I'm Ready To Buy My Retirement Home?
My family already knows this; I have an itch to buy some waterfront property.
Part of it may be fear of no longer being able to afford this type of property later in life. Another part is the ability to make it affordable by renting it out now when we can't take full advantage of it.
The last part is I'm looking for an excuse to make sure there is a family escape. A place we will all be able to get together - spend weekends and/or seasons together. A place to centralize around - create memories that will make us love and treasure the place.
Apparently Im not the only one who is thinking like this. This is a new trend, younger folks are looking for retirement homes - I guess we like to plan ahead.
Last year, my fiancee and I visited some friends that have a lake front house that they have built up over the last 20 years. The place was an amazing escape. It was obvious that their lakehouse was a place that was sacred to the family - a place that everyone came to relish memories of years past and create new memories. It was a perfect place to recharge.
I want the same thing. It may not be a great investment, but there is something telling me this is the right thing to do.
I also think given the right circumstances it might not be too expensive. If I bought a small house in the right location, did some work on it myself to expand and improve it, and then rented it for a few years (while using it as well) to offset some of the cost.
Related in Financial Goals:
Financial Freedom Plan - 2015 Update (Apr 30, 2015) I finally sat down to get an updated view of our progress towards our financial freedom plan that I laid out a few years go in terms of asset allocation. Some notes: Our asset allocation to fixed income (interest) will...
Financial Freedom Plan (Aug 25, 2013) Almost two years ago I laid out a plan for the net asset allocation I thought we needed for our financial freedom plan. It was a rough guide for asset allocation that I believe could generate enough income to cover...
2012 Passive Income: Dividends (Jan 27, 2013) Here is a summary of our 2012 dividend income. All this income comes from our taxable stock portfolio that is included in our monthly investment review. All retirement investment holdings are excluded from this dividend income summary. This passive income...