View Poll Results: Regarding 2nd homes for use in retirement. Would you rent or buy?
|
No need for a 2nd home/condo
|
|
17 |
54.84% |
Planning to rent 2nd home/condo
|
|
6 |
19.35% |
We often Rent 2nd home/condo
|
|
2 |
6.45% |
We plan to buy 2nd home/condo
|
|
1 |
3.23% |
WE own a 2nd home/condo
|
|
5 |
16.13% |
|
Retirement 2nd home/condo Rent vs Buy
03-10-2007, 10:01 AM
|
#1
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2007
Posts: 5,072
|
Retirement 2nd home/condo Rent vs Buy
I have often toyed with the idea of buying a 2nd home or condo. Possibly when we ER. However, I have struggled with the buy vs rent options. Buying is a property investment. But I am leaning toward renting.
Please share your vote and ideas on this matter.
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 10:18 AM
|
#2
|
Thinks s/he gets paid by the post
Join Date: Feb 2005
Posts: 2,032
|
Re: Retirement 2nd home/condo Rent vs Buy
After seeing what my parents went through money and time wise with their second home I think we will rent.
I hate the Chicago winters so much, but I love my family so I couldn't move away full time. I've seen some people get great rates on one and two month rentals in South Florida and AZ so that's what we will plan on doing
|
|
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 10:30 AM
|
#3
|
Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,472
|
Re: Retirement 2nd home/condo Rent vs Buy
Quote:
Originally Posted by chinaco
I have often toyed with the idea of buying a 2nd home or condo. Possibly when we ER. However, I have struggled with the buy vs rent options. Buying is a property investment. But I am leaning toward renting.
Please share your vote and ideas on this matter.
|
We are still working, but have been having fun going on very brief, spontaneous vacations now and then (by car, exploring various states and combining plenty of fun with the task of looking for an attractive place to retire). We also like to stay at home. I don't think we would need or even want a 2nd home or condo, even if one was given to us.
If that changed, and we decided that for some unimaginable reason we needed and wanted a 2nd home or condo, we would rent. Who needs a double dose of the hassle of home ownership, for a place where you really don't live for the majority of the year? Not us.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
|
|
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 10:35 AM
|
#4
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
|
Re: Retirement 2nd home/condo Rent vs Buy
We've rented the same condo on Maui a couple of times now. To buy the condo would be about a $1.5 million. For the time we spend there, renting is the better decision.
In another state, we've rented in the same beachfront condominium complex for 20 years. Since we've been going there for so long, we always check what's for sale. We can never make ownership come out better than renting.
It seems to me that the folks with 2nd homes inherited them from their parents. Their parents made the bad financial decision and the (now grown-up) kids benefit.
|
|
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 10:55 AM
|
#5
|
Recycles dryer sheets
Join Date: Dec 2006
Posts: 347
|
Re: Retirement 2nd home/condo Rent vs Buy
We have 20 acres on a river in Eastern Washington. To go to the river I just have to go out the door. We have a TT to get away and enjoy other spots. Try to avoid major metro areas like the plague too many/much people/traffic. Only exception is passing through to somewhere nice with the trailer or flying.
__________________
USCG regulations say you have to go out. They don't say anything about coming back.
|
|
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 10:56 AM
|
#6
|
Thinks s/he gets paid by the post
Join Date: Dec 2003
Posts: 4,459
|
Re: Retirement 2nd home/condo Rent vs Buy
Could you add one more option?
We owned a second home, realized how insane it was, and sold it.
|
|
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 12:19 PM
|
#7
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,151
|
Re: Retirement 2nd home/condo Rent vs Buy
No interest in actually owning our own "up nort" lake place as our interests are too varied. But we'd love to find an owner who doesn't normally rent but who would rent to us for several weeks at a time in exchange for a combination of cash plus maintenance duties. Perhaps someone who only uses their place while the kids are out of school and we could be there in the spring to open the place up and in the fall to put it away for the winter.
We keep hearing that these opportunities are available, but darn if we can find one.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
|
|
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 12:20 PM
|
#8
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,317
|
Re: Retirement 2nd home/condo Rent vs Buy
We already own the weekend place and have for 15 years. But we view it as a nice extra pot to tap if the market tanks completely. If/when we eventually sell we would consider renting elsewhere but not buying. I like the flexibility of being able to walk away from a rental regardless the current real estate market.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
|
|
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 12:25 PM
|
#9
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,317
|
Re: Retirement 2nd home/condo Rent vs Buy
Quote:
Originally Posted by youbet
No interest in actually owning our own "up nort" lake place as our interests are too varied. But we'd love to find an owner who doesn't normally rent but who would rent to us for several weeks at a time in exchange for a combination of cash plus maintenance duties. Perhaps someone who only uses their place while the kids are out of school and we could be there in the spring to open the place up and in the fall to put it away for the winter.
We keep hearing that these opportunities are available, but darn if we can find one.
|
There are probably lots of people who would like to do this. If I didn't have a guy near my weekend house who can do anything I would definitely consider it. My mechanical skills are pathetic. I would be the guy chosen for the fix-it team. How about posting a notice of interest in Craig's list and seeing if anyone calls?
__________________
Idleness is fatal only to the mediocre -- Albert Camus
|
|
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 12:31 PM
|
#10
|
Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,594
|
Re: Retirement 2nd home/condo Rent vs Buy
Quote:
No interest in actually owning our own "up nort" lake place as our interests are too varied. But we'd love to find an owner who doesn't normally rent but who would rent to us for several weeks at a time in exchange for a combination of cash plus maintenance duties. Perhaps someone who only uses their place while the kids are out of school and we could be there in the spring to open the place up and in the fall to put it away for the winter.
We keep hearing that these opportunities are available, but darn if we can find one.
|
What area/region are you looking in?
__________________
FIRE'd since 2005
|
|
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 01:14 PM
|
#11
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,151
|
Re: Retirement 2nd home/condo Rent vs Buy
Quote:
Originally Posted by donheff
How about posting a notice of interest in Craig's list and seeing if anyone calls?
|
Good idea. I've looked quite a bit on a "for rent by owner" site and never see any opportunities for substituting elbow grease for part of the rent. Maybe Craig's list would be a better spot.
Quote:
Originally Posted by tryan
What area/region are you looking in?
|
Well, our normal territory is northern Wisconsin, UP of Michigan, northern Minnesota and Ontario. But, hey, we'd expand our turf if necessary. We just wouldn't be familar with the surroundings until we'd had a chance to go and get familar.......
BTW, I'm talking about relatively light duty maintenance chores such as spring opening, fall closing, cleaning, interior painting, yard work. I'm getting a little past heavy stuff like putting in piers, moving appliances, major remodeling, working high on ladders. But I could manage/oversee that sort of stuff being done by others in the absence of the owner.
I'd say we're looking for caretaker or house sitter type opportunities as opposed to doing heavy remodeling/extensive repairs while living on site.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
|
|
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 01:43 PM
|
#12
|
Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
|
Re: Retirement 2nd home/condo Rent vs Buy
Instead of renting ,has anyone tried a home exchange
|
|
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 02:00 PM
|
#13
|
Recycles dryer sheets
Join Date: Apr 2006
Posts: 199
|
Re: Retirement 2nd home/condo Rent vs Buy
Quote:
Originally Posted by Moemg
Instead of renting ,has anyone tried a home exchange
|
interesting question. don't know if i would trust someone in my home. but i am a suspicious sort.
i am going to buy a second home, the amount i spend on it will depend on where we are financially in a year. keeping my fingers crossed about my husband's work. he may have an offer that will basically set us up for life in a very nice fashion, in which case we will still be frugal but can afford the second home and the one in new york without worrying at all. so that will be the deciding factor of whether i buy in a very cheap country (with my money), or else if it works out then france or italy (with his money). a second home should be a retreat and a luxury, if you worry about it too much it is just a burden. so the second home thing really depends upon finances.
|
|
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 02:17 PM
|
#14
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,006
|
Re: Retirement 2nd home/condo Rent vs Buy
An RV is a great alternative for a "second home". It's got all your own stuff in it, but you can take it wherever you want!
I have no interest in a "second property" because it's a fixed location. Who want to go to the same place year after year? I guess some people do. We like to move around too much.
Audrey
__________________
Retired since summer 1999.
|
|
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 02:20 PM
|
#15
|
Moderator
Join Date: Sep 2006
Posts: 4,023
|
Re: Retirement 2nd home/condo Rent vs Buy
Quote:
Originally Posted by youbet
Well, our normal territory is northern Wisconsin, UP of Michigan, northern Minnesota and Ontario. But, hey, we'd expand our turf if necessary. We just wouldn't be familar with the surroundings until we'd had a chance to go and get familar.......
BTW, I'm talking about relatively light duty maintenance chores such as spring opening, fall closing, cleaning, interior painting, yard work. I'm getting a little past heavy stuff like putting in piers, moving appliances, major remodeling, working high on ladders. But I could manage/oversee that sort of stuff being done by others in the absence of the owner.
I'd say we're looking for caretaker or house sitter type opportunities as opposed to doing heavy remodeling/extensive repairs while living on site.
|
You might find something if you periodically check sites like www.housecarers.com. For example, check out this listing for Minnesota: http://www.housecarers.com/search_de...?ID=2145483579
I noticed there also are some listings for Ontario.
I've never done housesitting like this before but it sure does look like an interesting option. If you end up doing it, please let us know what the experience is like!
__________________
simple girl
less stuff, more time
(55, married; Mr. Simple Girl, 59. FIRED 12/31/19!)
|
|
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 03:02 PM
|
#16
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,317
|
Re: Retirement 2nd home/condo Rent vs Buy
Quote:
Originally Posted by youbet
I'd say we're looking for caretaker or house sitter type opportunities as opposed to doing heavy remodeling/extensive repairs while living on site.
|
I don't need those services at my weekend place but when DW ERs in a year or two we could use a house sitter/dog walker for our Golden Retrievers so we can travel.
I always thought that would require attracting someone who wanted to spend a couple of weeks visiting our nation's capitol. But I suppose we could go for people who wanted a more pristine getaway. How many people out there would like to spend a week at a nice place on the tidal Potomac (it is like the Chesapeake Bay - rievr is 7 miles wide) watching 2 dogs who are OK to run free. Two acres, 350' river front, 200' pond front (on the other side), pool, hot tub, jet ski, windsurfers...? Or, conversely, how many would like to be on Capitol Hill, walking distance to the Capitol and the Mall; or even a mixture of both? 8)
__________________
Idleness is fatal only to the mediocre -- Albert Camus
|
|
|
Re: Retirement 2nd home/condo Rent vs Buy
03-10-2007, 03:14 PM
|
#17
|
Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,594
|
Re: Retirement 2nd home/condo Rent vs Buy
youbet,
Might want to consider home swaps ... listed our lake house on a home swap network. Got international interested parties.
Kids are a little young to consider international travel .... so I plug the place as a rental. But when they fly the nest ...
__________________
FIRE'd since 2005
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|