Is It Better to Rent or Buy a Second Home as a Snowbird?

Note: The map found on: https://www.kiplinger.com/retirement/... is dynamic and has been updated after this video was recorded in 2022.

In this episode of Blue Collar Wealth presented by Stone House™, join Bob Brown, CFP® as he answers a common question Stone House Advisors get from those preparing for and within retirement—should they buy or rent a second home as a snowbird?

This question may even be on your mind right now as we slip into the winter months you have not-so-secret visions of yourself having coffee on your beach house deck in mid-February or lacing up your golf shoes much sooner than April, Pennsylvania’s start of the season if we’re lucky.

Beyond the vision, though, how might you make it actually happen?

Will you buy or rent a second home? Where? How?

Retirees often sell their homes and move to another state, or sometimes keep both locations, becoming a ‘snowbird’. Most of that decision is based around very common reasons:

Your Heart – Simply put, maybe it’s been a long-time desire to move to a certain area you’ve fallen in love with but the last chapter in your life has kept you tethered to where you’ve been. Maybe it’s been your job, family, friends. Whatever the case, this next chapter may no longer have those geographical constraints.

Your Health – Not a shocker here that as most of us get older we find colder climates more challenging, and our joints thank us for finding something warmer.

Your Kids – Where are these kids of yours settling down? Do you want to follow them, or at least one of them, in order to stay involved in their lives? And maybe… a fair question is whether THEY want Mom/Dad close to them? Hopefully that answer is "Yes!”

Thanks for watching! We’ll be back next week with a new episode. See you then!
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