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I'm a retiree looking to eventually relocate to the coast and have, let's say, $600k that I'd be comfortable spending toward that (keeping enough in reserve), paying cash. I eventually want to live nearer the ocean full-time, but I still have people/hobbies in my present location I'm not entirely ready to give up yet. Would you:
A) Put it all into a nice beach property (SFH or condo) I could rent out when not there myself? If the income were sufficient, I could even sell my home here and just rent in my current location instead. Once the new property was my primary/sole address, I'd get a reverse mortgage for extra income, having no heir to leave my assets to.
B) Put just a fraction into a not-so-nice property (mobile home) simply to have a place to stay versus hotels when visiting? Depending on insurance rates in that location, I would self-insure it (no mortgage) if the cost of it were prohibitive.
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.
D) Buy into a 55+ community since I'm basically alone in the world and would/need like that "support system" as I age, possibly can't drive, am less active, etc.? I believe that would preclude the possibility of renting it out, however, and maybe also the reverse mortgage (not sure), and I'd be mandated to insure it through the HOA, however expensive hurricane and flood may be.
E) Buy a nicer home HERE (my current is kind of a throw-away) and rent that out while snow-birding there using the rental income to pay for those extended annual vacations?
F) Forget homeownership altogether and live full-time on a cruise ship (just kidding, but not really)?
A vacation/beach home you'd rent out would become a drag if you're more than a couple hours away. If you VRBO it people would want to rent it at the same time you'd also want to use it. Now it's a business and not a retreat.
The other options would depend on your tolerance for hassle and, in a couple of examples, your liking for living out of a suitcase.
I'd choose C until you figure out where you want to set up more permanently.
If you're not a handy person or don't want to deal with maintenance, would you consider just renting wherever you end up? Yes there is an ongoing cost, but so is homeownership with maintenance. What did it matter if "have nothing to show for it afterwards" when you have not heard to leave things to?
The cruise things isn't a bad idea if you have good health and the math works. I'm personally not a cruise person, but others love the idea.
Maybe do some snow birding this year to get a feel for the various over 55 communities that you might be interested in. You can usually do some sort of lifestyle visit and some even have short term rentals of a month or more which would allow you to get a real feel for the place. It would also give you a realistic feel for how traveling in between your current home and the community would look like for you.
I don't think you should get an oceanfront property because the tropical storms and occasional hurricanes can cause flooding, power outages and at times you have to evacuate. It's a part of coastal living that I'm not sure you would be up for. Plus, the insurance has gotten nuts lately.
For you, I would look inland in an area that still puts you into relatively quick proximity to the beach - maybe an hour or two away.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Simplify! As we age, things can get complicated.
No rush.
Keep your powder dry, and available until you find the right spot for your next 10 yrs.
Strive to get out and about often and for extended periods, so you can discover the new you, and the new location that fits. Or become content where you are.
Burning daylight takes on more seriousness as we age on the logarithmic scale.
Eventually, choices diminish. +/-
If you have something that is a burning desire.... Do it.
Try a relocation cruise as a sampler. I'm seeing many under $50/ day. Saw one last night for $22/ day for 14 days.
You might want to find a home with multiple spaces (studio, MIL cottage...) I find the flexibility for renting it out when I want to be gone, extra space for long term guests, potential space for future caregiver (or elderly parent or friend) to be a handy feature.
Lease in a couple 55+ communities. Some are great, some not so great. Some people just can't be squeezed into that box. For others, it revitalizes their physical and mental life.
Gotta get out and discover what interests you (realizing it may be very different than what you currently imagine, and is very likely to change a few times as you age.)
Good luck.
Head out today, or at least make a definitive plan for the next step.
Then follow through and enjoy the journey and discovery.
Simplify, pursue your pleasures, accept new challenges as revealing future joys.
Large over 55 community is a yes. I say large on the assumption the larger the community the more activities and service's that are available.
By the ocean has a good possibility of huricane damage and very high insurance costs. Be sure you consider these.
I would pass on the mobile homes on the coast due to hurricanes.
I would look inland and drive to the beach when I wanted to go.
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