Playing golf in the dead of winter instead of being huddled around the fireplace has prompted active adults to seek refuge in warm, sunny destinations like Florida, California, and Arizona. If this is your first snow season, and you’re considering a part-time residence, is it more practical to rent or buy?
Each option has its perk. On one hand, homeownership is a rewarding investment with the benefit of tax deductions, building equity, and being a master of your own domain in terms of customizing your home. The downside to owning a seasonal home is less freedom to pick up and change locations, and if you don’t live in a 55+ community that offers home maintenance, your lawn may be really overgrown by the time you get back. Alternatively, a condo or apartment might be a great choice since many of these complexes provide maintenance services and the added security of a multi-unit dwelling. If you have a go-to destination that you love to return to each year, delving into the buyers market might be your best bet from a financial standpoint.
If globe trekking is more your style, renting offers empty nesters, and retirees the chance to pack up and relocate without the hassle of selling a home or dealing with two sets of property taxes, and insurance payments. Renting a winter home in a 55+ or age-targeted community also provides the luxury of on-site amenities, and maintenance near exciting local attractions, and entertainment. Renaissance Luxury Senior Apartments in Sun Lakes, Arizona give residents a resort experience complete with a salon, and movie theater so all you have to do is sit back and soak up the sun.
Domestic travel isn’t the only option for snowbirds. According to U.S News and World Report, South America is a popular destination to escape the big chill. Nicaragua and Argentina made the list in terms of affordability, and fantastic weather. Retirees can find options to rent or buy near the city or tucked away in the country.
Choosing to invest in real estate, or opting to rent is a personal preference, but snowbirding is a great way to have the best of both worlds wherever you reside and be able to fulfill travel goals at the same time.
