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I am about 4 years away from retirement. Married no debt. Three kids out of college, also debt free and on their own. My wife thinks I am nuts as so do some of my friends but my thought would be to sell all assets (home, furniture) except car and rent on the Jersey Shore for the summers and some where warm in the winter (NC, SC, FL, AZ). No taxes, utilities, repairs etc. No furniture, home, "things" for the kids to sell off after my death. Move clothes and some personal possessions between locations. I will have adequate funding for travel, "visiting", etc. Thoughts?
Rent vs. no mortgage??? We also have no mortgage and all we'd gain from renting (we've thought about it) is we'd lose the taxes. The utilities would follow me wherever we'd go and we'd be swapping no mortgage for pricey rents.
I think it's a great idea. I'd love not to own real estate and furniture, not to have to worry about maintenance. I'd love to go to a new location every fall and every spring, try out different parts of the country.
One thing about your post troubles me, though: Your wife thinks you're nuts. How are you going to be able to reconcile your position with hers?
How to handle the wife...drugs, it worked 35 years ago should work now. Just kidding, I think the Shore thing satisfies her and the warmer climate should keep us both happy. Kids will be in different locations around the US but she wants to be close when they are married and grand kids come along. I look at it as a flight or long drive away. Once again the funding will be there for extensive travel as there will be no money "tied up in real estate".
I'm with your wife. You'd have to be moving what's left of your "household" every six months. I can't imagine moving every stitch of clothing and pair of shoes....every photo album I've lovingly put together over 40 years.....every file folder of important papers.....every piece of memorabilia, etc. etc. etc., a couple times a year. I don't think I could downsize enough to make that feasible, or even appealing from a physical energy standpoint.
Key is total "downsize", one suit for weddings, funerals and to be laid out in. No cold weather clothing to speak of, five or six pairs of shoes. No new clothing purchases unless something is thrown out. I am thinking of a "clean ending" for my kids. Cash out the accounts and think of me kindly.
I have just begun a new chapter in my life. I have owned 3 homes as a married woman, and now am alone. I sold my home in Texas and moved in with my beloved niece. By our age (empty nester age) we all have TOO MUCH STUFF!!! I had a moving sale, sold almost all furniture and unnecessary decor, and still have boxes coming out the ying yang (like my old school vocab???). LOL. Anyway, I am now a renter for the first time in my life. I am still getting used to this new time in my life, and actually wish I could do what the OP wants to do, chuck everything materialistic and not be tied down by stuff. I wish you the best in achieving your goal.
100% agree with the ~too much stuff~ crowd. !00% agree with the ~your spouse's opinion matters~ crowd.
Surely there's medium ground? What is it you want from us?
We have friends that sold their NJ condo and FL small SFH, in the past couple years. They rent a similar SFH in same FL golf community where their previous house was, and rent a joint on the Jersey shore for a few months in summer. They have two rented storage units full of much of their furniture, memorabilia and 'stuff'.
They spend 6ish months in FL and <6 months at a Jersey shore rental...
I can see no econ benefit, (both their former housing situs were mort free), and their current chosen life style may not suit many. I guess it can be done, and it is not my life style, but everyone has their own bag.
As for having two houses/condos in two different locations and climates, there are literally pages of threads on the topic. We do, and while it is a bit more problematic every year, as we get older, it is certainly 'doable' by us, and by hundreds of thousands of other people.
GL, mD
Well, speaking from the feminine side, having too much stuff is one thing, downsizing is great (I've done it), but having no place to call "home" would be difficult. We're snowbirds, so move back and forth, but own in both places. That means that my kitchens are set up the way I like them, we have personal touches, pictures, memorabilia in both places, and to some extent leave clothing both places too. I just wouldn't like the impersonal, ephemeral feeling of renting both places.
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