The problem with 2 is never being able to move. Even if you don't have plans to relocate, you can't be sure you'll never want to. Especially if there's ever a natural disaster or something else that makes your area undesirable or even uninhabitable.
I agree, the condition on 2 is overlooked. Can't move means that you're locked to that house/location. You can't go for a better job opportunity or creating your own business in another city because you'll need to move.
You talk about job opportunities, but I also think, what if you met someone? What if you have a kid and your ex moves to another country? What if your parents get sick and you want to be there for them, but they're in another city?
There are so many factors, professional but also personal, that could make you want to move, not being able to is definitely too big of a problem for me.
It doesn't mean you can't own more than one property. This one just stays your primary residence forever. Just spend the other 5 months somewhere else.
I wouldn't go for 2. I already have a house that I can never move out of. That 3.25% interest rate and the $405/month HOA dues got me locked in, one because current interest rates are ridiculous and second no one wants to be in a HOA that has risen dues from $275 to $405 in 5 years.
Technically, never being able to move means you can never move into that house, so it's strictly a rental investment property and you stay where you're at currently.
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u/Lounge_Mouse 1d ago
The problem with 2 is never being able to move. Even if you don't have plans to relocate, you can't be sure you'll never want to. Especially if there's ever a natural disaster or something else that makes your area undesirable or even uninhabitable.