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

[Gsinill]

Portugal

[MattTuck]

I know user rain dogs moved from Canada (I think) to Spain, for business reasons. Wonder what his thoughts are on staying there long term.

[Kirk007]

What's your retirement timeline? Anticipate a lot of change in 20 years. What's good now may kinda suck then. So unless the investment opportunity is better than other investment opportunities I'd pass

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[DRietz]

Originally Posted by MattTuck

I know user rain dogs moved from Canada (I think) to Spain, for business reasons. Wonder what his thoughts are on staying there long term.

I have a couple of friends who moved to Girona. Their "penthouse" apt is $500/month. Residency was incredibly easy for them to establish.

I think they're in cycling heaven.

Spain is about 30% less expensive than the rest of Europe and just as beautiful. If you wanted to drop the cost even more, Portugal is a serious suggestion.

AND if you can work out citizenship, hello healthcare...

[Climb01742]

The other crucial element I'd add is good food. Good and varied cuisines. Unfortunately that crosses many places off a list. Or maybe food just means too much to me.

[sparky33]

It’s difficult to pin a location now for a retirement that is not near term. Liquidity is important.

$250 will be priced out of most NE coastal spots within a mile of water. Though suggestions for RI or eastern CT may have options.

Surely you already have the spreadsheet running, because you would. As others mentioned, it is difficult to make profit on a seasonal vacation rental unless you are in a prime location with big initial capital. And the consistent rental volume needed would likely incur considerable annual maintenance work because short term renters wear and tear. Also costing time you don’t have...it is always something.

It may make sense to separate family vacation & retirement home from investment property.

Come to think of it, I wonder if Hanover might be great investment because many student/faculty renters and possibly affordable 2br or multi family away from the town center.

[buddybikes]

Over budget but sure rentable: https://www.zillow.com/homedetails/2...66042431_zpid/

[texbike]

Originally Posted by Hellgate

I want a place with low humidity. I'm over Austin summers.

Seriously! And it's only mid-June....

Originally Posted by DRietz

I have a couple of friends who moved to Girona. Their "penthouse" apt is $500/month. Residency was incredibly easy for them to establish.

I think they're in cycling heaven.

Spain is about 30% less expensive than the rest of Europe and just as beautiful. If you wanted to drop the cost even more, Portugal is a serious suggestion.

AND if you can work out citizenship, hello healthcare...

Wow! Perhaps I should brush up on my Spanish.

For the US, I would really be tempted by Sequim, WA. Close to Olympic National Park, moderate climate, the ability to ride year round (if you don't mind a little rain), not far from Port Angeles and a ferry ride across to Victoria/Vancouver Island and all of the cycling and cultural options that offers, close to the coast for kayaking/sailing/fishing, and not far from Seattle.

Texbike

[nickl]

Originally Posted by Kirk007

What's your retirement timeline? Anticipate a lot of change in 20 years. What's good now may kinda suck then. So unless the investment opportunity is better than other investment opportunities I'd pass

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So true. Hang tight on buying anything until you retire. Second homes can be a real headache especially when you are a landlord. Right after you retire do some traveling to help figure out where you want to land with help narrowing down options from ‘places rated’ articles and websites.

Beyond cost of living, climate and suitability for cycling consider healthcare which becomes very important as you age, along with access to non-cycling interests for you and your spouse/partner and transportation infrastructure among other things. I am currently into this now and have decided to avoid areas right on the sea coast and sites with a history of flooding since this has become an increasing concern as climate change influenced weather events become more prevalent.

[Mr. Pink]

Originally Posted by DRietz

I have a couple of friends who moved to Girona. Their "penthouse" apt is $500/month. Residency was incredibly easy for them to establish.

I think they're in cycling heaven.

Spain is about 30% less expensive than the rest of Europe and just as beautiful. If you wanted to drop the cost even more, Portugal is a serious suggestion.

AND if you can work out citizenship, hello healthcare...

Doubtful you'll score EU citizenship, but, even private health insurance is cheap, relatively speaking. It's less than what I'm paying for Medicare B and a supplement AARP medigap policy

[Mr. Pink]

Also, I'm watching the Spanish RE market for effects of Brexit. There are tons of Brit retirees who moved there over the past three decades , and they won't have health insurance or freedom of movement anymore. Has to effect the RE pricing. The coasts resemble Florida in a lot of places.

[Mr. Pink]

To the OP, furgetabout such a cheap condo in a desirable place for rentals. Ain't gonna happen. AirB&B has put the final spike in that coffin of affordability.

[djg]

On the OP's initial set of conditions . . . I'd be disinclined to do it. There are ways to make it work, of course, and places as different as Charlottesville and Santa Fe have appeal (and, if expensive by some standards, are affordable by big coastal cities standards). But if I were not on the verge of retirement, I'd be disinclined to buy a place in which I planned to vacation 1 or 2 weeks per year for a number of years on the notion that I'd retire there. There are really two parts to this: (1) When, where, and how does one want to retire (and provide for that)? and (2) Does one want to purchase a vacation/rental property as an investment? I don't doubt that there are good ways to bundle those two sets of questions -- I actually know people who've retired happily to their vacation homes -- but the questions aren't necessarily folded together all that neatly. FWIW, I'm 58 (will be turning 59 this summer) and could manage such an investment, but I'm not considering any such thing.

[Hellgate]

Originally Posted by texbike

Seriously! And it's only mid-June....









Wow! Perhaps I should brush up on my Spanish.



For the US, I would really be tempted by Sequim, WA. Close to Olympic National Park, moderate climate, the ability to ride year round (if you don't mind a little rain), not far from Port Angeles and a ferry ride across to Victoria/Vancouver Island and all of the cycling and cultural options that offers, close to the coast for kayaking/sailing/fishing, and not far from Seattle.



Texbike

And...less wind! This year the winds from the south have ready been strong. Heading out now with 20 to 25 mph! Ugh...

I have a feeling August and September will be worse than usual this year.

[Rpoole8537]

Originally Posted by DRietz

I have a couple of friends who moved to Girona. Their "penthouse" apt is $500/month. Residency was incredibly easy for them to establish.

I think they're in cycling heaven.

Spain is about 30% less expensive than the rest of Europe and just as beautiful. If you wanted to drop the cost even more, Portugal is a serious suggestion.

AND if you can work out citizenship, hello healthcare...

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.