If you do this, how do you justify wasting money on rent in NYC year after year. Will you retire to Hamptons house in the future ? Do you rent it out ? How did you choose to buy a house but rent an apartment. ?
+2, the ratio of buy to rent has been so out of whack for long time, for those unsure they will stay long term, it doesn't make sense to buy. Our rent was about half of what it would cost to buy and maintain the place. Also, a house in the Hamptons offers rental income for the summer if need be and you can still use it for some time.
We do this. Financially it can make sense. The reality is that you can buy a nice house in the Hamptons for $2mm, but you can't get a nice 3 bedroom in Manhattan for that price. But you can rent a 3bd for $10k (now $8k!).
We are considering this. We can float 10k/month in rent and a 7k mortgage comfortably. younger DC so don’t feel comfortable buying in city until we know where they are going to school. Also, it’s kind of nice renting now (our rent hasn’t increased in three years) since young kids are hell on an apt.
I really wish we rented for this reason. Gut renovation just 3 years ago and it can sure use some touchups with our 2 young boys. Floors all scratched up.
I'm the poster above who does this and we go for space over finishes, so we have 3500 interior and a huge roof deck for 10k. It would totally be 30k if it were updated. And we picked an old house in an uncool area so we paid 650k for 5000 sq ft and 50 acres.
Oh ok. Doesn't sound like a waste the way you described it. On an aside/ do you find it difficult to manage the country house because you're not always there? The repairs etc that go with that - that's what I am dreading
We have a live-in caretaker. We're slowly going through and remodeling but haven't had to deal with many repairs of the things we have purchased. We never finish painting the fences though.
? Why don't you have to deal with repairs? You're saying you rent a duplex and own a country house? Also - OP - why only the Hamptons? I personally do not like the vibe and would bet you could get something nicer elsewhere.
We spent a fraction of what an apartment would cost on a country house. We get to move whenever we feel like it, don't have to deal with repairs and can easily find a better deal when the market changes. We have a 3500 sq ft duplex for the maintenance of most comparable places and we kept the down payment cash for more diversified investing.
+2, the ratio of buy to rent has been so out of whack for long time, for those unsure they will stay long term, it doesn't make sense to buy. Our rent was about half of what it would cost to buy and maintain the place. Also, a house in the Hamptons offers rental income for the summer if need be and you can still use it for some time.
We do this. Financially it can make sense. The reality is that you can buy a nice house in the Hamptons for $2mm, but you can't get a nice 3 bedroom in Manhattan for that price. But you can rent a 3bd for $10k (now $8k!).
We are considering this. We can float 10k/month in rent and a 7k mortgage comfortably. younger DC so don’t feel comfortable buying in city until we know where they are going to school. Also, it’s kind of nice renting now (our rent hasn’t increased in three years) since young kids are hell on an apt.
The people I know who do this are super rich. Like 30k a month rentals.
Oh ok. Doesn't sound like a waste the way you described it. On an aside/ do you find it difficult to manage the country house because you're not always there? The repairs etc that go with that - that's what I am dreading
? Why don't you have to deal with repairs? You're saying you rent a duplex and own a country house? Also - OP - why only the Hamptons? I personally do not like the vibe and would bet you could get something nicer elsewhere.
We spent a fraction of what an apartment would cost on a country house. We get to move whenever we feel like it, don't have to deal with repairs and can easily find a better deal when the market changes. We have a 3500 sq ft duplex for the maintenance of most comparable places and we kept the down payment cash for more diversified investing.
I dont know anyone who is doing this .