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For each home, you have to essentially buy duplicates. Furniture, insurance policies, utilities, taxes, etc. this is a major cost sink and you can only be in one place at a time.
And Murphy's Law states that an emergency will always happen at the home you are NOT in at the time
For each home, you have to essentially buy duplicates. Furniture, insurance policies, utilities, taxes, etc. this is a major cost sink and you can only be in one place at a time.
Last month, had to replace water pipe to the road from the mountain house, to the tune of about $3000. And add to that the water bill of $486, which of course, no one was willing to mitigate.
I will have to say, it could have been so much worse if not for a very caring meter reader who reported that our meter was "spinning" despite no one being at the house. If he hadn't taken that upon himself to report . . . I shudder to think about that water bill. And with freezing weather - who knows what other damage with that much water pouring around the foundation of the house.
If you can't pay for the mortgage on a second home comfortably (without renting it) and/or you don't have the reserve cash for repairs, then you better not buy a second home.
The ideal is to pay cash for a second home, or to buy it 25 years b/f you retire and have it paid off going into retirement.
Or - as someone else suggested, sell your home and invest in 2 smaller properties. In any scenario, the bottom line still remains the same . . . don't rely on someone else renting (things don't always work out! damage to property, too!) . . . have a nice emergency repair fund, as there WILL BE emergency repairs, and make sure you are investing in property you can re-sale, if you decide two homes are not as convenient as you had anticipated, or if a spouse dies and the other doesn't wish to keep up the travel back and forth.
Whatever you do, don't buy something without thoroughly checking out the area as well as the property.
For many folks, the better solution is to lease a second home or condo and then get a feel for the area and decide whether that is really where you want to be and if owning more property is going to be the best solution for 1/2 year residency.
Our main home is relatively modest and paid off. We thought about getting an RV to travel during the winter months but a small condo in the sun and near golf courses made more sense to us -- finically and lifestyle-wise. I was lucky to be looking to buy in AZ when prices were still down. The property tax is very reasonable.
When we are tired of heading south, we should be able to recoup our money, unlike with an rv.
At about 8 miles to the gallon, I cannot see how RV'ing is affordable.
No house payment or rent. No property taxes.
Here are my typical expenses:
Electricity - almost entirely solar but I run a generator once in a while for extended cloudy days or for A/C. Maybe $5/month.
Propane - I need a $12 refill about every other month. This handles hot water for daily showers, washing dishes, and also covers occasional use of the furnace.
RV parking - I averaged $7/night with my senior pass for the national parks. When traveling I often stay at Walmart parking lots at no cost. I rarely stop at RV parks.
Water/dump station - no charge, provided at campgrounds and sometimes at rest stops.
Fuel is my big expense. The average has been $4/gallon for diesel and I get 12-14 mpg. Obviously costs can get high when traveling long distances. I don't travel long distances on a regular basis. I also don't stay at the same location more than a few weeks and I travel short distances almost every day. Total for each full year of RV travel has been about 20,000 miles. That comes out to about $500/month. Add in another $500 to cover insurance, maintenance, tires, wear and tear. But remember you would also have many of those expenses with a car. When I worked I used to spend nearly that amount for commuting and way less than property tax on a modest house on Long Island. Many people who are fulltimers travel a lot less than I do. Many RVers also tow a small compact car to greatly reduce fuel use.
Other expenses are pretty much the same for RV or fixed living: food, healthcare, insurance.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by jrkliny
No house payment or rent. No property taxes.
...
Fuel is my big expense. The average has been $4/gallon for diesel and I get 12-14 mpg.
... Many RVers also tow a small compact car to greatly reduce fuel use.
...
Quite a few RV'rs use Grease / WVO, especially Skoolies. Tow a 50 mpg grease burning Diesel Rabbit for extra FREE travel.
Some Skoolies carry their own Appleseed processor (<$100) on board if they prefer the direct diesel replacement of Bio-Diesel. (~$1/ gal if you get free grease).
I just use discarded heating oil or Jet-A (often ez to get)
There are fuel 'networks' for people "on the road" looking for free fuel / feedstock.
My Class C Motorhome only gets 18 - 20 mpg, so I like to use my TDI Passat and a teardrop ~ 44mpg when towing (or better yet... $10 / night guest homes). I can still get over 1000 miles per fill even when towing (poor mileage).
Thanks, all of you. Lots to think about. Really want to be in both places. Our former house is sold and we are currently weighing all the pros and cons. I feel one house to live in and rent for six months in the other place. Sigh. Will see what happens.
How does one live six months in one place and six months in another without going broke? My husband and I would like homes east and west. How can we do this? We have family in both places.
Some people have enough money to have two homes; most people don't. It is also possible for a house to have been inherited.
How does one live six months in one place and six months in another without going broke? ...
Helps to have both places paid for, no debt of any kind, and a good portfolio...not being a smug smartazz, but it is very doable if one has the financial means and chooses that dual location lifestyle.
We have had two houses since '05, (actually had 3 for about a year until we sold our previous SW FL house), and it has it's advantages and disadvantages, as many threads on this forum note.
It is a slight PIA, with logistics, having nearly 'two of everything', shutting one place down every half year, double expenses, etc. We don't rent either house out...
If one is stretched, there are methods as suggested in previous posts, but if one has the financial capability, it is a choice for us as long as we choose to have both homes.
Living on a mtn ridge at 5,000 ft elevation in far western NC is very fine, late April to mid Nov, as is SW FL during the reciprocal time.
GL, mD
How does one live six months in one place and six months in another without going broke? My husband and I would like homes east and west. How can we do this? We have family in both places.
I guess the critical element is have a sufficient income.
We own one home in northern Utah and one in southern Utah. We never rent out either. We haven't retired yet and my wife will retire before I do in about four years. I suspect ultimately we will spend about six months in each home. The two are about 300 miles apart.
I feel fortunate we are in the situation we are in and can afford to do this.
The suggestions you've gotten about renting the home out when you aren't using it are good suggestions. Of course, being a landlord is not the most desirable occupation in the world.
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