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Build a new home or buy a summer home, tough decision.

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Build a new home or buy a summer home, tough decision.

Old 02-07-2015, 05:36 PM
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Default Build a new home or buy a summer home, tough decision.

We are in a real dilemma trying to make a decision whether to sell our home and build a new home on the lake and have that as our only residence. Or buy a smaller home that would basically be a summer home. I want to buy a summer home that has a deeded dock to keep the boat.

Financially it's about the same. Our home will be paid off soon and we could probably get around $200K if we sell it. The lots we have been looking at are expensive as hell because they are on or very close to the water. We figured to buy the lot and build the house would be around $350K so we would have a loan for $150K.

We have looked at some smaller cottage type homes with deeded docks for $125-$200K, the smaller the cheaper they are obviously. We looked at a place today that was truly turnkey, it had been remodeled, new heat/cooling system, new kitchen, new roof, new vinyl siding, basically everything was new. It was small 756SQFT with 2 bedrooms 1 bath and a 1 car garage. Cost w/ deeded dock was $125K. The boat dock was about 200 yards away from the house and I thought it was perfect. Wife says it's way to small. I'm sure we could find something a little larger in the $150-$175K range but my wife is really leaning towards building a house.

I actually love our house that we have lived in for 30+ years. It's just the 2 of us now and the house is way bigger than we need but I love my man cave, I love that there is a farm field behind the house and a woods across the street. I simply don't want to sell it.

I'm sure many of you have had to make the same decision, what are the pro's and con's of either option?
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Old 02-07-2015, 05:50 PM
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Buy a mobile home in Bass Haven. Get a double wide on the canal. Buy a 2nd mobile home in Florida and enjoy the best of both worlds.
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Old 02-07-2015, 05:55 PM
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IMHO only! Let me preface by saying I am located in the deep south, so I only have an understanding of our market. I also own a residential contracting company and have built many homes over the years. In our market you can basically get 1.5 times as much house buying an existing home versus building new. Of course when building you can get all the bells and whistles you want, but you also lose a lot of the character of older homes. I might also add that many people are surprised that the extras that they just have to have do not get any value added by the appraisers. Many times your new house will cost you more than it will appraise for. If you have plenty of cash, which you do, it will not be a problem.

Secondly, my wife and I own a home on a farm that we love. There is something to be said about a piece of land, man caves, and what have you. There are definitely some things we would like to change, but nothing major. I have a camp that is located away from our home and I can honestly say I leave ALL my worries behind when I get there. It truly is an escape for me. I have been under some extremely tight situations before, and I was still able to relax away from day to day living.

My wife is not pushing for a new build so you definitely have that as a consideration, but if it were me I would try my best to satisfy her with a second home and stay where you are. That is coming from someone who builds, go figure.
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Old 02-07-2015, 05:55 PM
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Originally Posted by Boataholic View Post
Buy a mobile home in Bass Haven. Get a double wide on the canal. Buy a 2nd mobile home in Florida and enjoy the best of both worlds.
I would be fine with that but my wife hates them, she calls them aluminum cans.
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Old 02-07-2015, 06:15 PM
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Not one of your stated options but how about a light remodel of your existing home and then a smaller second water front. Kids and grand kids need a place to come home to. Best of both worlds and keeps Momma happy.
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Old 02-07-2015, 06:16 PM
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Originally Posted by Huntersun View Post
Not one of your stated options but how about a light remodel of your existing home and then a smaller second water front. Best of both worlds and keeps Momma happy.
This is great advice.
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Old 02-07-2015, 07:07 PM
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Originally Posted by Huntersun View Post
Not one of your stated options but how about a light remodel of your existing home and then a smaller second water front. Kids and grand kids need a place to come home to. Best of both worlds and keeps Momma happy.
We did that 3 years ago, we spent $40K and basically gutted and rebuilt the whole upstairs. There isn't anything we don't like about our current house which is why I don't want to sell it.

This probably doesn't mean anything but I have had at least 25 dreams that we sold our house and moved to another house and in every dream we both said we wish we would have never sold the house. The dream is repetitive and I can remember just about everything about the dream. Weird huh.....
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Old 02-07-2015, 07:11 PM
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Originally Posted by jkmjr View Post
IMHO only! Let me preface by saying I am located in the deep south, so I only have an understanding of our market. I also own a residential contracting company and have built many homes over the years. In our market you can basically get 1.5 times as much house buying an existing home versus building new. Of course when building you can get all the bells and whistles you want, but you also lose a lot of the character of older homes. I might also add that many people are surprised that the extras that they just have to have do not get any value added by the appraisers. Many times your new house will cost you more than it will appraise for. If you have plenty of cash, which you do, it will not be a problem.

Secondly, my wife and I own a home on a farm that we love. There is something to be said about a piece of land, man caves, and what have you. There are definitely some things we would like to change, but nothing major. I have a camp that is located away from our home and I can honestly say I leave ALL my worries behind when I get there. It truly is an escape for me. I have been under some extremely tight situations before, and I was still able to relax away from day to day living.

My wife is not pushing for a new build so you definitely have that as a consideration, but if it were me I would try my best to satisfy her with a second home and stay where you are. That is coming from someone who builds, go figure.
Good info, thanks for taking the time. I have the same feeling when I go to my boat, it's amazing how my whole mood changes when I get to the marina. Sounds weird but I'm thinking if I move to a lake home that this feeling will go away because it will become normal. Having a 2nd home to me is a "get away", a place I can always be happy.
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Old 02-07-2015, 07:23 PM
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Originally Posted by jkmjr View Post
IMHO only! Let me preface by saying I am located in the deep south, so I only have an understanding of our market. I also own a residential contracting company and have built many homes over the years. In our market you can basically get 1.5 times as much house buying an existing home versus building new. Of course when building you can get all the bells and whistles you want, but you also lose a lot of the character of older homes. I might also add that many people are surprised that the extras that they just have to have do not get any value added by the appraisers. Many times your new house will cost you more than it will appraise for. If you have plenty of cash, which you do, it will not be a problem.

Secondly, my wife and I own a home on a farm that we love. There is something to be said about a piece of land, man caves, and what have you. There are definitely some things we would like to change, but nothing major. I have a camp that is located away from our home and I can honestly say I leave ALL my worries behind when I get there. It truly is an escape for me. I have been under some extremely tight situations before, and I was still able to relax away from day to day living.

My wife is not pushing for a new build so you definitely have that as a consideration, but if it were me I would try my best to satisfy her with a second home and stay where you are. That is coming from someone who builds, go figure.
great advice right here
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Old 02-07-2015, 07:44 PM
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Originally Posted by RussH View Post
Good info, thanks for taking the time. I have the same feeling when I go to my boat, it's amazing how my whole mood changes when I get to the marina. Sounds weird but I'm thinking if I move to a lake home that this feeling will go away because it will become normal. Having a 2nd home to me is a "get away", a place I can always be happy.
Russ, you just answered your own question and you are very correct in your observation. Good luck.
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Old 02-07-2015, 08:01 PM
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Get the vacation home.

We got a vacation place about 18 months ago and it's been one of the best decisions of our life.

It's great for the family and to create memories.
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Old 02-07-2015, 08:25 PM
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Originally Posted by SouthernEER View Post
Get the vacation home.

We got a vacation place about 18 months ago and it's been one of the best decisions of our life.

It's great for the family and to create memories.
yep life is short
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Old 02-08-2015, 01:28 AM
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Originally Posted by RussH View Post
We are in a real dilemma trying to make a decision whether to sell our home and build a new home on the lake and have that as our only residence. Or buy a smaller home that would basically be a summer home. I want to buy a summer home that has a deeded dock to keep the boat.

Financially it's about the same. Our home will be paid off soon and we could probably get around $200K if we sell it. The lots we have been looking at are expensive as hell because they are on or very close to the water. We figured to buy the lot and build the house would be around $350K so we would have a loan for $150K.

We have looked at some smaller cottage type homes with deeded docks for $125-$200K, the smaller the cheaper they are obviously. We looked at a place today that was truly turnkey, it had been remodeled, new heat/cooling system, new kitchen, new roof, new vinyl siding, basically everything was new. It was small 756SQFT with 2 bedrooms 1 bath and a 1 car garage. Cost w/ deeded dock was $125K. The boat dock was about 200 yards away from the house and I thought it was perfect. Wife says it's way to small. I'm sure we could find something a little larger in the $150-$175K range but my wife is really leaning towards building a house.

I actually love our house that we have lived in for 30+ years. It's just the 2 of us now and the house is way bigger than we need but I love my man cave, I love that there is a farm field behind the house and a woods across the street. I simply don't want to sell it.

I'm sure many of you have had to make the same decision, what are the pro's and con's of either option?
Got to enjoy the ride with the new GF yesterday, as she got two offers for sales on the trip down, and listen to her conversations with the other agents and both her buyer and seller. . Shes a independent Century 21 agent.
One guy was asking 100 for his place, got offered 90, she knew he would complain, but she ask him something on the phone, I got tickled about. His place was on the market for almost a year, not the first offer, then this one came in yesterday. She ask him does he really want to cut the grass at those two places again this year. He accepted the offer, she was texting, faxing stuff cell phone and tablet going faster than I was driving , and I got to see it all from the cheap seats. You know,, leave the driving to us, part.

I can honestly say it depends on where you get on that lake Russ.
Had a beautiful place in LW, first 20 years, but 53 foot of waterfront and felt like I was living up north where you can her the neighbor three doors down, having sex on a summer night, you live so close together.

Totally agree with buying used, ver new, but make sure you don't jump into the water front, ver the place you really are looking for. It really does have a big bearing on how you'll feel about it down the road.

One size don't fit all, and just being on the water, if its the last home your going to buy, don't get it, if its not comfortable, and you feel cramped.

Stole my place, bid low, never expected to win, didn't even come up and look at it again for another two months, after I sent the check, then the 11 year build started.
At our age,, buy what you want to start with. No way in "H" I could work like I did in my 40s now on this place ..
And man are you kidding, you would get tired of it.

You only get tired of things if you find something better. Think about it.

Folks are busy, in the AM and miss a lot of sun rises, but everyone is home most of the time for a sunset and thats when the chilling and grilling come into play. . Find you a sunset home, on the water and don't ever say those words you mentioned again, about losing interested in it once your there.
Shame,, Shame on you.....

O YA,,, And do you really want to cut the grass at both places at our age ver enjoying that time off. .

Later........
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Old 02-08-2015, 03:10 AM
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Originally Posted by RussH View Post
We are in a real dilemma
Dilemma? Damn, wish I had such hard decisions to make...
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Old 02-08-2015, 03:55 AM
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As I get older I have no desire to keep up with 2 homes. That would seal the deal for me. I would negotiate the lake house as long as it's able to be modified. I would just put an addition on it, including a man cave and outdoor kitchen. 2 homes means 2 tax bills,2 sets of utility bills, 2 sets of furniture, 2 cleaning lady's (that may be a positive lol). Kinda like having twins
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Old 02-08-2015, 05:26 AM
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Condo in a nice little town as a primary and nice getaway on the lake for all to gather....at least that is my 10 year plan.
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Old 02-08-2015, 07:11 AM
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Second home might get you in a better position with Uncle Sam come tax time.
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Old 02-08-2015, 08:24 AM
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We bought a second home on the water back in 2002. During the week we live in the "city" but on weekends we go to our slice of heaven on the water and it feels like a vacation every time. My kids have grown up with both places and we have made so many family memories this way it has been amazing.

The flip side: two houses = double the headaches. Not saying I'd trade what we have, but it is hardly rainbows and ice cream all the time. Expenses, taxes, upkeep, etc. can take their toll.

We now rent our second house during peak season (winter months - we live in South FL) to mitigate costs, which helps a lot.
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Old 02-08-2015, 08:47 AM
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Originally Posted by Huntersun View Post
Russ, you just answered your own question and you are very correct in your observation. Good luck.
^^^^That is exactly what I thought when I read that response.
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Old 02-08-2015, 08:54 AM
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Originally Posted by RussH View Post
I would be fine with that but my wife hates them, she calls them aluminum cans.
Have a Realtor take both of you thru one on the canal. Might surprise her. They are vinyl, not aluminum
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