To rent or buy is a question snowbirds ask themselves. — And for snowbirds traveling on a shoestring budget, the answer often comes down to affordability.
Whether to rent or buy in your chosen location can usually be answered by reviewing the pros and cons and deciding what options best meet your circumstances.
Everyone is different, and so are the factors that weigh in on their decision-making. The choices that lead one snowbird to decide to rent vs. buy might lead yet another to a different decision.
Make up a “Pros and Cons” list for yourself and go through it with your lifestyle in mind. Then take a look at your budget. — And decide what you can afford and what you need.
Of course, renting makes the most sense if you’re a first timer and starting out to explore the snowbird lifestyle. Or, are checking out different locales.
Renting allows you to change your house or unit and your location when you want. It is a big incentive for adventurous snowbirds as well as first-timers.
When the plumbing acts up or the roof leaks, it’s not yours to deal with. The costs of homeownership aren’t yours either. Which is a big relief to many folks.
And no complicated tax laws, potential landlord obligations, or estate planning need to be considered and dealt with. Also a plus!
Finding suitable rentals in your favorite area over the high season can be challenging. But when you find a place you like that suits you, try and book for the next season before you leave.
Pets can complicate life when you travel. While some landlords recognize that small pets are a must for folks, many bar them from their rentals.
Knowing you have a home away from home of your own and the flexibility to go whenever you choose is important to some people. So is decorating your place to suit yourself. — And setting up your kitchen with items you want.
When you’re not using the property, you may be able to rent it out. While this will help cover ownership costs, it does come with being a landlord. — And you’ll need to stash your personal things away when you’re gone.
Costs… and more costs. Owning a second home can mean double the expenses. And your home in a warm climate can mean as much or more upkeep costs when you’re gone for the summer as when you’re there for the winter.
Be prepared to arrange for lawn mowing, garden care, and house care while you're away for the summer season.
There are often legal issues to owning a second home, whether in a different state or country. Check out your potential purchase with your lawyer, accountant, and financial planner. Do your research.
And think about if a catastrophe strikes near your second home, would you rather be a renter? Or an owner?
Always try and keep life simple! Decide what on an easy path for your situation.
Don’t complicate your life. Your decision to rent or buy should be affordable, not stretch your budget too thin, or cause you undue anxiety.
The snowbird lifestyle should be pleasant and rewarding and free of as much stress as possible.
Whether to rent or buy is a question snowbirds often ask themselves. Read full article...