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Actually, it's because I've found the property I would buy an hour or so away IF I were choosing that option, so I have to either go for it or risk never finding another in that location and at that price (values are rising).
Life is pretty short, but I'd stay put for your obligation (if daily) and commute for recreation (occasionally).
Gives you more time to locate the correct destination.
Moving is not fun or cheap and you appear to not have a solid destination in place. If within 3 hrs, explore at your leisure. If further... take 3-4day weekends as possible.
Make a weighted spreadsheet and keep a log / journal. When visiting, explore the places / events you would normally utilize if living in that area.
Know ALL the costs.!!! (including moving and future taxes)
I have had good results finding a nice view property with a shop and apartment, and utilizing that for a cheap 'home base' with storage. I can rent it out, use it, or resell it for gain (View props with acreage and shop are easy to sell).
Again, I can't travel for exploration at this time. I'm pretty much limited to day trips within a 2-3 hour radius.
No. It would be the temporary location (est. two years). Ideally, I would improve the property and sell at a profit. But, again, the thought of all that work makes me tired...
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,783 posts, read 58,251,797 times
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Quote:
Originally Posted by otterhere
Again, I can't travel for exploration at this time. I'm pretty much limited to day trips within a 2-3 hour radius.
OK... That solves it. Limit your current search to Internet / videos / penpals / library.
Quote:
Life is pretty short, but I'd stay put for your obligation (if daily) and commute for recreation (occasionally).
Gives you more time to locate the correct destination.
Moving is not fun or cheap and you appear to not have a solid destination in place. If within 3 hrs, explore at your leisure. If further... take 3-4day weekends as possible.
Life is pretty short, but I'd stay put for your obligation (if daily) and commute for recreation (occasionally). (Sound like driving is a potential burden)
Gives you more time to locate the correct destination.
Moving is not fun or cheap and you appear to not have a solid destination in place. If within 3 hrs, explore at your leisure. If further... take 3-4day weekends as possible.
Make a weighted spreadsheet and keep a log / journal. When visiting, explore the places / events you would normally utilize if living in that area.
Know ALL the costs.!!! (including, commute, moving, and future taxes)
I have had good results finding a nice view property with a shop and apartment, and utilizing that for a cheap 'home base' with storage. I can rent it out, use it, or resell it for gain (View props with acreage and shop are easy to sell).
If you do have that 'perfect place' and the stars have aligned... do what best suits your responsibilities, abilities, finances, and schedule.
For instance... If your current home is at peak value.... it might be wise to unload it in the next 1.5 yrs (before economy changes). You could continue to rent a small space near work / responsibility, and buy / build a place in nirvana. (that you could also rent PT). I keep 2+ separate living spaces at each location due to future care-giving needs (or needy kids returning home). Handy for guests as well, or for renting to temporary tenants.
"(Sound like driving is a potential burden)"
I'm truly sick of driving, as I've been doing that for most of my working life (figuring it was better to commute 1 or 2 days a week versus 5 for work). It's also becoming more dangerous with all the distracted drivers lately -- lots of accidents on that stretch of road -- and that's another consideration. Finally, again, commuting doesn't fully meet my needs, as I still miss out on a lot I'd like to join in.
No. It would be the temporary location (est. two years). Ideally, I would improve the property and sell at a profit. But, again, the thought of all that work makes me tired...
Then why are you thinking about it ? Why even consider it ?
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,783 posts, read 58,251,797 times
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Yes, I am a 40 yr + CDL driver, so can understand, especially the added risk / danger. (Lost a 62 yo teacher friend who got hit on his bike by a distracted driver (a previous student).
You will be missing out on supposedly desirable social interaction while fulfilling a higher calling (your obligation). Life has those challenges.
Some times I was on the road 6-12 hrs / day during care-giving responsibilities + 8 hrs working (on the road). Catching a 4 hr nap in hospital parking lot.
I survived, but was only age 50 at the end of the 32yr stint.
'Second round' Caregiver routine arrived at age 57. It will remain through the end of my life.
Then why are you thinking about it ? Why even consider it ?
You are making yourself crazy doing that.
Because if I had all the energy, drive, and ambition in the world, or even half of what I used to have, that would be the best and most practical solution to this whole thing. As I say, I've owned and managed multiple properties before, so the prosepct shouldn't be that intimidating to me (yet it is). Maybe there's another, out-of-the-box solution that I haven't thought of yet?
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,783 posts, read 58,251,797 times
Reputation: 46283
Quote:
Originally Posted by otterhere
... As I say, I've owned and managed multiple properties before, so the prospect shouldn't be that intimidating to me (yet it is). Maybe there's another, out-of-the-box solution that I haven't thought of yet?
Is your care-giving obligation daily requirement?
Is the property you found likely to appreciate in value?
Is it view / limited opportunity? (not to be replaced very easy?)
Will the new property crash your finances?
Do you have the extra cash flows for Plan B? (finishing and liquidating property A or B, or both)
Will adding additional property distract from your other responsibilities? (Care-giving and work)
Pick your poison. Life seldom brings roses (to me).
As mentioned, I rent ALL my homes (including my main home) and keep a spare apartment / cabin / cottage / RV site for me.
Hassle? yes
Good cash flow? yes
Will do this forever? (no, just this 'season' of retirement)
Good deductibility during income yrs? Yes
Equity growth? (yes)
Sounds like you really want to move. So move but rent. That would eliminate some stress of wanting to buy and the angst of staying 2 years and then worry about selling.
You just need to find the right place to rent with your pets.
And then renting frees you up to not have to worry about buying, selling, cap gains tax.
But I view renting as a waste of money, whereas flipping a property would make me money. I'd still have to pay to move my furniture there, and frankly I wouldn't be comfortable owning NO property at all (I've always owned at least one home since my 20s). I could rent out my current home furnished or unfurnished, but then I'd have the headache of being a landlord again. There just doesn't seem to be an ideal solution, or I wouldn't be asking you guys.
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