It is designed to put into perspective, how much time and money is spent at each property during retirement and highlights where we will be location wise.
D included the mythical Newfoundland property as well. The spreadsheet assumes mortgage free status.
Here's what I've learned so far:
- our main house costs the most to run (no surprise there)
- 4 months a year will be spend out west
- 7 months a year spend at the main house and cottage
- 1 month out east
- the ski condo costs 50% of our main house to run
- the cottage is the cheapest to run, coming in at 17% of main house
- the mythical Nfld property and cottage costs together come to 94% of the ski condo
- our yearly trip to France costs 80% of what it would be to run the cottage and Nfld
- Nfld house would cost almost double the cottage to run
Mentally, I compare trips to trips and felt we were paying a reasonable price for it. We thought we were doing well there as renting an apartment is way cheaper than staying at hotels.
I realize that the airfare makes up a large part of the costs too. Similar idea with the ski condo and Nfld -- the airfare, seasons passes, condo fees form a significant percentage of yearly costs.
When I think of running a property, I usually focus mainly on utilities, property tax, maintenance.
What I found interesting in this study was that when we colour coded the months spent in each location, you really are able to visually measure the "value" of each property/trip in terms of:
- time spent there
- how much retirement savings to have each year to support this type of lifestyle?
- and most importantly, does this make sense and do we want this?