blog rightsizing 9

A spot to vacation

Now that you’ve downsized, perhaps you’re thinking about purchasing a second home in a warmer climate where you can retire during the cold Canadian winters. But when you’re looking for a house for a specific reason and in an unfamiliar place, where do you begin?

First, figure out what your needs are and ask if you’re the kind of person who loves to visit new places or who revels in hotels that cater to your every need. Will you enjoy visiting the same place over and over each winter?

Then, review all the positives and negatives of the various styles of winter vacation residences. A cozy lakeside retreat is perfect if you don’t plan to have young children around as it might be too small and dangerous for toddlers and too boring for teenagers. On the other hand, a hopping beachfront location might end up being too noisy and overcrowded when you’re ready to retire in this abode.

Depending on your age and your plans for this location in the future, you should also consider the area and whether it’s close to shopping and hospitals as this will likely become more important the more time you plan to spend here.

Figure out what you can afford before you start looking, particularly if you plan to also keep a house in Canada.

Emotion often comes into play when you’re deciding on any home and sometimes this can outweigh common sense. To try to prevent this from happening, ask yourself the following questions:

Do you have a steady, secured income that can pay for two houses?

What will it cost you per year?

What else can you do with this money?

How often would you realistically use your second home?

Would you consider renting it out while you’re not using it for extra income?

This last question could also be posed to friends and relatives. To help with costs until you’re ready to fully take this second home over (i.e. once you retire), you might consider sharing the home with friends or family. If you decide to go this route, make sure the rules and agreements are fully understood and agreed upon beforehand.

And of course, plans can change so be sure that you have an exit plan with this second home should you experience financial difficulties or are no longer able to visit and maintain it.

Contact me at 705-722-7100 for more information on rightsizing your life


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