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NWR: anybody own a vacation home but not a primary residence?

cruffinocruffino member
Ninth Anniversary 1000 Comments 500 Love Its First Answer
in Chit Chat
FI and I live in NYC and are thinking seriously about getting a vacation place, even though we rent our primary home. This is somewhat common here as real estate is so prohibitively expensive.

We don't mind renting for now and really want a place outside the city to get away. Anybody have any experience with this? Would live to hear feedback, advice, warnings, etc. TIA.
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Re: NWR: anybody own a vacation home but not a primary residence?

  • climbingsingleclimbingsingle member
    Knottie Warrior 10000 Comments 500 Love Its 5 Answers
    I have kicked around this idea - we live in the NY suburbs though and own a house. I'd love to find a small place in the Poconos or Vermont. Where were you thinking? Upstate? 
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  • krizzo17krizzo17 member
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    I don't think this is silly at all! I realize that the government cares for tax purposes, but if you own one property and rent another, is there really a difference which one you live in? At the end of the year you'll still have spent the same on rent and mortgage. Particularly in an area where it's so expensive to buy, you'll have the financial benefits of homeownership without the same hefty price tag.
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  • cruffinocruffino member
    Ninth Anniversary 1000 Comments 500 Love Its First Answer
    ClimbingBrideNY said:
    I have kicked around this idea - we live in the NY suburbs though and own a house. I'd love to find a small place in the Poconos or Vermont. Where were you thinking? Upstate? 
    we're thinking lower catskills, in sullivan county. prices are really reasonable and its within 2 hours driving for us. i've talked to a real estate agent and we have tentative plans to go check out some listings in march/april. we're getting married in february, so we'll wait til after that to start looking more seriously.
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  • cruffinocruffino member
    Ninth Anniversary 1000 Comments 500 Love Its First Answer
    krizzo17 said:
    I don't think this is silly at all! I realize that the government cares for tax purposes, but if you own one property and rent another, is there really a difference which one you live in? At the end of the year you'll still have spent the same on rent and mortgage. Particularly in an area where it's so expensive to buy, you'll have the financial benefits of homeownership without the same hefty price tag.
    i'm still just starting to learn about this, but so far i've been told that we'd have to apply for a 2nd home type of mortgage (even though we don't own a first home), because its considered vacation property and not a primary residence. i'm not sure what the tax implications are. something definitely we need to look into. 
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  • climbingsingleclimbingsingle member
    Knottie Warrior 10000 Comments 500 Love Its 5 Answers
    cruffino said:
    ClimbingBrideNY said:
    I have kicked around this idea - we live in the NY suburbs though and own a house. I'd love to find a small place in the Poconos or Vermont. Where were you thinking? Upstate? 
    we're thinking lower catskills, in sullivan county. prices are really reasonable and its within 2 hours driving for us. i've talked to a real estate agent and we have tentative plans to go check out some listings in march/april. we're getting married in february, so we'll wait til after that to start looking more seriously.
    Nice! I have friends that have a house on Wolf Lake in Sullivan County. 
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  • cruffinocruffino member
    Ninth Anniversary 1000 Comments 500 Love Its First Answer
    ClimbingBrideNY said:
    cruffino said:
    ClimbingBrideNY said:
    I have kicked around this idea - we live in the NY suburbs though and own a house. I'd love to find a small place in the Poconos or Vermont. Where were you thinking? Upstate? 
    we're thinking lower catskills, in sullivan county. prices are really reasonable and its within 2 hours driving for us. i've talked to a real estate agent and we have tentative plans to go check out some listings in march/april. we're getting married in february, so we'll wait til after that to start looking more seriously.
    Nice! I have friends that have a house on Wolf Lake in Sullivan County. 
    i have cousins who have a place in wurtsboro. there are alot of lovely little lake communities up there. i'm super excited to start this search! at this point, i'm so over the wedding planning and am focusing on the possibility of a house in the woods!
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