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Old 09-25-2019, 09:16 PM
 
Location: planet earth
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What do you think - pros and cons.

Very late sixties. No health problems.
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Old Yesterday, 12:37 AM
 
Location: on the wind
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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.
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Old Yesterday, 04:15 AM
 
Location: The Triad (NC)
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Quote:
Originally Posted by nobodysbusiness View Post
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.
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Old Yesterday, 06:04 AM
 
Location: NC
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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.
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Old Yesterday, 06:47 AM
 
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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.
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Old Yesterday, 06:50 AM
 
Location: Scottsdale, AZ
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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.
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Old Yesterday, 08:09 AM
 
Location: SoCal
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A lot of people at my pickleball court and bridge have second home. Palms Springs and Newport Beach is a combination I’ve heard mentioned often.
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Old Yesterday, 08:36 AM
 
Location: Tennessee
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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.
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Old Yesterday, 08:54 AM
 
Location: Living on the Coast in Oxnard CA
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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
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Old Yesterday, 09:30 AM
 
Location: Florida
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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.
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