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For anyone who has a second (or third, fourth, fifth…) home in a country other than one’s primary residence, who maintains the property while you’re not there?
If you don’t want to rent out or have a house sitter in your additional home, is it okay to just leave it as is?
Actually, then again, this question applies to someone with another home out-of-state too.
Thank you 🙂
I used to own a second house. Then I bough a third.. and a fourth. Then a hotel.
most investor with extra properties in other states or countries have a property manager check on it on a weekly or monthly basis for a fee. some people have a neighbor of the house check it with the neighbor being given permission to use it if guests need to stay there or other benefits just for going to check on it.
regarding if it can just be left sitting with no one renting it or checking it. it really is not an option as there can be many surprise unexpected maintenance issues that come up unexpectedly & if not fixed right away can cause major flooding or other issues that can ruin the house C”V. same like a car that just sits in your driveway the entire year. if its not used at least once a week just for a few minutes it can stop functioning for just sitting & building up residue & going through storms with just sitting there
Another problem with an unattended house is that it is subject to random vandalism, which can lead to more damage. Insurance companies have different rates for unoccupied houses.
LB
I once owned a rental property out of state
Managed by a company
Even though my effort was minimal (management took care of everything) it wasn’t worth the ROI and I was lucky to get out of it without losing
Word of advice
If you are asking about paying taxes ( or you don’t know what roi is )then you aren’t ready for this.
Owning second homes is for good business people or people who don’t have to worry about paying taxes.@mentsch1
“Owning second homes is for good business people or people who don’t have to worry about paying taxes’There is a huge difference between owning a second home and owning rental/investment property.
Investment/rental property (that you do not live in) is best owned by people with a good business head.Many non-wealthy people own 2nd homes…snowbirds who winter in Florida, or those with a bungalow in the mountains.
Back in 1981, I started buying up 1 Bedroom 1 Bath condos in Century Village, West Palm Beach, FL. I could buy them furnished for about $9,000. Plenty of low income Yidden from NYC were buying them for winter homes. They could be owned for about $3k per year maintenance and taxes. It was a stretch for many of these pensioners, but they did it. Safer and warmer than a winter in Brooklyn or the Bronx. In those days I rented my units for $400 month on year long leases furnished. All the renter had to pay was electric and telephone.
I own a second home for personal use in South Florida. It is a stand alone in a condominium development. I’ve owned it about 25 years. I like to know that I am not responsible for upkeep of the exterior. I pay a retiree , who lives in the complex year round $50 per month to check the unit inside twice each week.
Right now it’s 0 degrees here in CT. I had to be here for year end. Mrs. CTL and 10 of the kids/grandkids are enjoying the 2nd home. I hope to go south in a few weeks
CTL: I hope the South Compound has internet access so you can continue to post.
@iacisrmma
Yes, our Florida home has internet access. It allows me to work while away from the office.
I had hoped to leave this coming Thursday for a few weeks, but as we say:
דער מענטש טראַכט און גאָט לאַכט.
Der mentsh trakht un got lakht.
Man plans and G-d laughs.They are expecting snow on Thursday, so I decided to move my flight up a day.
If someone owns a second home, they are wealthy.
RebYidd23……………………
“If someone owns a second home, they are wealthy.”
That’s quite an opinion with no facts to back it up.Many a working stiff retiree owns a Florida Condo purchased years ago for less than $15,000
They live on their Social Security and/or pensions and savings and are far from wealthy.CTL: Was your property in FL in the path of Hurricane Irma?
@iacisrmma
No, our property is about an hour north of the hardest hit area. It was well secured with hurricane shutters and has a large back up generator (having lived through Hurricane Andrew we had upograded our storm preparedness) The Rav of the local shul called us and asked if we would let a storm dislocated family from Miami stay in our home until their home could be made habitable. They stayed until early November.
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