My husband and I are both age 72 and are residents of Illinois. We are currently spending the month March in Florida and have come across a condo that we are considering buying as an investment. We have enough money in a savings account to pay cash for the unit and by renting it Jan, Feb. & March each year our annual expenses would be covered. We would value your opinion.
Terry Says: What’s the point of having a condo in Florida if you can’t go there in the worst months of the winter?? A lot of people figure that rental income will cover the ongoing costs of a warm weather haven. Then they change their minds and decide to use it themselves. If that happened, what would your finances look like? You may not be able to rent it out in the summer months! So don’t fool yourselves into making a bad decision that leaves you illiquid. But if this is the push you need to start changing your life I applaud you, encourage you, and smile at the thought!