Hi Taylor – With both our kids graduated from college, I’ve had a hankering to move into an RV and downsize a little. My wife likes the idea but isn’t completely sold. Can you help me convince her?
Hey Harold – As someone who’s spent considerable time trying to sell his wife on the idea of buying an RV, I’d love to give my thoughts! I won’t try to convince you since I’ve never lived full-time in an RV, but I do think it can be a great choice for the right sort of people.
–1. Cost of living. It is, without a doubt, cheaper to move from a traditional house to one that’s on wheels. I suppose if you live in a humble shack on family-owned land and you transition into a million-dollar luxury motorcoach, that’s a different story; the majority of the time, homeowners who sell their houses and buy motorhomes save money on the deal. Of course, if there’s any chance you’ll want to switch back to a traditional home, you’re probably going to lose money on the deal. As long as you stay in the RV, you’ll have to pay taxes, insurance, gas, and site-use fees—all of which are typically less than the taxes, insurance, and upkeep for owning a property.
–2. Lifestyle. This is where personal preference comes into play, as some people are built for RV living and others are not. You can take your house to every state in the nation, but you will live in cramped quarters. You can sleep in the mountains or by the beach, but a flat tire can leave you stranded in your own home. You’ll save money living as a minimalist, but you’ll have to get rid of a lot of stuff and live as a minimalist. Personally, I think I could do it; I love saying goodbye to clutter and being on the open road. My wife would have a much harder time switching to this kind of lifestyle.
–3. Expectations. When people first buy a home, they’re always surprised by a lot of the unexpected expenses. Even though switching to an RV is cheaper, you should still be prepared for new and different fees. Your internet situation will change, you’ll be paying more bridge and road tolls, you’ll hit peak seasons where getting a camp site costs more. These are relatively small hurdles to clear, but you don’t want to get blindsided and wish you’d never left your home.
The biggest consideration, in my mind, is what you’re giving up to move into an RV. How much do you and your wife value personal space and the comforts of a larger home? Even though the kids are gone, how rooted are you in your community? As long as you know what you’re giving up, it might just be that life in an RV is the perfect next step. Thanks for the question, Harold! Let me know what happens!
TAYLOR J KOVAR
CHIEF EXECUTIVE OFFICER
CERTIFIED FINANCIAL PLANNER™
