Living and transitioning between two residences – part 2
If you ask, most people will say that as they get closer to retirement, they want to travel. But what might travel look like? For some, it is one major trip a year; others opt for smaller trips sprinkled throughout the seasons. For a slice of the population, living for months at a time away from their “home base” is the best option — and they may even leave it for good.
Winter homes by the beach
Vickie and Sam D, ages 71 and 74, didn’t start out looking for two homes. “I had kind of fantasized about having a vacation home but never thought it would be feasible,” Sam says. Their daughter-in-law’s parents had bought a condo in the Myrtle Beach area of South Carolina, and when the neighbor of the condo put his place up for sale in 2005, Sam and Vickie committed to buy it. “We were next door neighbors for 10 years with our son’s in-laws,” Sam says.
As grandchildren came along, the space in the condos felt smaller, so Vickie, Sam, and the in-laws built 4-bedroom houses right next to each other. “Our homes are exactly alike,” Vickie says.
Sam and Vickie head to South Carolina in mid-December so that their family can celebrate Christmas together (a 19-year tradition), and they return to Louisville in March. They usually return to the beach for another family get-together for the Fourth of July. “We’re kind of there when [our kids] tell us to be,” Sam says. The last couple of years, they estimate they spend 50 percent of their time in South Carolina.
Having two residences, especially when you host family and friends, is wonderful, but there are hassles to it as well. As Sam points out, there is an overlap in expenses because when they are in South Carolina, they can’t just shut off the utilities to their home in Louisville. They have taxes, yard maintenance, and insurance for both places, too.
As they get older, they are noticing that the 11-hour drive to South Carolina is harder than it used to be, so they are considering more and more where their permanent place of residence will eventually be. While they can easily and cheaply fly during the busy summer season, the cost skyrockets during the winter months. There is also the issue of medical care, which becomes increasingly important the older you get. Vickie points out that there may be discrepancies in the types of doctor specialities and hospitals depending on where a vacation home is located.
Of course, the older you get, the more you realize that change happens and nothing is forever. So do your research, network with knowledgeable people, and be honest with yourself to ensure you make the best decision for your situation.
By Carrie Vittitoe
P.S. You may also enjoy part one of this series.
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