Quote:
Originally Posted by MNViking
It is right around 4% for current home.
@retiredguy123
As for spending time down there, at current 4-6 weeks, but Not sure I want to pay for a place 10 years now at those future costs with income becoming smaller as I will be retiring. Could also rent out if we chose.
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Since you are both young, I would highly recommend not buying a 2nd home anywhere until you are close to retirement. So many things change with time...jobs, family, interest rates, health, etc. Rent weekly or monthly to explore and enjoy not having to worry about the responsibilities of two homes. Assuming you might be working another 5+ years, most of us have no vision on what TV will morph into. You may not like the area you choose now when you can be here full-time. Likely, for the $300K home you could get today it would be smaller than what you really want for your permanent home in the future. Regardless, home values are likely to rise if you wait until closer to retirement, but keep in mind your current home should do the same, so some offsetting trade-offs when you sell. I'd avoid the extra headaches and time. Yes, it's expensive to rent, but that takes a lot of stress away also. Reevaluate when you are closer to retirement. Keep in mind that so many people that buy their "forever" home do end up moving again for a variety of reasons.