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Originally Posted by l2ridehd
Based on your plan and the low cost of renting in the summer months, I would not buy now. And that is very contrary to the advice I usually give about buying. If you have 7 to 10 years until you retire, a better plan would be to rent for the 3 summer months for about half that time. Try different locations and different style homes. That way you will know The Villages a lot better, know where you want to live (it's a big place) and the style home that works best for you. By renting you will also learn about what works best and you will be a better landlord. When you have about 3 years to go, buy and rent it out for the 3 prime months Jan-Mar, maybe pick up one or two extra and get ready to retire in style in a home and location you are very sure is right for you.
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Good advice. There are a lot of people renting in The Villages, so lots of competition on the rentals. January - March is pretty much guaranteed to rent, but anything outside that time frame is a bonus. You can rent Nov-Jan, or April possibly May, but it helps to have a really nice place/location, and price it aggressively, and probably include a golf cart. The carrying costs on your home could easily run $1000/month, not including mortgage costs. If you're staying in the place a few months a year, you won't get the tax write-offs.
If you rent in the summer, rentals are very very cheap, and as l2ridehd says, it gives you a chance to try out the various style of homes and different locations. I think you'd come out ahead economically if you put off your purchase for a few years. If you weren't going to stay in the place, you could get substantial tax write-offs which might make it more economically attractive to buy now. YOu can write off all your utilites, amentity fees, etc., purchase of furniture, etc. If you do have nice place, you'll get return renters which makes it easier to rent out each year. Might be worth talking to an accountant depending on your economic situation.