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Originally Posted by tvbound
Thanks for your thoughts.
I agree about the potential for a recession, which is the only reason we haven't already bought. In fact, instead of just paying cash for the house we are also thinking of taking out a partial mortgage in case the stock market tanks big time, which that extra money could then be invested. That would give us even more money to play with, so the kids will have a bigger inheritance when the time comes. Particularly since home mortgages are at record lows right now and it wouldn't take much return from stocks, to come out way ahead in the long run going in that direction.
This will definitely be our last home and as we heard many times from the full-time residents when we rented, I guess that will officially make us "frogs."
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Wow, you are still willing to do without so that your adult kids will have an inheritance???
I invite you to move on to the next phase of life...live your life...your job raising the kids is over
We put all 5 through college on our dime, bought them cars, paid for the weddings, helped them get on their own feet....job done! Actually made a new house rule that kids are welcome for dinner anytime, but only grandchildren can sleep over...they laughed, but didn't push back
Our 5 know that IF there is anything left after we've enjoyed having the best possible time of our lives anything remaining is theirs...but they'd rather listen to the stories we tell them about our adventures
now, new vs. preowned in TV
Many of the 'pre-owned' homes are in great shape, however many will require substantial $$$ to renovate. Having contracted for renovations in FL and in the northeast I will say that there is no comparison...things are really different in FL (and not always in a good way so be very careful choosing a contractor in FL)
If you go new you're also going to spend money...we went new designer home and have spent 50K in upgrades with local contractors over the past 3 years
We had a small mortgage when we 1st bought here....once we no longer were itemizing our taxes we just paid it off...okay so cash reserves went down, however monthly expenses also went down
Nobody can predict the future with accuracy, however in the past home prices in TV seem to be insulated to an extend from what was going on everywhere else
Good luck...you've got some serious decisions to make...I hope it all works out for you