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Post by Bwoods11 on Sept 15, 2021 18:16:17 GMT -6
Looking at both for a vacation home in the next 1-4 years … which one is better ?? Positives/Negatives?
Go …
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Post by smsmith on Sept 15, 2021 18:17:33 GMT -6
No hurricanes in AZ
I've tried getting my wife to think about an AZ vacation. AZ just doesn't do anything for her. She wants an ocean/gulf when she goes somewhere warm in the winter. To be honest...I do too.
I don't envision ever owning a place in FL or AZ, but who knows. Maybe someday
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Post by batman on Sept 15, 2021 18:53:04 GMT -6
AZ bores me to tears. On some lists exploring the FL rentals and the returns not great. No where near the 1% rule. Year late.
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Post by Bwoods11 on Sept 15, 2021 20:16:54 GMT -6
It is all high right now.
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Post by MoBuckChaser on Sept 15, 2021 21:28:02 GMT -6
You want to own a property with humidity, Hurricanes, mosquito's and water 2" under your concrete floor? Also Try to go out to eat there on a friday or saturday night and you can't find a parking spot within a mile of the restaurant. Thats florida.
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Post by smsmith on Sept 16, 2021 6:53:07 GMT -6
FWIW...I talked with our CFP the other day (yeah, I know Mo) about buying a vacation home vs. renting. He says the math doesn't really work out in your favor to buy until you spend a minimum of 2-3 months at the home.
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Post by Bwoods11 on Sept 16, 2021 7:42:07 GMT -6
I would lean toward renting, but wife wants to buy? We will see. If it were up to me, I'd be an Iowa or South Dakota resident for the hunting, but that is not going to fly. It is still in the early stages as we have to work for 10-15 years?
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Post by Sandbur on Sept 16, 2021 7:45:00 GMT -6
My wife was comparing notes with one of her friends. She said that their husbands are alike.
Two days away from home and the husbands are ready to go home. For me, if my back hurts from a poor bed or lack of walking exercise, I have had enough and it is time to go home.
Sometimes two hours is enough time away from home. I am thinking of a wedding on Saturday for the son of one of her friends. I think I met him twice.
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Post by Sandbur on Sept 16, 2021 7:46:06 GMT -6
I would lean toward renting, but wife wants to buy? We will see. If it were up to me, I'd be an Iowa or South Dakota resident for the hunting, but that is not going to fly. It is still in the early stages as we have to work for 10-15 years? Priorities and things change drastically in 10-15 years.
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Post by Bob on Sept 16, 2021 7:48:50 GMT -6
Buying anything in the last 5 years has been monstrously profitable on appreciation alone. But now one has to forecast whether or not 30% annual real estate inflation will continue. I think it needs to continue, or the bubble will pop. If we don't arm new buyers with the ability to keep driving prices higher, the ones buying at the top will get squeezed out the side as general inflation wipes out their ability to keep these properties up. The buyers at the top won't have an out to refinance away or unload their latest overspend.
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Post by badbrad on Sept 16, 2021 8:05:37 GMT -6
FWIW my wife and I plan to go the large 5th wheel route and travel to warmer states Jan-April. You can pick up and go where you want and not be tied down to a single place and also not have to rent/buy. Since we both work from home we may even do it sooner than later.
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Post by Freeborn on Sept 16, 2021 8:22:27 GMT -6
FWIW my wife and I plan to go the large 5th wheel route and travel to warmer states Jan-April. You can pick up and go where you want and not be tied down to a single place and also not have to rent/buy. Since we both work from home we may even do it sooner than later. I like the idea of an RV for when you work, that would be ideal. My wife and I plan on doing some RVing in retirement. One thing about buying into a community is the friends you make while you live in that community. You also have stability which you lose as a renter as most often rental properties are temporary. As a owner you also get to have your things in a second home that provides you the same feeling as your original home. If it feels like home it doesn't matter what location you are in. You lose that feeling when you rent as you can't have your own stuff. I know Mo has his deer mount in his bar area, you can't do that in a rental. My wife and I spent our first year in our new winter home last year and will again this year. We are decorating and buying furniture so that it has our memories and is basically our second home.
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Post by smsmith on Sept 16, 2021 8:26:54 GMT -6
My wife was comparing notes with one of her friends. She said that their husbands are alike. Two days away from home and the husbands are ready to go home. For me, if my back hurts from a poor bed or lack of walking exercise, I have had enough and it is time to go home.Sometimes two hours is enough time away from home. I am thinking of a wedding on Saturday for the son of one of her friends. I think I met him twice. If you had a second home, you'd have the bed you want and no reason to not walk to your heart's desire. In actuality, the bed we had in our rental last year was far superior to our own. The wife looked up the mattress and box spring while we down there because it was so comfortable. Around a $5K set as I recall. Plus, I got to look at plenty of good "scenery" while walking the beach instead of MN's bleak winter landscape day after day. As far as going to weddings, I'm with you. No desire to attend them, especially for someone I barely know.
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Post by badbrad on Sept 16, 2021 8:31:17 GMT -6
FWIW my wife and I plan to go the large 5th wheel route and travel to warmer states Jan-April. You can pick up and go where you want and not be tied down to a single place and also not have to rent/buy. Since we both work from home we may even do it sooner than later. I like the idea of an RV for when you work, that would be ideal. My wife and I plan on doing some RVing in retirement. One thing about buying into a community is the friends you make while you live in that community. You also have stability which you lose as a renter as most often rental properties are temporary. As a owner you also get to have your things in a second home that provides you the same feeling as your original home. If it feels like home it doesn't matter what location you are in. You lose that feeling when you rent as you can't have your own stuff. I know Mo has his deer mount in his bar area, you can't do that in a rental. My wife and I spent our first year in out new winter home last year and will again this year. We are decorating and buying furniture so that it has our memories and is basically our second home. I agree. I would not want a rental. Plus you have some other dudes jizz on your headboard so that doesn't feel very homey to me.
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Post by smsmith on Sept 16, 2021 8:34:13 GMT -6
FWIW my wife and I plan to go the large 5th wheel route and travel to warmer states Jan-April. You can pick up and go where you want and not be tied down to a single place and also not have to rent/buy. Since we both work from home we may even do it sooner than later. I like the idea of an RV for when you work, that would be ideal. My wife and I plan on doing some RVing in retirement. One thing about buying into a community is the friends you make while you live in that community. You also have stability which you lose as a renter as most often rental properties are temporary. As a owner you also get to have your things in a second home that provides you the same feeling as your original home. If it feels like home it doesn't matter what location you are in. You lose that feeling when you rent as you can't have your own stuff. I know Mo has his deer mount in his bar area, you can't do that in a rental. My wife and I spent our first year in out new winter home last year and will again this year. We are decorating and buying furniture so that it has our memories and is basically our second home. These are some of the points I debate with when weighing owning/renting. It would be great to fly in to the airport, take a taxi to your second home and be "living". Vehicle in the garage and all of your stuff right there ready to use. The down side is that unless you are quite wealthy, you are stuck vacationing/living in that one spot. I suppose there are plenty of folks who can own a second home and still travel widely but we won't be in that income bracket. We like SW FL, but we also enjoy going other places. The main reason I entertain buying a place somewhere else is to GTFO of this tax nightmare state.
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