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If I had $600k to spend, I would move to The Villages in Florida, and spend $350-450k on a house and enjoy the amenities of the area. If you are concerned about your healthcare, then you would need to take that into consideration too.
You bring up a very important piece to the retirement puzzle.
F) Forget homeownership altogether and live full-time on a cruise ship (just kidding, but not really)?
Have fun spending my money! What would YOU do?
Variation on the theme - get a cruising catamaran / houseboat, and tour Eastern America via the Great Loop route.
https://oceanservice.noaa.gov/facts/great-loop.html
The Great Loop is a continuous waterway that recreational mariners can travel that includes part of the Atlantic, Gulf Intracoastal Waterways, the Great Lakes, Canadian Heritage Canals, and the inland rivers of America's heartland. Anyone who completes the journey is then named an official 'Looper.'
. . .
There are innumerable side trips and navigable waterways to explore - the Ohio river, the Tennessee river, and so on.
In the "old days," I was enthusiastic about the Heavenly Twins, a cruising catamaran that was quite a capable vessel. (had an unusual cockpit amidship, and twin bunks in the stern.)
Shallow draft, but suitable for oceanic crossings, a very good design she was. https://www.nauticapedia.ca/Articles...er_Account.php
Single-handed Circumnavigation of the Globe in the Smallest Catamaran in History...
Last edited by jetgraphics; 11-15-2023 at 01:10 AM..
No beachfront. As someone that lives near the east coast, I've seen enough storm damage to never want to live on the oceanfront.
No mobile homes. Definitely more risky in storms.
Hence the uninsured mobile home, which would ideally also be 55+. No high insurance costs, no worries. Storm comes, I evacuate and replace it if it's destroyed. I could buy five or six of those for what a nicer place -- and/or insurance -- would cost me! Lot rent is generally reasonable (unlike other rents, which are skyrocketing). I don't care what kind of hovel it is; I just want to end my days by the sea.
Last edited by otterhere; 11-15-2023 at 05:36 AM..
Just to add to what's been said, living on the beach pretty much anywhere east coast but especially NC and south brings a months-long anxiety every hurricane season. It's not just the chance of your home being destroyed, it's also knowing that you may have to pack up, board up and evacuate with a few days notice pretty much anytime for three or four months every year. Even if the storm doesn't hit, the hassles of prepping and unprepping and the stress of worrying about having to do that becomes a bigger and bigger burden as I age. Have lived oceanfront most of my adult life and can't imagine living elsewhere but it comes with a mental toll. Had I not been doing it for decades already I can't imagine putting myself in that position late in life. The relief every November after a no-storm year is amazing.
We're looking at the same issues; here's stuff we're considering:
If you own two homes, you'll need someone to at least check up on the empty one.
While insurance pays for storm damage or vandalism, if there is further damage because you didn't fix it promptly, insurance won't pay for that.
You'd probably need a property management company if you're renting out either, to find renters and respond to their problems.
You mention your current home is kind of a throw away (mine, too); it's not going to rent for a lot, and may attract undesirable tenants.
We're in the desert, want to be gone for summer, the worst time to find a renter here. Might be different where you are.
Hubby wants to buy in a mobile home park because the neighbors will watch out for us. Um, yeah, while they're breaking into our house...
And having neighbors that close would make me nuts. And park rules can be ridiculous.
I think we should commit to the Coast, and sell the desert, or keep living in the desert and rent on the Coast every summer.
I gotta say, the cruise option sounds pretty good. Right on the water, somebody else does the cooking...and I understand they usually have good medical care onboard.
C) Keep that money in savings/investments earning at least 5% interest and just take a lot of vacations until ready to relocate full-time? However, hotel costs/rent add up, and I'd have nothing to show for it afterwards.
A variant of this, minus the travel (save for inexpensive road-trips). Save your money! While lacking any burning impetus from some great leap, isn't it better, to remain sessile and passive, waiting?
Quote:
Originally Posted by StealthRabbit
Burning daylight takes on more seriousness as we age on the logarithmic scale.
Eventually, choices diminish. +/-
Disagree. Options broaden as we get wealthier, when opportunity-costs diminish, and when shorter remaining expected longevity bestows on us a greater release to spend (and potentially to blunder).
Speaking personally, if I could wave a magic wand and instantly age 10-15 years, the situation would immensely improve - and options would proliferate.
Quote:
Originally Posted by Parnassia
Meanwhile, the world keeps turning and the target keeps moving so there's never an answer.
This is true for many of us. More important than reaching some concerted decision, is simply to run out the clock.
Quote:
Originally Posted by Wile E. Coyote
I would stay where you have people.
What if it happens to be the case, that one has no people?
We're looking at the same issues; here's stuff we're considering:
If you own two homes, you'll need someone to at least check up on the empty one.
While insurance pays for storm damage or vandalism, if there is further damage because you didn't fix it promptly, insurance won't pay for that.
You'd probably need a property management company if you're renting out either, to find renters and respond to their problems.
You mention your current home is kind of a throw away (mine, too); it's not going to rent for a lot, and may attract undesirable tenants.
We're in the desert, want to be gone for summer, the worst time to find a renter here. Might be different where you are.
Hubby wants to buy in a mobile home park because the neighbors will watch out for us. Um, yeah, while they're breaking into our house...
And having neighbors that close would make me nuts. And park rules can be ridiculous.
I think we should commit to the Coast, and sell the desert, or keep living in the desert and rent on the Coast every summer.
I gotta say, the cruise option sounds pretty good. Right on the water, somebody else does the cooking...and I understand they usually have good medical care onboard.
That is a bad stereotype, we lived in a mobile home park for a few years, & the neighbors were great, it was a nice community & we did look out for each other. Some units are further away so not on top of each other.
We decided not to move back into one, because did not like paying the lot rent. But they serve their purpose for many people, & it's time we moved on from old stereotypes of trailer trash.
Hence the uninsured mobile home, which would ideally also be 55+. No high insurance costs, no worries. Storm comes, I evacuate and replace it if it's destroyed. I could buy five or six of those for what a nicer place -- and/or insurance -- would cost me! Lot rent is generally reasonable (unlike other rents, which are skyrocketing). I don't care what kind of hovel it is; I just want to end my days by the sea.
How many days do you spend at the ocean now?
One thing about natural disasters is they are destructive and so that renders the entire area unlivable for a period of time. So, even if you could afford to not insure a mobile home and replace it there would likely be bigger issues. There's environmental and structural issues.
I think it sounds kind of dreamy living by the ocean. I used to think I would retire at the coast too. But, the more I looked at it the more I realized how high maintenance it is on a house and car. You do kind of need money to burn.
You don't want to go now, you have friends and hobbies you aren't willing to give up now. What makes you think you will be willing to give them up later? Why can't you do your hobbies on a new location; make new friends?
You don't say how old you are. That makes a difference. Easier to uproot yourself at 50 than 70. Easier at 70 than 80. If there is a natural disaster and you find yourself with your home destroyed, the younger you are the more energy you have to deal with it. Have you ever observed older people dealing with significant change?
Also, have you ever been a landlord? Do you want the hassle? You can hire a property management company but they aren't all created equal. Some fo not do a good job. I've several friends that switched companies several times once their contracts were up.
If you really want to move I suggest taking vacations in the areas you are interested in. Look at the neighborhoods and house prices. Maybe rent for a year when you find an area you think suits you so you can see what it's like year round.
As others have said, we don't know what you want. Doesn't sound like you do, either. And don't expect to find perfection. But my bet is the longer you put off moving the less likely you will do it.
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