Buy or rent a vacation home (initially)?

[Like2Plan]

I would say rent for a year and see how it goes. Your preference is for a SFH, but it might not be practical in this situation and maybe you aren't totally sure exactly where you want to live. Condos give me pause. close-in neighbors with possible bad habits (smoking), noise, high HOA fees, special assessments (hurricane) and so on and so forth. Plus, you already know a condo isn't your forever choice.

I was in a situation where I had to look after a SFH home (not mine) that was located in a couple of states away. It was a huge relief it was when it was sold. For example, you can get a lawn service to take care of the lawn, etc, but there's always the chance for complications (like you're not there and they mow the neighbors' yard instead when they first get started. Or, they damage automatic sprinkler system. Or who knows what else ). There's always periodic maintenance even for a brand new place--like the heating and AC check and the annual termite inspection for which you have to be there. There are other weird things like the HW heater goes out or the ice maker line fails when you are not there. So, do you turn off the water lines and shut down the HW heater before you leave each visit? Do you have the house monitored by a security company while you are gone (what do you do about possible false alarms?). What about watering the yard? Do you put that on autopilot when you are gone?

[TexasHusker]

If you aren't going to use it for income as a rental, it would be very difficult to cost justify buying a vacation home from an investment standpoint.

[disneysteve]

If you aren't going to use it for income as a rental, it would be very difficult to cost justify buying a vacation home from an investment standpoint.

Not approaching it as an investment.

[TexasHusker]

Not approaching it as an investment.

If you aren't buying as an investment, it's far better to own than rent. As you stated, you get to set it up exactly like you want it - flooring, paint, appliances, and all of the creature comforts.

[1claire]

I feel like it will be better if you will just rent a vacation house, you won't use it from time to time. People who usually owns a vacation house allow guest to rent it for extra income.

[LivingAlmostLarge]

rent for a year. figure out if you want a sfh or condo?

[Like2Plan]

If you aren't buying as an investment, it's far better to own than rent. As you stated, you get to set it up exactly like you want it - flooring, paint, appliances, and all of the creature comforts.

Unless you end up selling it after a couple of years and buying another property because it doesn’t quite meet your needs....

[LivingAlmostLarge]

DS what are you thinking of buying? Size? Layout? Location? Do you have like 1 or 2 HOA narrowed down depending on condo versus home in community? Do you want to look at 55 and over places? Or Assisted living step downs? Is there anything you would like amenities wise like golf course? My thing would be how picky will you be and how picky can you be? Personally this sounds like dream so I'd rent to make sure I have every box checked. Plus if I was very specific (and I am known to be) a rental to me would also give me flexibility on living down there while buying something that needed a lot of renovations. Maybe somewhere your wife could live while you find something and then live while renovating. but of course I haven't visited and try all the different neighborhoods like you did.

[TexasHusker]

Unless you end up selling it after a couple of years and buying another property because it doesn’t quite meet your needs....

Hopefully if he buys, he will select something that fits his needs. Since investment value is not part of the equation, selling it in a couple of years doesn't matter.

[~bs]

rent. buy when the market collapses and there's firesales