Renting or Leasing
Your Retirement Home by Arlyn Lawrence WHO WOULDN’T WANT to own a home where
the sun (almost always) shines? If you have the means, it should be a no-brainer, right? Not necessarily. Though it may pencil out fine on paper, buying is not always the most economical or sensible option for securing a vacation or seasonal home, even if you do have the cash on hand. No matter how you look at it, buying a second home is an enormous financial commitment. You may have two simultaneous mortgages. You’ll have to pay for utilities, maintenance, and property taxes. On top of that, you’ll need to factor in the cost of
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insuring and furnishing the second property, not to mention decorating and everything necessary to live in it: sheets, towels, dishes, etc. That’s a lot of expense! With these factors in mind, sometimes it is better to rent or lease your seasonal home. For whatever reason you may choose to lease a home (such as wanting to check out the area before committing to it), here are some things you’ll want to think about as you go about it:
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