What to cast off....Part 2

Previously, I alluded to some of the ways you can make decisions about what to keep and what to cast off.  After some thought, I realized that the list of things to get rid of kept growing to include a few things I didn't initially think of.

The big stuff....

In our society, ownership of things is a badge that says "I'm successful" or "I've arrived."  One of the items I found folks bragged about most was the ownership of real estate.  I'm not talking about a family home.  I'm referring to anything other than the family home....namely, vacation homes, second homes and rentals.  Now I'm a guy with a love affair for real estate.  The trip to the attorney's closing table on a new parcel charges me up about as much as skydiving for those who like to jump out of perfectly good planes.  I've bought my share of real estate.

As the years ticked by, I realized that ownership wasn't all it was cracked up to be.  Telling friends I owned five houses might have given me a brief charge from a societal point of view, but immediately after uttering the words, I'd remember that I needed to mow a lawn other than my own or had property tax bills due or that a contractor needed to meet me somewhere to replace a leaky water heater that had ruined a tenant's belongings.  Overall, ownership of property can be a headache...a huge one that in hindsight, didn't seem worth it in the long run.

With the real estate meltdown, there exists the temptation to jump into that second home or the vacation chalet in the mountains that you always dreamed of.  I've gone through the thought process...many times.  In the end, I decided against it for several reasons.  First off, by purchasing a vacation home, you've locked yourself into visiting the same place over and over again.  Even if you decide not to visit, there is the underlying thought..."I purchased this expensive home and now I'm not using it."  That's not to say that some people don't fall in love with a location so much, they simply must spend a lot of time there.  For most people, after a few visits, the luster wears off.

Secondly, a home requires maintenance even if you aren't there.  You can close a house down for a year and when you get back there is usually a significant amount to be done in order to get the place up and running again.  This means you are using leisure time for maintenance.  Unless you happen to be wealthy enough to afford a full time groundskeeper in your absence, there will be lots to do upon your return.  Many people make the situation work by renting through an agency while they are absent.  If this works, fine.  But roofs leak, red wine will get spilled on your white sofa by a tenant and AC units fail during the hottest months.  The calls to write a big check will come...inevitably.

When I thought about it, it made more sense to simply rent a place wherever I decided to be.  I'd rather walk in the door and be greeted by a home ready for me to relax and take in the surroundings.  When it was time to go...I could leave the keys somewhere and be on my merry way.  Leave the headache to someone else and increase your flexibility.  Ditch the thought of the vacation home if you are serious about simplifying your life.

Ah...the mountains...again...and again...and again.  I'd love to visit the beach someday.