Buying an RV and living a life on the road can be an amazing way to live, but there are many things to think about first.
If you are considering selling your home to fund this new lifestyle, bear in mind that it can be harder to get back on the property ladder should you ever change your mind.
It is without question, a decision that needs to be carefully considered to make sure that you are 100% committed. In a bid to make it a bit easier, here are just some of the many pros and cons of full-time RVing.
A time to explore
Being able to indulge your wanderlust feels great. You can pretty much take off and go wherever you want whenever you want. This not only brings a huge sense of freedom but allows you to explore the world and see things you otherwise wouldn’t.
Your priorities change
Your priorities completely change when you live in an RV. Material possessions become less important, and you focus more on non-financial related things such as culture, companionship, and beautiful scenery.
Reduction in running costs
Whilst buying an RV is a large financial outlay, running costs will usually be a lot cheaper than that of the average family home. Don’t be fooled into thinking that it isn’t costly though. Not only can encounter issues with breakdowns, but campsites can be expensive, and your RV is a depreciating asset.
Overall, your monthly living expenses should be a lot lower than if you were living in a traditional ‘bricks and mortar’ home.
Healthcare can be an issue
According to a post on money-related advice blog Think Save Retire, most traditional health insurance companies won’t cover health costs once you leave your home state.
Even if you have a permanent home address as well as an RV, you may encounter difficulties when making a claim. If you have an existing policy, find out if you are covered.
If not, you may want to look into alternative methods of cover such as health share. As a member of a health sharing group, you pay a monthly share amount. This monthly share is then used to pay for the health care needs of other members.
Lack of space
Although RVs are pretty big, you might find that over time the lack of space compared to a traditional home can become an issue. If, for example, you argue with your partner, it’s far more difficult to escape their company. Try it out full time for a month or two before making it a permanent choice, or you could end up regretting it.
Friends and family
If you spend most of your time traveling around, it’s unlikely you will see as much of your friends and family. This is something to consider, particularly if you have grandchildren.
Granted, technology has made it easier than ever for us to stay connected, but seeing them on a screen once in a while isn’t the same as being there to watch them grow up.