Pitfalls of a Second Home
So many of our clients buy a second home, and get exactly that, another house they need to worry about, maintain, pay for. They really wished for a vacation home, but bought a handful of problems and expense. To compound the challenge, this home is typically 100 or more miles away from their primary home, adding to the hassle factor.
Vacation homes are what most are dreaming about, carefree summer days in the hammock by the shore. Campfires that don’t require a weekend of tree trimming and wood stacking. Lazy days on the porch not fixing the water damage from last winter’s storms. Cottages can be more than most people anticipate.
These are just a few of the reasons that Baby Boomers will demand fractional, timeshare and condo hotel in the next evolution of real estate. These forms of ownership make the cost and luxury ratios move in separate directions – costs go down, luxury moves up.