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Old 01-05-2012, 09:15 AM
 
29,788 posts, read 34,889,516 times
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Quote:
Originally Posted by mathjak107 View Post
so far its been almost a year since we decided to sell the 2nd home and despite the fact its in one of the hottest areas and nicest developments no takers .

once the realization that that home which is paid for is costing us 10k a year to keep going plus another 10k a year in lost interest on that money tied up in the home it was enough to say this is just silly and lets sell it.

20k a year to have a 2nd home we dont use all that much coupled with biting our nails every winter worrying about the heat and power made it really not worth it once the novelty wore off.
Probably a difference in having the second home pre retirement and post retirement. Your situation is highlighted by your still working and counting on your investments for your income stream. As we have discussed before pensions have an advantage when coupled with the other legs. I understand everything you are saying and folks would do well to heed your thoughts if they are in a similar situation.
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Old 01-05-2012, 04:49 PM
 
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you are spot on with everything you said. i cant even ad to it.
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Old 01-05-2012, 04:53 PM
 
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Quote:
Originally Posted by KiwiKate View Post
I also own two homes and thought I'd enjoy the snowbird life in retirement. However, on top of the expense of property taxes, HOA fees and utilities for two places, I find that I'm less inclined to go back to my summer place than I thought I'd be. After almost two years, I'm settled into the community I moved to and don't like to be gone too long. Friends, volunteer work and hobbies make my winter place home and as soon as the market improves, I plan to sell my summer place. I'd certainly planned for the expenses but had not taken my need to put down permanent roots into consideration as I imagined my retirement.
excellent post. very well said.... its so true about roots. in fact im stealing your thoughts about that and adding it to my own reasons for no longer wanting 2 places.
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Old 01-05-2012, 05:35 PM
 
29,788 posts, read 34,889,516 times
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Quote:
Originally Posted by mathjak107 View Post
you are spot on with everything you said. i cant even ad to it.
It is interesting because we have discussed our personal situations so when you say things I am crystal clear what and why you are saying them. It is the same with others in the forum. It is interesting how when you know you can be so similar and so different depending on the exact conversation. I wish their could be a sub forum at times where we could really discuss things from our personal situations. That would be so much more helpful and informative. On another note do you expect any recommended portfolio changes anytime soon?
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Old 01-05-2012, 05:48 PM
 
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i dont expect much in the way of changes. it a market that cant be predicted or even pick stocks in . its all driven by events here and abroad.

the fidelity insight newsletter we get makes very good points about this in the new issue.
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Old 01-05-2012, 06:28 PM
 
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Here's my plan...no house. I plan on selling my "primary residence" and renting on the Jersey Shore for the summer and the Carolina's in the winter. Cut back on all "possessions" that I don't need or really want. No up keep, property taxes, etc, just some minor items and the clothes on my back. Banking and bill paying on line, cell phone should cover and car insurance and registration from the cheaper location. Great locations that the kids, friends and family will like to visit. I know it sounds like a "gypsy" lifestyle but it may work for me and the Mrs. I am looking at $25,000 a year in total "housing" costs with the ability to move out or on at 6 months notice. I am currently paying $8,000 in taxes and another $1,200 a month in gas, electric, cable etc so it should be almost push and I will have more "flexability" and better locations. The only issues I see may be MD and Dentist related but I will face up to those issues when they arise. Coments?

Last edited by caco54; 01-05-2012 at 06:48 PM..
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Old 01-05-2012, 07:06 PM
 
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Our current primary residence is on a lake in Michigan it was our cottage for years, until we sold our family home to build our retirement home in S Carolina. We bought a lot in S Carolina several years ago, and decided to build last year when costs fell almost 25% from the initial quotes before the bubble burst. Still have a couple of years before retirement so we take advantage of the SC house as often as we can.
Our plan is 7 months in SC, 5 in MI. Luckily both places are mortgage free. Expenses are taxes (pricey but not as much combined as my daughter paid for her small home in NY), insurance (hurricane-ouch but we built under 1500 sq ft and to the newer code so wasn't as high as we were told to expect), and of course double utilities.
We enjoy being able to walk into our own homes and having everything right where we left it. Traveling between our two homes involves an overnight bag as everything we need we have at both homes. For us I think that comfort of having our things at our 2nd home, not having to deal with the hassle of packing a car and u-haul full of items to a long term rental is the trade off. We may change our minds as time goes on and downsize to one home, but for now and I expect the next 20 years it is working out for us.
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Old 01-05-2012, 07:18 PM
 
Location: Prescott Valley,az summer/east valley Az winter
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I have had 2 residences for quite a few years~ visiting for vacation and renting out 2nd residence while I was still working. Sold my original house in Iowa in favor of MH in colorado a few years into retirement. It was a great move and I have many good friends there. Last year we found a great house here in Az in a guarded retirement comunity. Have found many freinds and activities here and it feels more like home than any place I've lived at in years. We haven't had a landline phone in years. Our Dish recievers go into the car as well as our laptop and quest router~ we have enough clothes, etc. that we really don't need to pack much. Az utilities are easy to stop as the have many snowbirds in area. Do not really worry about lawn upkeep at either house because we have no lawn, xeroscaping both homes. Do not need to remain in Valley during 110+ degree temps and haven't really dealt with snow in years and have no intention of doing so. There is some cost associated with having 2 residences but have planned it into my retirement planning. medical and dental works because it was also planned for ~ if I had to choose just one place to settle in I do not know which I would choose as I have some medical issues that would again raise their head (SAD) (allergies)

niether home is impressive and both are designed for retirement living~ and as both are in retirement communities the ammenities are provided and cared for by others. And my vote is definitely for conitueing my 2 residence living.
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Old 01-06-2012, 02:51 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,942,381 times
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Quote:
Originally Posted by BettyKatt View Post
I am so computer stupid. Hope I'm doing this message correct. We live in TN and just bought a home at Melbourne Beach, FL. Wondering if we should change our permanent residence to FL. In TN you have to pay a tax on investments. Just seems TN taxes a person to death because it does not have state tax. Just don't know what to do.
It's easy to become a Florida resident - harder to convince a state that has a state income tax that you're not a resident. Tennessee will tax you if your "legal domicile" is in Tennessee - kind of a fuzzy definition. I'd probably talk with a tax professional in Tennessee to see how the state applies this definition (reckon if you only spend a few months in Florida every year - it will be hard to convince Tennessee that Tennessee is not your "legal domicile"). Robyn
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Old 01-06-2012, 03:19 PM
 
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its easy to become a resident of any state you choose even if your not. but it could be both tax fraud and auto insurance fraud if its not your primary home .
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