With the stock market seemingly hitting new record highs every day and mortgage rates near record lows, you may be wondering if you should pick up a second home for your future retirement. Perhaps, a vacation home you can enjoy now while you wait for the day you reach financial freedom and decide to end working full-time.
I recently spoke with a gay couple looking to pick up a second home in Palm Springs, with the idea they could retire there in the next few years. They can afford a lovely home now but could afford a fantastic home if they wait until they are retired.
I walked them through the topics below, and we also reviewed what this meant for their other travel plans. I wanted to make sure this wasn't a Covid purchase that they would regret. They love to travel often and to travel well. With Covid lockdowns, well, they felt their wings had been clipped.