Should You Buy a Second Home for Retirement?
As your retirement years approach, you think more and more about how you’d like to spend them. Regardless of your current circumstances – employed full-time, part-time, or in between jobs – it’s important to plan appropriately for retirement. If owning a second home is one of your goals, then rebel Financial is here to help. As your financial planning experts in Columbus, we can help you save and budget for that second property, no matter if you plan to use it as a vacation home, or you intend to rent it out and boost your income after you’ve stopped working.
You may have read or seen other financial experts recommend buying your second home several years before you retire, while others say to wait until you’re a year or two from retirement. At rebel, we believe that every situation is unique, and that there is no one-size-fits-all approach to finances. It might make sense for you to purchase a property now instead of later, or you may need to get your finances in order before you start putting in offers on second homes. We’ll help you understand everything from taxes on rental income to deductions on mortgage interest, and we’ll discuss important questions such as, “Does it make financial sense to buy a second home?” and, “If I do, should I rent it out or live in it myself part of the year?”
You deserve to enjoy your retirement, and if you want to spend those years sitting by a quiet lake or watching the sun set behind the mountains each evening, then it might be a great idea to purchase a second home. When you have retirement planning questions, rebel Financial is ready to help.