Buying on Winnipesaukee: An emotional decision or a logical one?

DesertDweller · 04-20-2015, 10:14 PM

I went through what you did a few years ago. My personal opinion is that from a purely monetary standpoint I don't think the math on buying a second home pencil's out very well unless you use it a lot. I am a CPA for a living and this is the part I struggled with the most. The part that does work out very well is the beauty of the area and my absolute enjoyment and relaxation I get each and every time I come up. It's really nice not having to drag all of your crap around when you have your own place and you can leave all of your personal effects at your own place. The other part that is really nice is that my parents and other family members get to enjoy it as well. Last but not least is that I have made a lot of really nice friends along the way. My advice would be to make sure you know where you want to buy and consider renting in that area to make sure. We rented for 8 years or so before we finally pulled the trigger. My other advice to you would be to be patient in the buying process. My personal experience is that a lot of sellers think their homes are worth a lot more than they are. We made a few offers on homes that ultimately sold for less than we offered.

Greene's Basin Girl · 04-20-2015, 10:36 PM

If you work in Southern NH then you could commute from the Lakes Region. Have you ever thought of selling your home you reside in now and moving permanently to the lake. Many of us live here year round.

upthesaukee · 04-20-2015, 11:51 PM

My folks lived in Reading MA, and in the summer during the week they would get out of work, drive up to the lake, make a sandwich or get some takeout, jump on the boat and get out on the lake. If it was warm, maybe even take a dip, and then after it got dark, head on home. It was about an hour and 40 minutes each way. For them, the time traveling was a time for conversation, and then they were at the lake, and enjoyed their time up here, even if it was only a couple of hours.

I agree with the poster about living in Southern NH...it is a short ride up to the lake for an evening here and there.

On the other hand, if you do not feel that you would not get full use out of the lake house, then don't get one. Instead, rent one for a couple of weeks or a month (commute to work as necessary) and see if it makes sense to buy.

Good luck with your decision.

Island Girl · 04-21-2015, 12:23 AM

My parents built a little house on a lake in MA beginning when I was 6 years old. We left for that house the day school got out and came home the day before school started. We lived an hour away when I was little, then about half an hour away when I was a teenager.

The little house on the lake gets rented out each winter for 9-10 months, often to local teachers or other seasonal people. That always paid for the house and its upkeep.

My dad commuted the extra time to work and took two weeks off in the middle of the summer. We were lucky as my Mom did not work outside the house.

Growing up on the water was the most wonderful way to live. We played in the water, fished, took the boat out and explored the woods all summer long. We had summer friends who also lived there. Cousins visited each weekend which was great fun. When my dad came home he took us waterskiing. I treasure those memories. I also learned a lot since my Dad was building the house while we lived there.

We still have that house on the little lake and my grandchildren are now collecting memories with their cousins.

I have my own place on an island in Winnipesaukee. Growing up with boats... having my own just seemed a natural transition in my later life. It is my little piece of heaven and worth the money. It is very modest but provides as beautiful scenery as a multi million dollar property.

We rented on Winnipesaukee for two weeks in 1999 and immediately signed up to rent the house for two weeks the following summer. While riding around we saw this little camp for sale and moved in 30 days later. Best decision ever!!!

Good Luck with your decision

IG

winnipiseogee · 04-21-2015, 06:12 AM

I bought a house on winni about a decade ago before getting married or having kids. At the time (2003) I could rent it for most of the summer and pay almost all of the expenses. I used the house personally one week in the summer then a lot in June/Sept and the winter. At that time it made a lot of sense.

Then I got married and we moved here year round..... I did the math and there was no way I could justify it. I calculated it was costing me $6,000 a month all in to live on the water (vs. an off the water house) and there was just too many other things I could be doing with that money.

We had kids about 4 years ago and I really started to miss being on the lake. Without kids a boat and a slip was good enough but now we wanted easier more convenient access.

For us the right choice was a house in a water access community that had decent views of the water (we are about 150 feet from the lake). It cost us about 1/4 what a non-access type of community would and the only loss is we share the beach. And actually the community has a much nicer beach than we could have possibly afforded if we bought our own private beach.

Because my wife and I are both self employed its easier to take a sunny wednesday off and work on a saturday when its too crowded. If we absolutely had to have all our friends up for a 4th of July BBQ it would be problematic.

Its still not easily justified financially but its a lot better than a straight up "house on the lake".

Oh and what I really wanted was an island place but the boss said no way no how!

04-20-2015, 11:51 PM	#3
upthesaukee Senior Member Join Date: Jan 2003 Location: Alton Bay Posts: 5,602 Blog Entries: 2 Thanks: 2,468 Thanked 1,983 Times in 1,083 Posts	time is relative... My folks lived in Reading MA, and in the summer during the week they would get out of work, drive up to the lake, make a sandwich or get some takeout, jump on the boat and get out on the lake. If it was warm, maybe even take a dip, and then after it got dark, head on home. It was about an hour and 40 minutes each way. For them, the time traveling was a time for conversation, and then they were at the lake, and enjoyed their time up here, even if it was only a couple of hours. I agree with the poster about living in Southern NH...it is a short ride up to the lake for an evening here and there. On the other hand, if you do not feel that you would not get full use out of the lake house, then don't get one. Instead, rent one for a couple of weeks or a month (commute to work as necessary) and see if it makes sense to buy. Good luck with your decision. __________________ I Live Here... I am always UPTHESAUKEE !!!!

04-21-2015, 12:23 AM	#4
Island Girl Senior Member Join Date: Jul 2002 Location: Central MA Posts: 2,352 Thanks: 18 Thanked 535 Times in 179 Posts	Lifetime of Memories My parents built a little house on a lake in MA beginning when I was 6 years old. We left for that house the day school got out and came home the day before school started. We lived an hour away when I was little, then about half an hour away when I was a teenager. The little house on the lake gets rented out each winter for 9-10 months, often to local teachers or other seasonal people. That always paid for the house and its upkeep. My dad commuted the extra time to work and took two weeks off in the middle of the summer. We were lucky as my Mom did not work outside the house. Growing up on the water was the most wonderful way to live. We played in the water, fished, took the boat out and explored the woods all summer long. We had summer friends who also lived there. Cousins visited each weekend which was great fun. When my dad came home he took us waterskiing. I treasure those memories. I also learned a lot since my Dad was building the house while we lived there. We still have that house on the little lake and my grandchildren are now collecting memories with their cousins. I have my own place on an island in Winnipesaukee. Growing up with boats... having my own just seemed a natural transition in my later life. It is my little piece of heaven and worth the money. It is very modest but provides as beautiful scenery as a multi million dollar property. We rented on Winnipesaukee for two weeks in 1999 and immediately signed up to rent the house for two weeks the following summer. While riding around we saw this little camp for sale and moved in 30 days later. Best decision ever!!! Good Luck with your decision IG __________________ Island Girl ....... Make Lemonade

04-20-2015, 10:14 PM	#1
DesertDweller Senior Member Join Date: Aug 2011 Location: Las Vegas, NV and Moultonborough, NH Posts: 384 Thanks: 26 Thanked 88 Times in 74 Posts	I went through what you did a few years ago. My personal opinion is that from a purely monetary standpoint I don't think the math on buying a second home pencil's out very well unless you use it a lot. I am a CPA for a living and this is the part I struggled with the most. The part that does work out very well is the beauty of the area and my absolute enjoyment and relaxation I get each and every time I come up. It's really nice not having to drag all of your crap around when you have your own place and you can leave all of your personal effects at your own place. The other part that is really nice is that my parents and other family members get to enjoy it as well. Last but not least is that I have made a lot of really nice friends along the way. My advice would be to make sure you know where you want to buy and consider renting in that area to make sure. We rented for 8 years or so before we finally pulled the trigger. My other advice to you would be to be patient in the buying process. My personal experience is that a lot of sellers think their homes are worth a lot more than they are. We made a few offers on homes that ultimately sold for less than we offered.

04-20-2015, 10:36 PM	#2
Greene's Basin Girl Senior Member Join Date: Sep 2009 Location: Moultonborough, NH Posts: 1,515 Thanks: 394 Thanked 527 Times in 269 Posts	If you work in Southern NH then you could commute from the Lakes Region. Have you ever thought of selling your home you reside in now and moving permanently to the lake. Many of us live here year round.

04-21-2015, 06:12 AM	#5
winnipiseogee Senior Member Join Date: Apr 2009 Posts: 297 Thanks: 67 Thanked 152 Times in 79 Posts	I bought a house on winni about a decade ago before getting married or having kids. At the time (2003) I could rent it for most of the summer and pay almost all of the expenses. I used the house personally one week in the summer then a lot in June/Sept and the winter. At that time it made a lot of sense. Then I got married and we moved here year round..... I did the math and there was no way I could justify it. I calculated it was costing me $6,000 a month all in to live on the water (vs. an off the water house) and there was just too many other things I could be doing with that money. We had kids about 4 years ago and I really started to miss being on the lake. Without kids a boat and a slip was good enough but now we wanted easier more convenient access. For us the right choice was a house in a water access community that had decent views of the water (we are about 150 feet from the lake). It cost us about 1/4 what a non-access type of community would and the only loss is we share the beach. And actually the community has a much nicer beach than we could have possibly afforded if we bought our own private beach. Because my wife and I are both self employed its easier to take a sunny wednesday off and work on a saturday when its too crowded. If we absolutely had to have all our friends up for a 4th of July BBQ it would be problematic. Its still not easily justified financially but its a lot better than a straight up "house on the lake". Oh and what I really wanted was an island place but the boss said no way no how!