We often help clients plan for the exciting milestone of buying a second home—whether it’s a cozy lake house, a beach retreat, a mountain cabin, or a warm-weather snowbird nest. It’s a dream for many, and rightly so. A second home can create priceless memories with family and friends. But there’s a lesser-known cost that tends to sneak up on people. I call it “The Second Toothbrush.”
It starts innocently enough.
“I’ll just leave a second toothbrush here, so I don’t have to pack it each time.”
Makes sense. A toothbrush costs a few bucks—what’s the harm?
But then it turns into a second toothpaste. Then a full set of toiletries. Next, you leave some clothes behind so you don’t have to pack. Then you need some tools—just in case. Eventually, you furnish the place, duplicate kitchen supplies, leave a set of golf clubs, and store seasonal items there.
Then it happens:
“I think we should just keep a car there so we don’t have to rent one or drive back and forth.”
Now you’re maintaining a second vehicle—registration, insurance, oil changes, maybe even inspections. Just like that, you’ve gone from a toothbrush to a full-blown second life.
Most people budget for the obvious expenses:
Mortgage or purchase price
Insurance
Property taxes
Utilities
Maintenance
But they overlook the creeping cost of duplication:
- Two grocery stocks
- Two wardrobes
- Two set of clothes
- Two sets of pots and pans
- Two wine openers
- Two internet accounts
- Two garbage services
- Two everything.
In addition to the “second tooth brush the other hidden cost we find people forget about is transportation costs—flights, fuel, or road trips. If you have to fly to the location and want to fly back for other events, how much will that cost? What if prices fluctuate? Even a camp that is 1 hour away and you travel there often can add up on gas prices, increase insurance on cars due to miles, and increased maintenance on cars, even buy cares more often. Over time, that adds up, especially with rising energy costs. And if getting there starts to feel like a chore, it can turn a dream into a burden.
The dream of a second home is absolutely attainable—you just need a thoughtful plan that accounts for more than the purchase price.
Want help planning your dream second home—and budgeting for your second toothbrush?
Let’s build your plan together. We’re here to help you enjoy the lifestyle without unexpected surprises.
So, if you’re planning to buy a second home, here’s what we recommend:
- Decide where you want it. Is this a beach you’ve always loved? A lake you visit every year? A place that brings you peace?
- Learn the market. What’s realistic for your budget, both now and long-term? Talk to local agents and residents. What is the costs of insurance and taxes in the area?
- Test it first. Rent for a month. Travel around. Do you really want to go to the same place every time? Consider how it affects time with kids, grandkids, and other trips.
- Create a budget for the known expenses. Include mortgage (if applicable), taxes, insurance, utilities, HOA fees, and routine maintenance.
- Build in a “Second Toothbrush” budget. Account for all the little things that slowly add up—two of everything.
- Set a travel budget. Include flights, gas, rental cars, and any ongoing transportation to and from your second home.
- Stress test it in your financial plan. Make sure your long-term goals still work with this new lifestyle.
Lastly ask yourself is this a wish or a dream?
The allure of having a second home can quickly turn into a burden if you find yourself not using it and those funds could be used for other things you love like traveling the world, gifting, buying things or spending time with friends.
The average lake house owner visits their property less than 7 times a year, with only 29% planning to visit more than six times per year. 1
1 study by Pacaso https://www.pacaso.com/blog/second-home-attitude-report-2022
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