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  #121  
Old Posted Jan 4, 2015, 4:42 PM
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^ This is why I would only buy a second place within a few hours drive of my main residence. Then it's a weekend house, not a vacation house.
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  #122  
Old Posted Jan 4, 2015, 4:57 PM
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^ This is why I would only buy a second place within a few hours drive of my main residence. Then it's a weekend house, not a vacation house.
Even so, could avoiding maintenance and other recurring costs plus investing the capital elsewhere generate enough income to pay for hotels every weekend? In my case, it was a no brainier.
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  #123  
Old Posted Jan 4, 2015, 4:59 PM
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^ This is why I would only buy a second place within a few hours drive of my main residence. Then it's a weekend house, not a vacation house.
What about half a year each in fairly far away from each other locales? Then you can enjoy great weather all year. That's what my parents do, half the year in SW FL and half in the mountains of NC. Guess you have to be retired to do that though
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  #124  
Old Posted Jan 4, 2015, 5:10 PM
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What about half a year each in fairly far away from each other locales? Then you can enjoy great weather all year. That's what my parents do, half the year in SW FL and half in the mountains of NC. Guess you have to be retired to do that though
Or have the option to work remotely or part-time. Retirement won't be an option for most post Baby Boomers.
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  #125  
Old Posted Jan 4, 2015, 5:15 PM
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Good point
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  #126  
Old Posted Jan 4, 2015, 5:23 PM
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And people who are successful enough to retire tend to enjoy what they're doing enough not to. But yes, working remotely all the time isn't an option for the vast majority of people. Maybe if you're a writer or freelance programmer or something like that, but you've still gotta head into the city for meetings. It's easier to "work from home" occasionally and take some long weekends though. That's what I did in the summers in New York.

I don't see a second home used on weekends as a substitute for hotels (or vice versa) though. It's something else entirely. You can invite friends out to stay with you, host barbecues, etc. So it's more like having 3 or 4 rooms in a hotel, which don't need to be planned or booked in advance, where you can leave your things when you're not there, have a kitchen and a grill to cook, and all kinds of things that distinguish a second "home" from a hotel.

Last edited by 10023; Jan 4, 2015 at 6:46 PM.
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  #127  
Old Posted Jan 5, 2015, 2:39 AM
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My families place:



Been in the family since 1958 when my grandparents bought the lot. Built the cottage by themselves in the early 1960's.

Roughly 3 hours from downtown, or 2:15 from my parents place. On a freshwater lake roughly 12km x 4km, its a great spot to get away both in the winter and summer. Winter time requires a snowmobile to get to it, though, so visits are less frequent.

This is pretty typical for people in Toronto, especially among the long time Canadians, its often something that has been in the family a long time due to the prohibitive cost of entering the cottage market today. Our 400 square foot place on a seasonal road with a 1 acre lot is worth around $350,000 today, and prices can get much, much higher than that on the nicer lakes.

That said you can find vacation homes on the really cheap in "non traditional" northern areas, that are either on less desirable lakes (shallow, small), or rather far away from the city. (5+ hours)
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