How to Maintain Two Homes Efficiently

There comes a point in every successful person’s life where they imagine owning a second home. Maybe they’d like to keep their large family house and buy a condo in the city. Or they start vacationing at a place over and over. They think, “Why not just buy a second home here instead of renting every few months?” Or perhaps they have extra money sitting around. They look to investing in real estate instead of the stock market. Another option is to keep a home they receive in an inheritance. Or maybe they want a peaceful lake house or ski home. As said, there comes a point in nearly every successful person’s life where they imagine owning a second home. If this is you or you think it will be you, here’s an article about how to maintain two homes. While the economies of scale play in to a certain extent, there is still a lot of extra work in having two homes.

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The Day-to-Day Operations

Maintaining two homes can be a herculean task. Who will operate each home on a day-to-day basis? Consider getting a house manager for the location you spend the least time at. These can be found for around 8% of the rental value of the home. Or perhaps you can get this done for near free by asking a neighbor to take care of the house. You could pay them in a free service like garbage. You could let them use your WiFi. You could pay them in cash. Or perhaps Karma would be enough. There are plenty of people who will watch over a house while you’re away – as long as it isn’t in the middle of nowhere.

Rental Options

Wondering who will take care of the house may not be appealing to you. But money… is always appealing. Why not consider renting? You could rent the home whenever you’re not there. If you put the house on a service such as Airbnb, you may even be able to pay the entire mortgage (or have a great stream of passive income). For a hands-off approach, hire the aforementioned rental manager.

How to Keep the House Safe While You’re Away

As mentioned earlier, the more allies you have in the area, the better. Furthermore, consider getting a good alarm system. But if an alarm system is too expensive, just get a sign which advertises one. According to Consumer Reports, this will do the trick. They can be found online for as low as $10.

How to Run the Two Homes Economically

No matter how much money people have, they still want to save money. Before leaving a home for more than a few weeks, unplug everything. This will kill those pesky vampire electronics. It’s also a good practice for just getting familiar with all the outlets in your home. The ultimate goal here is to save money.

Consider buying a rental house with no lawn to mow. That can get expensive having to hire someone to do this summer after summer. Don’t feel the need to get top of the line appliances either. Remember, your appliances will be getting half the use as normal when you have two homes. You won’t be putting them to work enough to justify having top of the line equipment.

Final Word

Buying a home can either be very costly, a lot of renting hassle or both. But the joy having two homes can bring is immeasurable. If you’re doing well financially, there’s no reason not to keep two homes. Just remember to run them both efficiently. Happy house hunting!

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