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Imagine hitting the open road, setting up home pretty much wherever you want, getting into adventures…
Throw in the possibility ofsaving money, and it probably sounds even better.
RVing has grown in popularity in recent years, and not just for occasional trips.
An increasing number of retirees are deciding to live in RVs year-round.
About half of the record 11.2 million households that own RVs include folks 55 and over.
There are tradeoffs, but possible slashed living costs are part of the appeal.
They can also control their environment and budget by bringing everything they need with them.
RV travel is particularly conducive to traveling with pets, something that many retirees do.
That said, there are multiple factors to consider before you take thefull-time RV plunge.
Are you sure those smaller spaces wont start to wear on you?
Will you be able to maintain friendships and other social activities when youre on the road?
How much can an RV really feel like home to you?
Are you ready to empty sewer tanks, deal with mail forwarding and sometimes struggle to find Wi-Fi access?
And how wouldfull-time RV livingaffect your finances?
As with any large purchase or massive lifestyle change it pays to do some research.
Possible Financial Benefits
RV life comes with several money-saving perks.
By downsizing to an RV, retirees can significantly reduce their housing costs.
This reduction can lead to substantial savings over time.
Geraci cited a 2023studyby the CBRE Hotels Advisory Group to demonstrate.
Buy Less Stuff
When you live in an RV, space is at a premium.
You may save money just by not having anywhere to put a bunch of new purchases.
Possible Financial Drawbacks
Of course, there are some expenses involved with living in an RV.
Dont Forget the Decor
Theres a whole subculture out there for RV decor and space optimization.
Be ready to drop some money making your rig feel like a home.
Keeping Your RV Running Can be Pricey
RVs require regular maintenance to ensure optimal performance.
Repairs can be costly, especially for complex systems likeplumbing and electrical.
Gas and Insurance?
Bring Your Wallet
RVs arent usually known for their fuel efficiency, so be sure to budget sufficiently.
Insurance premiums can also be substantial, especially for larger vehicles.
Check into whether your healthcare insurance will cover you across state lines.
Factoring the full cost of RV ownership is important, Geraci said.
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