At some point, we all have probably heard the phrase “living the dream” – but this phrase often means different things to different people. For some, it might be living in a luxury suite with someone bringing them caviar and champagne at their command. For others, it is traveling the world in a recreational vehicle (RV), with few cares about schedules and the freedom to enjoy new scenery at will.
Imagine the possibility of going from one place to another without ever having to make hotel reservations. This is the RV lifestyle – and considering that your retirement may be the only period where you have lots of time to travel, it may be the perfect moment. However, before “packing” your things and hitting the road, there are a few key points that you might want to keep in mind.
The Perks of Living the RV Life
If you want to spend your retirement days with your partner in an RV, you
should be aware of the advantages of this lifestyle – some of them are:
• You can travel wherever you want
One of the perks of living in an RV is you can travel wherever you like – and rest whenever you want. There is no need to drive non-stop until you reach a hotel to get some shuteye. Plus, while the safest option is to stop at a campground, you can stop at a rest area, park in a parking lot or even on the side of the road.
• You get to spend time with new friends and family members
If you think that RV owners have no social life, you couldn’t be more wrong. RV Campgrounds are not only filled with friendly people, but they also have facilities that are bound to help you socialize. From jacuzzis to swimming pools to workout rooms, you will have many opportunities to interact with other people. Plus, nothing can compare to the parties and campfires often found in RV campgrounds.
• RV travel can be cheaper than conventional travel
Perhaps the greatest disadvantage of traveling the continent traditionally is the hotel, airfare, and rental car accommodations, which usually cost a pretty penny. However, with an RV, you won’t have that issue – mainly because you will be bringing your whole “house” along with you. You will not have to pay for hotels, Airbnb, or any other places to stay. As for utilities, the RV is much cheaper. You will have to pay for gas, but the monthly rent for campgrounds is significantly lower compared to the traditional travel arrangements. Of course, the cost of buying an RV can be significant – and there are other costs we’ll touch on later.
• Security and flexibility
When you live in an RV, especially a quality unit, you have a lot more security than if you stayed in a tent, for example. Decide the campground you chose isn’t what you wanted? You can easily pack up and leave.
Keep Costs in Mind
Campsite rental costs for RV owners can vary greatly based on the location and amenities. Depending on the RV that you choose and the campground that you prefer, you might have to pay anywhere from $30 to $300. Will you sell your house and be a “full-timer”? You might need to rent storage space for personal possessions you can’t take with you in the RV. If you’ll be keeping your home, you might have RV storage costs when you’re not out traveling. One useful tip to get some extra cash is to rent out your house while you are away, especially if you are planning to leave for a month or more.
Maintenance, insurance, and fuel costs are also factors that should be kept in mind. Thinking about buying a nice class A or B motor home? Expect around 50% depreciation after five years.
The freedom that comes with the RV lifestyle does require some planning, especially if you’re going to do it full time. For example, you might need a mailing service. Medical needs – even if routine, need to be considered- including health insurance logistics. Just remember that there are costs involved with an RV, and, for this reason, you might want to consult with a financial advisor.
The RV lifestyle can be a rewarding adventure. You are free to go wherever your heart takes you, on your own schedule – without ever having to pack your bags.
Presented by Clear View Financial Services, LLC. Opinions expressed are that of the author and are not endorsed by the named broker-dealer or its affiliates. All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. The information in this article is not intended as tax or legal advice. You are encouraged to seek tax or legal advice from an independent professional advisor.