Second Place

Let assume your present mortgage is paid off, kids are gone, and looking at seven more years of working them calling it quits.

You have $300,000 for a second place.
Note: You may think this is a lot but reality is (it’s not) condo in Chicago, nice area start at $400,000 and beach property on the ocean also begins at $400,000 and most lake property is not far behind in cost.

What a place you can visit from time to time, take vacation there and the family members can also enjoy a few days a years, with the possibility of becoming your retirement housing. (Family is important so to far is not a option)

Where would you look and why (reasoning).
What would you do? buy or not something now?

Depends what you want and where. Are you looking for a rustic cabin or do you want a nice house? A little research with a real estate agent can be illuminating.

Where are u at ?

Jackson, Wyoming. Me, anyway, but cheap condos up there push 1 million now.

Belly, my private opinion is that owning a specific property in a distant location as part-time resident is a prelude to financial disaster.

We're in about the same situation as you described above, and looked -very- hard at buying a property in a couple of small towns on the Oregon Coast last month. The problems is that you're simply not there to patrol for system and structural failures, keep an eye for vandalism, etc. Property management services are very expensive, and tend to molest their clients for repairs and routine maintenance. Moreover - when you're THERE, you're not HERE, and can have the reverse problems with your original property. Several people with whom we spoke wished that they had waited until they were ready to move to buy.

After crunching the numbers, we came to the conclusion that we were far better off visiting the area twice yearly for a couple of weeks at a time, then moving only when we're actually ready to reside there on a permanent basis. Even the current bargains in real estate aren't enough to offset the ownership costs after you factor in "present value" of capital, etc. Admittedly, we have a bit of advantage - my job can go with me, and if I take my laptop and AirCard with me, I can work there during prolonged visits without taking vacation

That said - there is absolutely no reason not to go ahead and buy the place purely for the enjoyment of it - just be sure you're firmly grounded with the economics of the situation. I don't think that will be a problem for you.

I vote for Beach Bum.

Near the ocean.... I'm simple, though, i'd buy about 15-20 minutes from the gulf coast of Florida. Great deals down there right now. Keep the majority of the $300k and just retire early and be a BEACH BUM!!!!!

*angel*;518968 wrote:I vote for Beach Bum.

Near the ocean.... I'm simple, though, i'd buy about 15-20 minutes from the gulf coast of Florida. Great deals down there right now. Keep the majority of the $300k and just retire early and be a BEACH BUM!!!!!

Would you like to have a travel partner?

Southwest Montana.

http://www.prumt.com/property/detail/171880/

ocean man

By the beach property and rent it out by the week/month. Sort of a timeshare thing. That way you'll be notified of any problems, the income from it will help with insurance.

Some friends of ours have a house on Middle Bass Island. She's a teacher and stays there all summer, he's on CFD and comes home every third day for work. Their kids are now grown, but spend as much time as they can up there during the summer. So even though their house is only open say April to October, they spend alot of time there with family and friends. I would love to have a house there and have an open invite to all my family and friends. And heck, if you're retired, you could even stay there all year.

If you are truly looking to move/retire there this is a very good time to buy.

Regarding your question of, "Where", that's really a personal taste thing.

Two daughters live in Canton and the other lives in Chicago (this does not look to change anytime in the future). Family is very important so my personal needs and wants are secondary.
I was thinking of something on Lake Erie and or some nice lake between Canton and Chicago.
The warm climate of the south and ocean is something that would be enjoyable but I also like the changing weather …We have lived in the Perrysburg area and enjoyed that very much .
I’m a city person enjoying different culture and foods, the arts and another part of me is the pistol shooting, sailing, hard working labor gardener, wood splitter.. guy
My first thought was a condo in Chicago and my one daughter could live in it for a few years and pay me rent… and up keep of the property. But then the other two daughters are 6-7 hours away.. Quite the dilemma

Another problem is I mention in seven year to stop working … really that a lie
I enjoy working and could never see myself not working at something …I enjoy work..

I don't ever see myself retiring either. Unless health became an issue there's really no reason to.

i'd probably go to missoula MT or Wapiti WY.

i'd look into places like destin FL too. but i'm more for the rugged cool outdoors than a beach life.

Find a piece of property in an area that you like. Set it up with water, septic and other utilities then get you an RV. When you are ready jump in your RV and head for your get-away.

redrocket;519148 wrote:Find a piece of property in an area that you like. Set it up with water, septic and other utilities then get you an RV. When you are ready jump in your RV and head for your get-away.

RV for sure. You can go where ever your heart desires and won't have to go to the same place. Talk about family? You can take your family places. We go to Myrtle Beach, we pack our clubs up in my grandpas RV..he's retired and has nothing to do and he takes us down to Myrtle Beach. No airfare, clubs fit easy. Drink and play cards on the way down. Its a blast. He drops us off in Myrtle, then heads to Florida or wherever he wants and picks us up. That could be you.

power i;519077 wrote:Some friends of ours have a house on Middle Bass Island. She's a teacher and stays there all summer, he's on CFD and comes home every third day for work. Their kids are now grown, but spend as much time as they can up there during the summer. So even though their house is only open say April to October, they spend alot of time there with family and friends. I would love to have a house there and have an open invite to all my family and friends. And heck, if you're retired, you could even stay there all year.

Interesting ..When I lived in Perrysburg I sailed to Middle Bass Island few times and its not that far away ( half way between Canton and Chicago)and it is a nice place.

OneBuckeye;519036 wrote:Southwest Montana.

http://www.prumt.com/property/detail/171880/

This. I'd get something out in the middle of no where.

Second place is the first loser. If you ain't first you're last!

Apple;518975 wrote:Would you like to have a travel partner?

Of course.