Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'd imagine that depends on the old person. Ask 10 old people, get 10 answers.
As for myself I have no interest in owning or renting a second home. One is perfectly fine. If I want to travel I'll stay in a hotel/hostel/B&B, or whatever. Have no interest in worrying about or maintaining two places. KISS method approach to life.
Should an Old Person Rent or Buy a Second Home (Pied a Terre)?
Does this person have a need for it?
Do they have enough money to manage it?
In retirement... "enough" and "manage" seem to come down to
a) ongoing housing costs per MONTH -- which really shouldn't exceed X% of their net income; and
b) cash committed to RE ownership -- which really shouldn't exceed X% of their net worth.
Thread that needle (buying or renting) and you're fine.
This is a good question. I’m thinking the second home might be changed more frequently than the “home place” as a way of keeping life fresh. So renting for a couple years makes sense. Then if you end up preferring the new over the old, sell the old and buy in the new area.
I have pretty much always had two homes. I bought my townhouse condo at the ski resort in 1993. For the decade when I was in my 50s, I telecommuted from the ski place in the winter and the ocean place in the summer. When I lose interest in skiing, I'll probably snowbird instead. I'm not sure about the rent vs buy part when that happens.
When you live in a place like the Phoenix metro, where summer temps can reach 115 degrees, or Las Vegas, which is nearly as hot, it makes a lot of sense to have a second home. Some people spend the entire summer at their other place and don't return until the end of October. I don't think I'd be gone that long.
I do have a second home in California, but I don't like living there.
I think about where I'd like to buy another home. Currently my thoughts are centered around either South Dakota or Michigan's Upper Peninsula.
I guess it really depends on how much time you split between the two.
You can only be in one place at any given time. Personally, I'd have a primary residence and an "occasional" residence. Depending on your personal taste and what you are doing, it might be more economical to rent.
A former co-worker bought a boat and kept that as a second home. his slip fees were $300 a month and the boat was paid for. He did not pay the live aboard slip fees and could still stay on the boat 8 days a month if he wanted.
That worked out until he got married and his wife asked him to sell the boat. Turns out he would bring women to the boat and I guess his wife had been one of those women. LOL
Between having lived in Florida and Arizona, we have known many snowbirds. Sooner or later they tire of maintaining 2 homes. Then they usually sell the one where they keep the snow shovel.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
