Author Topic: Optimizing Second Home  (Read 690 times)

Ragdoll

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Optimizing Second Home
« on: January 27, 2020, 01:51:29 PM »
We bought a small frame house for an UNBELIEVABLE cash price from a family member. We were originally going to sell the house and finance it ourselves but due to a VERY good reason that I CANít EXPLAIN here we need to keep this house for 3 years. So selling is off the table. My husband and I are retired and itís nice to have this little home available when we visit family in the area which is probably six weeks a year.

My husband refuses to rent it. This is another non-negotiable. The  cost of having the house (taxes, upkeep) are extremely low. I respect his thoughts on the matter but it feels so anti-mustachian to have this home as an expense only item for three years.

I know this is a stretch but any ideas on optimizing the benefit of owning this home? Iím open to all ideas. Itís a one horse town with little business and not conducive to airbnb.

It is one block off Main Street and has a large yard and no zoning restrictions. Someone suggested holding occasional trunk shows or  auctions there. I would just like to find a way for this home to pull a little of its own weight until we sell it.

Any ideas or thoughts on the situation?

ender

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Re: Optimizing Second Home
« Reply #1 on: January 27, 2020, 06:10:31 PM »
You are using it for 6 weeks a year at least, that's not entirely a waste.

Villanelle

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Re: Optimizing Second Home
« Reply #2 on: January 27, 2020, 06:33:35 PM »
Would it be appropriate for holding weddings or other celebrations, either inside or in the yard?  (And would that also be out based on your husband's refusal to rent?)

It wouldn't make much, but you could also allow people to store stuff either in the yard or inside of that wouldn't mess with your ability to use it. 

But all of these things would require talking to your insurance company first, as would nearly any revenue-generating use of the place. 

Ragdoll

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Re: Optimizing Second Home
« Reply #3 on: January 28, 2020, 12:12:22 PM »
I hadnít thought of the insurance issue. That alone makes it worth a post. Thank you!

Lucky13

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Re: Optimizing Second Home
« Reply #4 on: January 28, 2020, 01:41:25 PM »
One non-revenue-generating but advantageous use could be "house swapping" this is something I've done with my primary residence. You don't mention location, but there are websites that cover internationally, search "home swap" for a few. Some allow you to earn "points" when a family stays at your place (in this case your second home), and you can redeem them to stay with another host in the network at a later date. Great to save money on lodging when traveling.

Ragdoll

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Re: Optimizing Second Home
« Reply #5 on: January 29, 2020, 02:46:34 AM »
It is in a location that is hard to imagine anyone wanting to visit but I may look into it.

Retire-Canada

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Re: Optimizing Second Home
« Reply #6 on: January 29, 2020, 06:40:36 AM »
I hadnít thought of the insurance issue. That alone makes it worth a post. Thank you!

Your insurance probably has clauses for what you have to do when the home is unoccupied for a long period of time such as regular inspections. It's worth looking into if you haven't already done so. Your coverage may not be in place if you don't.

frugaliknowit

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Re: Optimizing Second Home
« Reply #7 on: January 29, 2020, 11:52:34 AM »
You could live in the house full time and rent out your current full time house. 
« Last Edit: January 29, 2020, 02:29:56 PM by frugaliknowit »