Forum Discussion
NYCgrrl
Jun 27, 2016Explorer
Well I'd opt for the condo plan since you'll be able to avoid paying capital gains taxes on a portion of the money and you'll have a recurring tax deduction from the condo that you will not get from F/Timing in an RV.
As others have suggested be sure to ensure that you are allowed to rent out the apartment and then do so while you are gone. Concerned about getting proper tenants? Hire a reputable property management company to do the grunt work for you. This will allow you to continue to add to your savings thereby negating any capital improvement assessments of the future. Oh and try not to rent to friends and family members in financial straits whose problems MIGHT be solved if they only had a nice place to live in. I'd rather give money gifts than mess with my ability to live as I choose and risk never wanting to see said friends and family again;).
Do your due diligence on how the condo is run and the age of any items (the roof, sewer system, etc) that will need an assessment in the future. Just think of how you maintained your house and know that the repairs to a condo are the same only writ larger.
I know nothing about the costs of living in an RV resort so have nothing to say on the subject.
HTH.
As others have suggested be sure to ensure that you are allowed to rent out the apartment and then do so while you are gone. Concerned about getting proper tenants? Hire a reputable property management company to do the grunt work for you. This will allow you to continue to add to your savings thereby negating any capital improvement assessments of the future. Oh and try not to rent to friends and family members in financial straits whose problems MIGHT be solved if they only had a nice place to live in. I'd rather give money gifts than mess with my ability to live as I choose and risk never wanting to see said friends and family again;).
Do your due diligence on how the condo is run and the age of any items (the roof, sewer system, etc) that will need an assessment in the future. Just think of how you maintained your house and know that the repairs to a condo are the same only writ larger.
I know nothing about the costs of living in an RV resort so have nothing to say on the subject.
HTH.
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