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.

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Comments (3)


I'd say go for it. My father bought some lake front property when he was young and our family cottage has been a place that everyone in my family cherishes. Great place to escape and recharge your batteries and a great place to build family memories.

He was also smart enough to buy a couple lots on either side of us so we have absolute peace and privacy.

Do your homework, but I don't think you can go too wrong here. Yeah it might not be the absolute best financial decision in the world, but I don't know if you can put a dollar amount on the amount of enjoyment you and your family would get out of the property. Best of luck to you and your decision.

Here's just a thought...look at supply and demand. Today, demand for these retirement properties is really high due to the large number of baby boomers in the market. When they start to die off and it's our turn to retire, there will be more supply than demand. Wouldn't it make more sense to wait and "buy low"?

So one thought for you on this... My parents have a fantastic place on a lake. It's everything you describe in terms of being a wonderful family retreat. But it also changes their behavior some. They have friends who travel together all over the world, but because they have this place they feel compelled to use their limited vacation time to go there. They miss out on a lot of the other things they could be doing. So I'd look at your priorities and your interests. If you value the idea of variety in your vacationing, I probably wouldn't buy a vacation home. That is, unless you're so well heeled that it's not a noticeable commitment of your time/finances to have it. If, on the other hand, you like the idea of a single place to focus your time then it's a great move.

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A personal finance weblog of my journey to reach my goal of $2 million + the value of my primary residence.
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