Question from MojoWorking:
I have entered into a phased retirement agreement with my employer, which gives me a semester off from teaching every year. I want to
relocate about 1000 miles from my current residence. What are the upsides and downsides of buying a new home before retirement? I can
reside in the new home about 4-6 months of the year. I am concerned about both homes being unoccupied for part of the year. Any advice
would be appreciated!
This question was posted on the MyRetirement site and the W2W Expert, Manisha Thakor was happy to answer the question. Please see her suggestions below.
I am a contributing Woman2Woman community Expert and saw your question posted within the MyRetirement community. Please see my suggestion below.
When it comes to considering buying a second home (even one that in theory will ultimately become a primary and sole residence) there are both financial and personal preferences. Both should be given careful thought. Items to consider when weighing pros and cons include:
There are no right or wrong answers to these questions. Some people really love owning real estate while others find the logistical complexity of having to maintain (let alone pay for) two home completely overwhelming. So step one is to understand fully if you can afford to have both home - this is a great reason to meet with a TIAA advisor to discuss in person. Step two is then to decide if you actually want to do this.
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