The Home Ownership Thread

[otc]

Lame

 

[Piobaire]

I'm very lame. And also showered and pampered.

 

[jcman311]

I had over 200 nights of camping before I was 18 years old (recorded through scouting, not including family campouts)

Been there, done that. I prefer my back patio and a bed to a sleeping bag and the ground. I also prefer to never have to manually propel myself through or across water. Never had a motorized way in water so I really don't want to canoe/kayak/swim anymore.

 

[RedLantern]

I feel the same way about camping as I do about hiking. It's fun for the first 20 minutes but then I'm over it.

 

[Kappelan]

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).

Basically, just asking for opinions, especially someone with experience. We love the place (going for Canadian Thanksgiving there again) and the idea of owning an unit there is chasing us. But we ain't going to live there permanently, just for short vacations, skiing on some weekends and so on. So probably in total we would occupy about exactly those 30 days per year. So if the rest of the days the place would be rented, thus partially cover our expenses (mortgage and maintenance fee), seems like a good idea to me. Prices there still affordable there which is good. Market in Quebec is pretty stable, not much ups and downs (so probably we won't see much appreciation, which is ok with us).

Like brokencycle said, a good management company is worth seeking out.

There is managing company which takes care of the whole complex. They are advertising, renting, cleaning. Like any hotel/resort. We are booking rooms thru them everytime.

 

[sugarbutch]

I only sleep in a tent if it's on asphalt next to a race track.

 

[Kappelan]

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.
...
Hard to tell the difference between the high rise conco and a hotel but with a mix of actual residents and visitors.

Yes. That exactly how it is there.

 

[jcman311]

Then why not just continue to rent there? Its not really an investment if you aren't going to get a return and it seems costly to only go 30 days out of the year. If you think that you can earn enough from renting when you aren't there to pay for the entire time (meaning you stay for basically free) I would think again. Costs of taxes, management, damages, etc can add up and eat into "profit". If you are able to continue renting and getting the times you want, why not continue that rather than the added hassle of ownership?

 

[Kappelan]

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...

We do all sort of things

Spoiler

 

[Piobaire]

Looks great but I'll take ocean side dining in a beach cabana at the Ritz.

 

[Kappelan]

Then why not just continue to rent there? Its not really an investment if you aren't going to get a return and it seems costly to only go 30 days out of the year.

That what we do now. But the idea of owning is still there. I think if the costs of owning will be covered from rent (even if not in full) and you own a property, that you can use and price on which potentially could go up, it should a good investment. I was just asking in case I am missing anything important.

Will go there soon and planing to meet our realtor again. Going to check out other resort/hotel complexes, so will see.

 

[Piobaire]

We are if the mind to never buy anything other than our primary dwelling. We've multiple friends with vacation properties and it seems to become more a chore than anything else as they feel committed to spending most of their vacation time there. Each to his own but for us no commitments.

 

[otc]

How much of the place can you lock off?

Seems pretty common in vacation rentals I have been in that there is at least one closet/storage room with a lock on it for the owner's stuff. Maybe an additional shed or similar for the owner's own toys at a beachfront place.

Wonder if you could get something like a 2-3 bed, 2-bath place and then just lock off the master suite and rent it as a smaller unit. Could also lock up a kitchen cabinet or similar if you want to have nicer cookware, liquor, etc. available to yourself.

Then you can keep it "yours" in the private spaces but still derive rental income. Keep a wardrobe there, keep your toiletries in place, etc. Gives you much of the ownership experience where you don't even really have to pack anything, just show up, unlock the door, and enjoy.

Unlike just buying a small place, you've still got space for guests...and in my experience, that's a big part of a vacation property: Being able to invite friends and family to join you at the place. That's the one place where it really starts to feel different from just going and renting a place. Especially if you are in a fortunate position compared to others...you can let people stay for free without the weird awkward baggage people might have if you instead said "Lets go rent a beach house, don't worry, I'll pay for it"

 

[RedLantern]

We are if the mind to never buy anything other than our primary dwelling. We've multiple friends with vacation properties and it seems to become more a chore than anything else as they feel committed to spending most of their vacation time there. Each to his own but for us no commitments.

I think people that are happy long term with vacation homes have some special history with the place, like their family has always gone there so there is some kind of tradition or nostalgia built in. Absent that kind of attachment, I think most people would rather a little more variety.

 

[RedLantern]

How much of the place can you lock off?

Seems pretty common in vacation rentals I have been in that there is at least one closet/storage room with a lock on it for the owner's stuff. Maybe an additional shed or similar for the owner's own toys at a beachfront place.

Wonder if you could get something like a 2-3 bed, 2-bath place and then just lock off the master suite and rent it as a smaller unit. Could also lock up a kitchen cabinet or similar if you want to have nicer cookware, liquor, etc. available to yourself.

Then you can keep it "yours" in the private spaces but still derive rental income. Keep a wardrobe there, keep your toiletries in place, etc. Gives you much of the ownership experience where you don't even really have to pack anything, just show up, unlock the door, and enjoy.

Unlike just buying a small place, you've still got space for guests...and in my experience, that's a big part of a vacation property: Being able to invite friends and family to join you at the place. That's the one place where it really starts to feel different from just going and renting a place. Especially if you are in a fortunate position compared to others...you can let people stay for free without the weird awkward baggage people might have if you instead said "Lets go rent a beach house, don't worry, I'll pay for it"

I really like the idea of building a bunk house on a vacation property. It signifies that guests are welcome . . . to a limited extent. Also a cheap way to add additional lodging to a warm-season property without having to muck around with potential septic systems/permitting/etc.