan and Korea.

I have a friend that owns a few condo units in Mexican beach towns and the model is pretty much the same. Hard to tell the difference between the high rise conco and a hotel but with a mix of actual residents and visitors.

 

[jbarwick]

My inlaws bought a townhouse in Nashville over the weekend. They were passively looking at places to buying one after I saw a townhouse where we used to live went up for sale at a decent price. They looked, put in an offer, and are now getting their Dallas condo ready to put on the market. From a Ritz condo with anything they want just a phone call away to the concierge to now in townhouse life without too many amenities.

 

[Piobaire]

That's going to be a big change. I love the Ritz Residences too, after staying at the one in Waikiki, but not sure I'd actually want to live in one.

 

[Numbernine]

There aren't many amenities I would really miss except a house and a pickup truck.Maybe that'll change when I get old.

 

[jbarwick]

I enjoyed visiting there and it is pretty easy to live there, as long as you can afford it. Owning a residence allowed them their own exclusive staff, entrance, and everything so you didn't have to deal with the standard hotel guests. It doesn't sound like it is similar to the Hawaii experience.

That said, it will be a big change but they will be saving $50K/yr in taxes and HOA. They can always fly in to visit friends and $50K is quite a few trips! They will still be looking for a lot to build a house on but they do not like the current prices and will just wait in cash until something comes up.

 

[FlyingMonkey]

The last couple of pages make me realise I live in a slightly different world than some of the rest of you. My idea of a great holiday usually involves a canoe and a tent...

 

[brokencycle]

What's a vacation or holiday?

 

[jbarwick]

I love being outdoors but like soft beds a little too much to sleep outside.

I feel like I mentioned my raccoon problem here? Where the little critter would roll up my sod looking for grubs? Anyway, Friday had wits end and I ordered a trap. Some leftover fried catfish from lunch and I caught a raccoon overnight! I drove the little guy 1.5 miles to the back of the neighborhood and let him out. Since then, just leaving the trap outside has kept the raccoons at bay.

 

[RedLantern]

You're like the ICE of raccoons.

Rats have made a burrow under my front stairs. Rat burrows have multiple entrances/exits so it's been tough sledding trying to catch them. I will persevere.

 

[jbarwick]

You're like the ICE of raccoons.

Rats have made a burrow under my front stairs. Rat burrows have multiple entrances/exits so it's been tough sledding trying to catch them. I will persevere.

I tried music and varied the genre and volume. A rock album would work night #1, but night #2 the raccoons would come back so I would have to switch it up. For some reason pop music made the raccoons tear up my yard even more.

 

[RedLantern]

Hahaha

 

[Piobaire]

I'm sure I've shared here before I swore off camping in my 20s. Woke up at mouse camp one morning to find a foot of fresh snow, fire out and coffee frozen in the pot, and I swore I'd never camp again. Have kept my pledge to myself since then.