Second Homes. A discussion with Tom Fee.
We often talk with clients about how and where they want to spend their retirement years. For those that consider it, a second home may be an important part of getting today right. In this week’s Perspective, Tom Fee, Chairman at Vector Wealth, discusses some considerations people have when buying a second home.
In addition to the video, check out Tom’s blog post and this quick list if you’re considering expanding locations.
How much time do you have to spend in a second location?
How will the property accentuate your time together if family and friends are involved?
How long would you own a second home? Five years, 25 years, or multi-generational.
Will you want additional amenities such as a golf membership or access to a boat or dock?
Will this be your first step into a new area?
What alternatives exist to having a second location?
Being based in Minnesota, a family cabin up north or a second home in a warmer winter climate often comes to mind. Each of us will have our own preferences, and it is important to remember that retirement is not lived on a linear basis. The activities and lifestyle you have a 65 years old will likely be different than at 85.
Lastly, there is no substitute for a period of discernment. In other words, gather all the information that you can, check in with people that you trust, do a gut check, and take time for contemplation.
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