Second/Vacation Homes

[teleee]

You don’t need to tell me about Caribbean construction - them boys work on a different rate, but honestly the craftsmanship has been fantastic. Buzz can jump on and kill me for my second second home. Getting close to the retirement plan - half time in Idaho and half time in Belize.



Sent from my iPhone using ]]]TGR Forums

[plugboots]

Punta Gorda?

[Buzzworthy]

You don’t need to tell me about Caribbean construction - them boys work on a different rate, but honestly the craftsmanship has been fantastic. Buzz can jump on and kill me for my second second home. Getting close to the retirement plan - half time in Idaho and half time in Belize.



Sent from my iPhone using ]]]TGR Forums

Y’all have trouble reading sometimes. Nobody is saying you shouldn’t enjoy a second home. Whining about the cost and upkeep however is ridiculous.

[teleee]

Y’all have trouble reading sometimes. Nobody is saying you shouldn’t enjoy a second home. Whining about the cost and upkeep however is ridiculous.

Ha I knew what you were saying - just busting your chops a little. For the record my Idaho place costs me a little over $1900 a year in taxes and HOA fees. The upkeep is actually something I enjoy doing in the summer (we spend 4 blissful months there. The Belize place is a work in progress not sure how that will pencil out in annual cost (probably hurricane dependent). Wish I could upload pictures it’s a pretty cool minimalist fish camp design.


Sent from my iPhone using TGR Forums

[schindlerpiste]

My family has a second home in Costa Rica. I haven't wanted to go since COVID. It's a beach house. The gov't owns the land and we have something like a 50 year lease. Any way, it just renewed. I think that I would enjoy iy a lot more if it wasn't such a hassle to get to from SLC ( Two flights, 12+ hours to sit on a beach and fish for marlin, sails and dorado). It is both a burden, and a pleasure. I will start using it again when my in-laws and firkins pass.

[old goat]

That's a mystery to me for sure. FOMO?

After the high rise condo collapsed the state passed a law mandating inspections of all high rise condos and mandatory repairs. Residents in a lot of buildings are being hit with massive assessments and of course selling isn't an option.

Between fire and flood we will be seeing a lot more people with property they can't afford to keep and can't sell.

[teleee]

Punta Gorda?

Sittee River


Sent from my iPhone using TGR Forums

[singlesline]

Time to change how property taxes are assessed in this country.

Primary residence=reasonable taxes (Whatever that means)
2nd residence=less reasonable taxes
anything beyond that, soak em.

Many if not all homes at places like the YC are not owned by a person. They set up a LLC and it owns the home and writes down everything possible. And don't get me started on the fabulously wealthy buying up ranches, building a big compound and still not paying shit for taxes because of the Ag exemptions.

I've posted elsewhere on TGR, but check out how Maui county does taxes.

Low rate for homestead. Slightly higher for rate for landlords that rent out long term to a local. High rate for second homes that sit vacant. Fuck you rate for short-term rentals (people obviously still pay it, but it makes the investment value worse and encourages renting to a local resident instead). And if your second home is more than $3m, you also pay the fuck you rate.


Really could use some land value taxes instead. Consider only the value of the land, not the structures, and then offer discounts for homestead, low income seniors, etc. to prevent the "grandma getting kicked out of her house" red herring.

Ryan Zinke owns a piece of shit house here in whitefish that he pays nothing in taxes on because it has falllen into disrepair and looks uninhabitable. Valued at like $300k for a 0.86 acre lot right in town. He basically uses it as a place to put big political signs.
Three identical lots next door are currently listed for a combined $20m.

Tax him on the value of the land--that property could be housing right now, if he doesn't want to maintain or redevelop it, sell it to someone who will rather than letting him skate as a speculator who pays no taxes.

[old goat]

That works for a second house, if the houses are in the same county, harder in the same state different county, harder yet in different states. I wonder how many people in Maui get caught claiming their vacation house is their first.

And remember, for the town or county a second home or a short term rental is a positive, because the owners don't use services, especially schools. And short term rentals often pay a transient occupancy (hotel) tax. Towns and counties care about revenue first, welfare of the residents second. So most places aren't going to want to discourage second homes and STRs.

[carpathian]

I live in Ak and have a 'vacation house' back in BC that I have not been to in 15 years as it has long term renters in it and the 30 hour drive is a strong deterrent . And BC is so similar to AK its hard to make effort for such similar environment.

This last month I finished building actual vacation house on Big Island and yes it was major pain in ass. Probably made 20 trips in last 3 years, Id joke I was the only person to go to Hawaii and be a workaholic, 12 hour days for 20 day stretches. All credit maxed to the gills... But as of last week I was able to consolidate ALL building costs and consumer debt under new AK house mortgage and feel like I've entered soft retirement at age 44 as I can transition from construction work to 'retreat operator' ...

Now wait a year then gonna pull mortgage on Hawaii house so I can throw $100k at my Nica lot and get something built ahead of this new highway they putting in. Yes its a leveraged stack of cards diversified across the pacific Rim and three countries but it keeps me out of the bars

[singlesline]

That works for a second house, if the houses are in the same county, harder in the same state different county, harder yet in different states. I wonder how many people in Maui get caught claiming their vacation house is their first.

Eh, many states are already pretty good about this for income tax purposes. E.g. I know Illinois and NY frequently catch people who claim to be tax-free Florida residents with a "second home" in town but don't actually spend 6+mo of their time out of state...people who "retire" to FL for tax benefits are diligent about counting their days.

It is tax evasion and straight up fraud which can constitute a felony...and good luck claiming it is your primary residence when all of your income tax documents are from the mainland somewhere. The residency exemption requires you to file Hawaii income taxes...they can see your W2s/1099s. I guess you could willingly pay HI taxes--some of the highest in the country for rich people--but that still only works if your employer is willing to lie on your behalf and report it as HI income.

Also...snitches. The locals will happily use the convenient government website to report your Haole ass.

[XXX-er]

I live in Ak and have a 'vacation house' back in BC that I have not been to in 15 years as it has long term renters in it and the 30 hour drive is a strong deterrent . And BC is so similar to AK its hard to make effort for such similar environment.

Somebody was recently telling me they live in yer place on Regina that street that rhymes with " Vagina "

[old goat]

Eh, many states are already pretty good about this for income tax purposes. E.g. I know Illinois and NY frequently catch people who claim to be tax-free Florida residents with a "second home" in town but don't actually spend 6+mo of their time out of state...people who "retire" to FL for tax benefits are diligent about counting their days.

It is tax evasion and straight up fraud which can constitute a felony...and good luck claiming it is your primary residence when all of your income tax documents are from the mainland somewhere. The residency exemption requires you to file Hawaii income taxes...they can see your W2s/1099s. I guess you could willingly pay HI taxes--some of the highest in the country for rich people--but that still only works if your employer is willing to lie on your behalf and report it as HI income.

Also...snitches. The locals will happily use the convenient government website to report your Haole ass.

Uh oh.

[skaredshtles]

^^^
Half a million $ buys a shit ton of hotel room nights in some pretty cool places where some carhartt wearing motherfucker fixes the water heater etc.

And it buys 2x the hotel room nights in Yurp.

Fuck 2nd homes.

[liv2ski]

Yeah, let me iterate, I'm beyond cosmodigilogically lucky. I get it. I'm just a schmuck who stumbled into the place. It could have or should have been someone else.

As I have told my children forever, life is a path with many forks in the path. Whether you go down one path or the next determines so much. Sure, you can try and plan for that fork in the road, but it is impossible to know what's down it until you're already pretty far along. You're going to go down some wrong paths. Hopefully you chose the next one with a little more luck.
Like Buster, I too really lucked out on at least three paths I can think of that made all the difference in my life. I had the chance for the 2nd home back in 2012, but I outsmarted myself by going down the wrong path at the time. Life goes on.

[old goat]

As I have told my children forever, life is a path with many forks in the path. Whether you go down one path or the next determines so much. Sure, you can try and plan for that fork in the road, but it is impossible to know what's down it until you're already pretty far along. You're going to go down some wrong paths. Hopefully you chose the next one with a little more luck.
Like Buster, I too really lucked out on at least three paths I can think of that made all the difference in my life. I had the chance for the 2nd home back in 2012, but I outsmarted myself by going down the wrong path at the time. Life goes on.

Your kids stay awake for that? : -- )

[XXX-er]

I did almost everything wrong but it turned out good, I think the kids realize dad did not always have any oars in the water but I looked like fucking genius compared to their mother

there is a fly in my wine

[liv2ski]

Your kids stay awake for that? : -- )

They are good kids and humor me.

[fomofo]

[vendul]

One thing that has always puzzled me: homes in north America are usually cheaper than their counter parts in Switzerland and Austria, but vacation properties are insanely expensive, maintenance fees and taxes do the rest. On top of this, most owners have to catch a plane to get to their property.... why only few americans buy in Europe?!?!

[Dromond]

One thing that has always puzzled me: homes in north America are usually cheaper than their counter parts in Switzerland and Austria, but vacation properties are insanely expensive, maintenance fees and taxes do the rest. On top of this, most owners have to catch a plane to get to their property.... why only few americans buy in Europe?!?!

I don’t think most second home owners in the US need to fly to them. Most I have known drive to them. If you are talking specifically about the prices of US skiing-adjacent properties, I think that comes down to how much more developed housing there is near skiing in Europe.

[vendul]

I don’t think most second home owners in the US need to fly to them. Most I have known drive to them. If you are talking specifically about the prices of US skiing-adjacent properties, I think that comes down to how much more developed housing there is near skiing in Europe.

The reason for which homes are cheaper in Europe is clear, I was simply wondering why so little is sold overseas.
The fact that I had the feeling that most people flew to their homes is Because I new a bunch of people on the east coast that had homes in the Rockies


Sent from my iPhone using TGR Forums

[m2711c]

One thing that has always puzzled me: homes in north America are usually cheaper than their counter parts in Switzerland and Austria, but vacation properties are insanely expensive, maintenance fees and taxes do the rest. On top of this, most owners have to catch a plane to get to their property.... why only few americans buy in Europe?!?!

donno about the others, but for me, i would like to be able to use my home for more than 90 days at a time. otherwise, i'm all in... you guys got some type of euro-zillow so i can check out these bargains?

[old goat]

Before they built levees and raised the streets houses in Sacramento, houses were built with an empty space on the first floor, living space started on the second. The style is called Delta Queen Anne.

[AdironRider]

The reason for which homes are cheaper in Europe is clear, I was simply wondering why so little is sold overseas.
The fact that I had the feeling that most people flew to their homes is Because I new a bunch of people on the east coast that had homes in the Rockies


Sent from my iPhone using TGR Forums

For one, I think the vast majority of American second homeowners own one they can drive to, and the East Coasters with a place out in Breck or wherever are in the minority of that group of second home owners overall. That said, this really feels like a cultural difference between Americans and Europeans. Euros culturally have a much stronger focus on work life balance and in effect have a lot more time to enjoy that side of life vs. American hustle / work culture. My wife's family place on the lake is deadsville until 9pm on Friday nights once all the Massachusetts people arrive and is back to sleepy town by noon on Sunday when they all leave to get back to work. August isn't a month of leisure, etc. This leads to buying a place in Europe as a non-starter, because if you can afford to own a place and spend 3-4k every time you family wants to visit it, you are working so much that you can never actually make it there, so what is the point?