Owning vs Renting a Second Home in Retirement

With such a large number of Baby Boomers entering retirement every year, the  number of people with two homes is growing rapidly!

Many seniors love where they set down roots decades ago but don’t necessarily love the climate during certain seasons. Purchasing a second home will enable you to escape freezing temperatures during the winter months or hot, humid days during the summer months. However, before buying into any second home dream, it may behoove you to study those costs that can mount up after you’ve closed on the property. 

Managing two homes lends itself to year-round fun, but it also means two sets of property taxes and homeowners insurance. Maintenance fees or hiring someone to maintain your property is another cost. One advantage of owning a second home is building equity. However, properties sometimes depreciate. 

Opening your vacation home to friends and family can make the cost easier. Building memories among multiple generations can be worth its weight in gold, and plenty of seniors embrace living in two locations and enjoying the benefits of both. 

Follow this LINK for an article that discusses the pros and cons of owning versus renting a second home. You’ll also find a list of things to do to prepare for closing up one home for the next as you begin enjoying your two-home lifestyle!

And if you are ready to explore these options for yourself and want the benefit of a knowledgable Realtor with access to exceptional tools through Sotheby’s International Realty, contact Amy Lance with the Sotheby’s office in Atlanta:  [email protected].