Friday Night Dreaming - Where do you buy a condo to rent out now and retire to later?

[Kirk007]

Along the lines of my earlier comment but a bit more precise inquiry: do look at climate change projections for areas. I have my doubts as to the habitability of some places 20 years from now. As an example, look at current summer temperatures in Phoenix then look at the projections.....

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[Mr. Pink]

I am reminded of Gene Hackman as Lex Luther in the first Superman.

[Mr. Pink]

Originally Posted by Rpoole8537

I dated someone from Spain for many years, and although we are no longer a couple, Spain continues to be of interest to me. I've been retired for almost four years and getting a bit tired of the political rhetoric in our country. I'm curious about residency requirements, etc. I would not buy there but would rent for a few years just for the experience. I live in upstate South Carolina and it's great for cycling. Perhaps not so great for rentals depending on where you buy. I live only 35 miles from Asheville, but summer traffic on I 26 can be awful.

If you can prove a low middle class income (SS and a pension) before moving, Spain welcomes you, especially now.

[93KgBike]

If you can afford to buy the condo turnkey @ $250k; maybe you should bank the upfront cash, monthly payments and expenses, etc., into an investment account instead of buying the condo. Would give you the flexibility to change your mind as you age towards retirement (if that even exists anymore).

[MattTuck]

Originally Posted by 93KgBike

If you can afford to buy the condo turnkey @ $250k; maybe you should bank the upfront cash, monthly payments and expenses, etc., into an investment account instead of buying the condo. Would give you the flexibility to change your mind as you age towards retirement (if that even exists anymore).

Yes for sure. Called the thread "Friday night dreaming", not "seriously considering retirement options". 250K would buy a lot of vacations to explore potential locations.

And the point made earlier is well received, that in 20ish years, even a new condo in 2019 may feel quite dated without a serious commitment to building a reserve and doing updates.

I tend to agree based on the pure financial calculations, that it is probably not a home run -- and certainly decreases future optionality. Once you're able to move there full time, or half time, I can imagine the economics get much better.

[Ken Robb]

A general thought on location: there are places like Aspen and La Jolla that work well for people who live there 1/2 the year because they both have at least two "seasons" for renters. Aspen obviously is very popular for ski season but it's also delightful in Summer with a music festival and lots of other things to do. La Jolla may be most popular/espensive in the Summer but it's pretty nice all year.

My point is in areas like these an owner has a good chance at renting their home for the season they don't prefer to people with different interests than theirs. Of course both of these area are VERY EXPENSIVE so they are out of reach for many. Heck, I couldn't afford to move to LJ now but the two-season idea surely works in other areas.

Mammoth Lakes, CA. is a HUGE ski area (the season this year will run into August) but it's also nice in the summer with cycling, fishing, tennis, hiking, etc. and it's relatively affordable for California.

[Mr. Pink]

If you're thinking of a condo in ski country that may have decent summer biking at the OPs price level, look at Vermont and northest areas. Very cheap right now. My buddy just rented a very nice one bedroom right at the base of Pico mountain last ski season that is on the market for 65 grand. Many more examples out there.

[Matt92037]

Bend Oregon. Top notch MTB, road riding and snow boarding Batchelor. Flying there tomorrow.

[poff]

Bormio. You get Stelvio, Gavia, Mortirolo, and others to climb in the summer and then you can ski in the winter. The town is very nice as well. Bolzano(Bozen) would be my second choice.

[CNY rider]

Originally Posted by Mr. Pink

If you're thinking of a condo in ski country that may have decent summer biking at the OPs price level, look at Vermont and northest areas. Very cheap right now. My buddy just rented a very nice one bedroom right at the base of Pico mountain last ski season that is on the market for 65 grand. Many more examples out there.

I’d be worried about the 20 year horizon though.
If I were buying near a NE ski area I wold keep it to a top tier resort, like Stowe or Killington.
Which of course will be more expensive.
But I’d feel confident they will be operating in 20 years.
I wouldn’t want to bet anything long term on second tier resorts like Pico.
It may be near Killington but who knows if it will be operating in 20 or 30 years.

[Mr. Pink]

Pico is owned by Killington, and it's right around the corner, anyway.

[oldpotatoe]

Originally Posted by weisan

Cuba

While the locals are now allowed to own, buy and sell property, the government is still maintaining very tight control over the entire market. Any foreigner who is interested in Cuban real estate should become well-versed with Chapter 6 of Article 17.1. Read on to find out more about the property market on this island before making any kind of investment.

It is important to note that the above suggestions only apply to non-Americans. If you are a US national, you cannot buy any kind of property in Cuba until the embargo is lifted. People going against this rule are violating an American law and could therefore be exposed to criminal penalties (as per the Trading with the Enemy Act). This law also applies to Cuban-Americans.

[sitzmark]

Originally Posted by Mr. Pink

Pico is owned by Killington, and it's right around the corner, anyway.

To be more specific - Pico is owned by Powdr (as is Killington) which is one of a handful of mega-sort companies. Vail Resorts is the 800lb gorilla. What’s left/reconstituted of Intra-west is under the umbrella of Alterra (Chicago Crown family money and owners of Aspen) is moving aggressively to challenge VR. Powder, Boyne, and a couple of other smaller organizations are fighting for a toe hold in a very competitive space.

The caveat with NE mountain resort property is that rental opportunity is either long term seasonal or primarily weekend only. Leaf peeping season can generate extended stays. For winter it isn’t significantly more expensive than an airline ticket to spend a week on the slopes in the West where the chance for better snow conditions has historically been better.

[djg]

Originally Posted by Mr. Pink

If you're thinking of a condo in ski country that may have decent summer biking at the OPs price level, look at Vermont and northest areas. Very cheap right now. My buddy just rented a very nice one bedroom right at the base of Pico mountain last ski season that is on the market for 65 grand. Many more examples out there.

The OP is in Grantham, NH, already, according to his sig.

[fkelly]

I'm 72 and happily retired. Been through several "second" homes and would never consider it again. Run a spreadsheet conservatively considering all factors and you can never justify it unless you want to get into very ACTIVE property management taking up a LOT of your time. Taxes, repairs, home owner or condominium association feels, just having yard work taken care of, tenants destroying things or just ignoring small problems until they morph into big ones (e.g., mold) ... all come into play. Just the hassle of filling out tax forms for rental properties ...

250k invested now, even very conservatively in a CD at 2.5%, will return $6250 per year which will rent you a Winter place for over a month in a warm weather location and pay to ship your bike out there.