Is this idea for owning a second home on Winnipesaukee crazy?

thinkxingu · 05-21-2017, 06:03 AM

There are a lot of extra responsibilities when owning a second place, ESPECIALLY if money and time is tight. Who will landscape/plow, how quickly can you respond to a repair need, will you have the repair money ready, etc. etc. Add to that the next level of responsibility with renting--insurance, finding/screening responsible renters, cleaning/preparing for rental transitions, etc.

As for the property itself, if it's under $200k on the water on Winni there might be hiccups: needs a ton of work, not a great water frontage, seasonal, association, etc. Some of those might not be issues for you, but all would limit how easy/often it could be rented, how much you could charge, and what it might cost for maintenance.

And, at the very end, is a doubling of the complexities in your life. To me, that's a double whammy if cash strapped.

Sent from my XT1528 using Tapatalk

SAMIAM · 05-21-2017, 07:37 AM

On the other hand.......if you find a good deal that is in need of repair you could remodel and greatly increase the value of the property.
You also could enter into a contract with one of the local rental agencies that would screen applicants,collect rents and maintain the property for a %.
I think the key to success is finding the right property.

Thread Tools
Show Printable Version Email this Page
Display Modes
Switch to Linear Mode Hybrid Mode Switch to Threaded Mode

05-21-2017, 06:03 AM	#1
thinkxingu Senior Member Join Date: Jul 2014 Posts: 6,289 Thanks: 1,174 Thanked 2,080 Times in 1,291 Posts	There are a lot of extra responsibilities when owning a second place, ESPECIALLY if money and time is tight. Who will landscape/plow, how quickly can you respond to a repair need, will you have the repair money ready, etc. etc. Add to that the next level of responsibility with renting--insurance, finding/screening responsible renters, cleaning/preparing for rental transitions, etc. As for the property itself, if it's under $200k on the water on Winni there might be hiccups: needs a ton of work, not a great water frontage, seasonal, association, etc. Some of those might not be issues for you, but all would limit how easy/often it could be rented, how much you could charge, and what it might cost for maintenance. And, at the very end, is a doubling of the complexities in your life. To me, that's a double whammy if cash strapped. Sent from my XT1528 using Tapatalk

05-21-2017, 07:37 AM	#2
SAMIAM Senior Member Join Date: Apr 2004 Location: Moultonborough Posts: 2,902 Thanks: 336 Thanked 1,678 Times in 587 Posts	On the other hand.......if you find a good deal that is in need of repair you could remodel and greatly increase the value of the property. You also could enter into a contract with one of the local rental agencies that would screen applicants,collect rents and maintain the property for a %. I think the key to success is finding the right property.