Tuesday, December 8, 2009

Second Homes

A second home could be defined as a space where one can demonstrate the craziness that they could not have incorporated in their first home (due to difference in opinion that probably could have led to trouble in marital paradise).
So, the second home could be the compromise.
A young architect that is brimming with new abstract ideas would be a great way to go.

Very minimalistic attributes is what this house is composed of. It resonates that rustic and simple feel while being contemporary at the same time.

The use of space is simply brilliant here! Very cozy and private. Thus, fulfilling the need to gaze at the sky through the window while lying down.

A kitchen, that performs as a balcony as well. Bare necessities hang atop the kitchen counter.

There are, however, certain blunders people make while buying second homes. You don’t end up visiting the place as much due to being tied down with work, thus the usage of the place goes down. More cost goes into maintaining it even while you aren’t living there.
Most of all, when you go see the area, it isn’t as close to what you had imagined.

Figure out the location.
If you’re the type that loves to explore different places and experience the culture, then purchasing a house in a place that is fairly far from home and differs in your everyday experiences, would be the place for you. However, if you’re the type that still likes a bit of home while being away on holiday, a place perhaps somewhere on the suburbs of your town would not make you miss home much.

Cater to every family member’s need.
A second home is not always flexible. Therefore, you can’t possibly own it for as long as the current house you’re living in.
A house in the alpine heights, surrounded by fresh air, pine trees and clear water could be a great romantic escapade for a couple that doesn’t have children. Such serenity would not be an ideal vacation for a teenager or a child. They’d end up feeling stifled and cooped up. A shack big enough for a family located on a beach front would be an ideal buy for those with kids.

Triumph of emotion over logic
This is something that almost all of us face at some point of time or another. Knowing how much one can afford is obviously the most important factor in any purchase. Considering a lot of additional costs is what you should be doing. Upkeep of private roads, mortgages, taxes being levied, and storage facilities (in the case of living in a lake house) are all examples of the additional costs that you will bear.
Therefore, never let your desire for the beautiful house at its face value; take over the logical decisions that need to be made. Overloading the credit card before all the loans are paid, and not keeping in mind the possible fund that has to be established for your child’s future plans would be foolish. Buying a piece of property way in advance at a lower price would also cause great regret later on as the area might change with time and you might end up disliking the neighbourhood and space that evolved after a long period.

Renting out the second home.
Renting out your vacation home is a great idea which not only guarantees the upkeep of the place but is also steady money. However, in order to attract potential tenants, the amenities must be top-notch and largely targeted at the concept of a “vacation home”.

Splitting the property.
Due to exuberant prices of that “simply delightful” lake house, people end up sharing the cost with a relative or close friend. This is by far, one of the worst choices one can make as scheduling visits in the future will be very annoying and compromises on d├ęcor and furniture AND the patio will not suffice. You will eventually be at constant loggerheads over the most menial things.

Make sure your escape is not an investment that you will regret 5 years down the line. Let it be something that even your grandchildren can enjoy!


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