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Ask Millionacres: Should I Buy My Future Retirement Home Now?

[Updated: May 20, 2021 ] Jan 30, 2020 by Matt Frankel, CFP
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Q: I have a question that I've been searching for my own personal future. I'm about 20 years to retirement and plan to move to a different state when I retire or at least become a snowbird when it happens. My hope was to possibly buy a home in the South in the next five years. Maybe fix it up to make it worthy, but also rent it out until I want to use it in 15 years. Obviously, by renting it out I could potentially pay it off before I truly want to use it during retirement. Do you have any insight into being successful with this scenario? -- Ben R.