Winter long distance condo - purchase or rent?

[Doribe]

Thanks for all the replies. You talked me out of making a purchase now. I'll look into the different options for rentals.

I don't want to stay with DS & family because they have a small house and two people will be trying to work from home. I think I will be more comfortable in my own space. For some reason, they gave my room to the new baby.

 

[audreyh1]

Austin traffic can be horrible. Spending time in the area will let you figure out where to live.

 

[pb4uski]

Why pay for snow removal at your house if you won't be there? To make the home not appear empty?

We do it for a number of reasons. First, the fuel truck needs to be able to drive down the driveway to fill the propane tanks. Second, we like the option of having the place readily available if we needed to unexpectedly return home for some reason. Third, DS needs to visit occasionally to water DW's plants. Fourth, if we have a no heat situation the plumber needs to be able to get into the house. Probably other reasons too.

Our driveway is ~200' long....Cost is ~$725 a season.

 

[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.

 

[pb4uski]

A couple friends of ours do that. Very nice doublewide and nice community.

 

[RunningBum]

If you go this route, consider getting a loyalty account number and maybe a co-branded credit card and earn some points for your stays.

Austin’s not cheap.

It's been 12 years since I moved away, but I didn't find Austin real estate all that expensive. Rents were a little high, real estate, not so much.

Traffic, yeah, that was awful, but some places are awfuller than others.

 

[Al in Ohio]

Rent. More flexibility and less commitment. Plus no property taxes and homeowners insurance.

 

[stephenson]

About the time you buy, your family may decide to accept a job offer elsewhere - a lot can happen.

Rent a furnished condo, townhouse, or home in a NICE part of town.

 

[imnontrad]

I vote for Extended Stay - but check it out first - some are better than others. Look for an extended stay hotel that has a full kitchen including dishwasher. One where you earn hotel loyalty points/benefits is good too - maybe get hotel stays for the rest of the year free. Plus weekly housekeeping and a laundry on the premises.
Another suggestion would be to get an RV and stay in a nearby RV park. If they move, no problem.

For the new baby - for the first few months, they may find it a lot more convenient to have the crib in their room.

 

[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.

 

[gooddog]

A furnished rental with all utilities included can be had on VRBO. Rent a different one every year, get a fel for the area, and so on. Most will come with pots/pans, dishes, all bedding and so on. If you are dealing with a good VRBO owner, you can even request specialized small appliances for those long stays - maybe you want a juicer for instance.

 

[jmp470]

Buy a motor home and register it in TX. No property tax and you can take trips when your here (I live in TX). This way your kids can travel and you have a place to stay.

 

[gooddog]

Buy a motor home and register it in TX. No property tax and you can take trips when your here (I live in TX). This way your kids can travel and you have a place to stay.

That is a good idea too. My neighbor does that, and has moved his primary residence to TX for tax purposes. Says the park rent is more than offset by the income tax savings.

 

[Kroeran]

Rent different places until you hit one that clicks. Only buy if the numbers make sense and condo management is stable.

Sometimes DWs don’t like to live in other people’s taste though. Decorating a blank slate of a place you own can be fun for a couple of seasons.

But you have the worry of condo boards going bad.

Owning does force a certain fixture in place that promotes connecting to neighbours, especially other snowbirds.

Think about how you are going to meet people. Some neighbourhoods make it easier.

 

[isisdave]

The extended stay price looks quite attractive. If this were me, I'd start out with that. Or ask tessaduncan if she wants to go in on a 2-bedroom.

If you end up buying furniture, store it over the first off-season at least. This would permit you to rent unfurnished, and would probably more than offset the storage cost. Buy just the minimum at retail, and get the rest at thrift stores or estate sales. Pretend you're back at college if nothing matches. Plus you won't feel bad when you give it away again.

 

[Sunset]

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]

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]

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.

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.