Winter long distance condo - purchase or rent?

[Sunset]

Quote:

Originally Posted by ImaCheesehead Congrats on the new grandchild, how very exciting for you! Although it won’t impact what you do in Austin, verify your IL homeowners ins coverage stays intact while your home is unoccupied. Make sure they will cover any claims since you won’t be there to notice if pipes burst, etc.

We always turn off the water to the house, after coming back to find water spraying out a pipe

[Indiana Randy]

They call me Realtor Randy, so this answer may surprise you.

RENT.

[Kroeran]

Quote:

Originally Posted by Al in Ohio Rent. More flexibility and less commitment. Plus no property taxes and homeowners insurance.

Other possible expenses

Condo fees and condo fee inflation
Community Development District tax
Special Assessments
Electricity
Flood Insurance in Florida and hurricane recovery expenses
Property bubble capital risk
Expired appliances
Outdated kitchen bathroom replacement
Vent cleaning
Pest control
AC service and replacement
For Canadians, significant estate planning complications
For new construction, builder handover risk
If renting out when vacant, significant Federal income, state and county tourist tax paperwork burden

After owning for a decade including managing my mom’s place, I am close to convincing DW of benefit of renting vacant and filling it with her stuff. Risk of this now though is Florida is filling up with New England Covid refugees and rents are skyrocketing.

The more months you stay south, the more it makes sense to buy, after renting a few seasons. Also pay close attention to extremes of buyer’s and seller’s markets, acquiring in market panics, unloading in market bubbles.

[Kroeran]

Quote:

Originally Posted by Sunset We always turn off the water to the house, after coming back to find water spraying out a pipe

Also, ensure washing machine hoses are metal braided high quality.

[travel55]

I would start by renting for all reasons listed. We are in FL we bought our condo for fulltime retirement. Our first 2 yrs we rented it out Jan - March. Even charging &2800 / mo furnished all incuded. It helped but did not cover annual expenses Ins, HOA, elec, internet. At the time we had a mortgage.
I have also done several 3 mo travel assignments for work. My own apt was 100% better than the extend a stay type of apt/hotel. I rented furniture thru Cort and was very happy. I arrived with what i needed in a kitchen and linens.

What ever you decide, being near your grandchild will be wonderful. Have fun.

[MrsHaloFIRE]

i would airbnb or vrbo the first year and see how it does. you might find an area you like or dont like, et.

[RobLJ]

Sounds good--except for the tornadoes. Although Dallas is worse and Wichita Falls/Oklahoma can be a bomb zone for tornadoes. You don't want to be in a mobile home.

I speak from experience, growing up in Oklahoma and Okie granddad just above the Red River.

Quote:

Originally Posted by frugal-one Surprised no one mentioned renting in a retirement mobile home community? They are fully furnished, usually reasonable and have activities and others to relate to.