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That's my plan, but then I think... Maybe I should keep my house here and rent it out, at least until I've bought another one wherever I end up. Maybe I'd want to come back and visit. Maybe I'll live here part-time and in the other place the rest of the year... How many have just quit their former destinations cold turkey, never to return, versus making a partial or gradual transition, and how did it work out for each?
That's my plan, but then I think... Maybe I should keep my house here and rent it out, at least until I've bought another one wherever I end up. Maybe I'd want to come back and visit. Maybe I'll live here part-time and in the other place the rest of the year... How many have just quit their former destinations cold turkey, never to return, versus making a partial or gradual transition, and how did it work out for each?
Are you staying in the US? If so and your medical remains active I would make a clean break.
Why create unnecessary expenses with two residences. Sell and rent in your new place.
Especially with the RE market so high.
I don't believe in paying rent -- only collecting it. I will definitely be buying a new property -- or two... The alternative is living full-time in an RV while looking for one. It's a little scary to me to think of owning NO property at all, as I've long been a landlord and it's served me well.
We wanted to keep our house in the Midwest as well as build our dream home in SW Florida. Summers here are WONDERFUL!
Unfortunately the person who bought our business went bankrupt and didn't finish paying for it, so we're out $140,000. So the current house will have to go before we can even build the next one.
I'm not retiring until January, but we've already bought our retirement home that's about 7 hours away. We'll be putting our house on the market pretty soon, but we also have a couple of rental houses here. Originally we thought we'd sell one and keep the other for ourselves to have a base when we came back for visits. (family responsibilities of my DH will require him to come back a few times a year or when we just want to visit old friends). We even thought about renting the house to a young teacher my DH works with for enough to cover taxes and insurance, while keeping the master bedroom locked off and available for us to use. It was an interesting concept, and would let us keep one foot in Mississippi, that is until we did the math. Breaking all ties with a place you've lived in most of your life is scary, but we realized that for the relatively small amount of time we'd actually use it, we were leaving too much $$ on the table. It would be much more cost effective to just rent something like an extended stay hotel for a few days when we come back to town. So we've now decided to keep the rental income coming in on both houses, at least until we see how this whole retirement budget thing actually works out. Not exactly a clean break, but we don't plan on keeping property to come back to.
We have two houses currently. We wanted to move near family and bought at the bottom of the bust in FL and then DH took a relocation/promotion shortly after with work. We weren't prepared or ready. A leap of faith with hopes the rest would follow. Long story, but it worked out well.
The downside is double expenses, we won't rent our house out, we were landlords before and never again. The upside is making sure this move was what we want and not bringing all our stuff with us. It's given us time to realize what we have thought of as home for 34 years, isn't anymore. It's still a nice place, but our hearts aren't there anymore. The other house will be sold, the logistics aren't quite there yet, but getting closer. Each trip back solidifies our decision to move here, so it's a good thing for us. No second guessing or regrets.
Financially, a clean break is best. For peace of mind and if there are doubts, especially if moving from a high COL area you may not be able to get back into after selling, holding both works if the finances are there.
Typical damned if you do, damned if you don't. Good luck, OP, it can work either way.
Last edited by jean_ji; 09-21-2016 at 07:17 PM..
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I will definitely be buying a new property -- or two... The alternative is living full-time in an RV while looking for one. It's a little scary to me to think of owning NO property at all, as I've long been a landlord and it's served me well.
