Considering TV.... A Question(s)

[allus70]

We just came back from the Lifestyle visit, and we were very impressed. It was more or less just what we were looking for. Of course there are a few things up here to tidy up before making the move, such as selling the house and my wife putting in 2 more years in order to qualify for a pension.
We would love to hear your input on these questions.
Does it make sense to buy now and then rent out until it is possible to make the move?
If you were to do it over again, would you buy new in a new development, in that way establishing social ties with neighbors that are also new? Or would you buy a pre owned house in an established neighborhood?
We are in our late 50's and early 60's. Are there many other folk down there in our age group fortunate enough to be able to move to TV?
Thanks.

[LittleDog]

Can't answer your question on buying now as we haven't done it. As to buying new or a resale I would recommend a resale because the bond has probably been paid off and improvements were made that you won't have to make. Also with a resale you can pick the neighborhood which can be an advantage especially if you can be near shopping or golf courses (if a golfer). When we bought 6 1/2 years ago we selected our house having very little knowledge of where we were in relation to everything else. As it turned out it's a great location.

As to neighborhood friends in a new neighborhood I personally don't think it's that important but that could just be me. There are so many activities to get involved with here that you make friends from these activities and clubs.

I think there are quite a few people here who are in your age group. That shouldn't be a problem.

John

[graciegirl]

We will all answer you according to our opinion and the choices we made or have observed others making. On our first street there were only brand new homes three years ago, and no choice to build. We all bought at the same time and about a third inhabited their homes full time and the rest of us were seasonal residents. One did rent their home for a short time.

I personally think that you may as well wait to buy until you are ready. By that time you will have a better idea of the space you need and where you would like to live. Resales and new homes cost about the same and certainly not all of resales have their bond paid off.

The only months that you can count on to be rented are January, Febuary and March, but some people who post here have better luck for the rest of the time. Long term renters are always looking too.

Most of us grown up people have been taught to respect and care for things so property neglect is not a big issue, unless the tenants become ill.

My suggestion is for you to rent here until it is time to retire. Many things can happen and with the economy as it is now in such an unstable situation, who knows what crisis will occur next?

Please know that there are many, many homesites yet to be built and it will take several years, in my opinion, to get to buildout.

And also be assured that a warm welcome awaits you here in this friendly and beautiful place.

Please ask any and all questions.

[Ohiogirl]

I have some experience here - but I think Gracie is right, although particular circumstances may make a difference.

We were 55 when we bought here 5-1/2 years ago, but somehow, we are now in our early 60s. Geez - somehow happens (but at least we are that much closer to Medicare). But - I digress.

I was selling a condo and moving in with my SO, Ohioboy. I felt I needed a tax deduction so purchased a CYV as an eventual retirement home and a rental/vacation home in the meantime. At the time, we thought we would retire at 62. Also, at the time (2006), prices were still going up up up.

So - we rented it out for 4 years, and spent vacations here spring and fall, when possible. While I do feel it was a nice tax-write-off for me, being a landlord is work, and there are times when it's also a big worry (our first rental year was the year of the big tornado here). Also, doing taxes and keeping receipts and records was more time-consuming than normal. We had very little wear and tear, but it is not easy.

I think it will be years before the housing market makes a recovery, and don't see prices here jumping up very soon. I think also that you'd be better off to wait and rent different places and different models while you're waiting.

[Carla B]

I also agree that there is no rush to buy anything here. There will always be a lot of used houses for sale here due to the aging population and, within the next five or six years, plenty of new ones, too. And, unless something can be done to turn the economy around, prices will probably stay level or even decrease during that time.

[asianthree]

We were not going to buy due to our retirement is still five years away. But the house that we wanted and the area we wanted to live in came up we bought last year. With the renters and paying extra the mortgage will be close to being paid off in five years. That way god forbid if something happens to one of us we can wait for the house to sell up north without any worry and still enjoy the one in TV. I just worked for us course i am a planner.Just like having a pension income while still working

[Ohiogirl]

asianthree, I don't think you meant to imply that you can pay all your expenses plus a mortgage from your rental income? Am thinking you are saying that with a little financial discipline, you plan to pay your mortgage off in 5 years and that the rental income is helping to do that.

It would certainly reduce the stress and timing of your future retirement move if you can do this. It's also nice that you pretty much know exactly (or almost) what you need when you finally make the permanent move.

The particulars in any one situation can make it worthwhile to buy several years before retiring. Just know what you're getting into.

So I guess I would say, do the math for your particular situation. It worked out for us, but there is some additional work and worry involved for most. The other downside was that when we did visit, we spent a lot of time on landscape work, touch-up painting, heavy cleaning, etc. No one takes care of your place like you would.

It would also annoy the heck out of me when tenants moved things around - mostly stuff in the cabinets (although I have to admit that once in awhile someone had a better idea :) Most tenants here, however, treat your place very gently.

[John_W]

We are in our late 50's and early 60's. Are there many other folk down there in our age group fortunate enough to be able to move to TV?

I read on here a couple of months ago that the average age in TV is 62, we moved here in July and I'm 61.

My neighbor in the next door villa, who I just met for the first time last week, bought now and doesn't retire for two years. One thing I don't like is just about every courtyard villa owner on our block have redone their landscaping. What I mean is, replaced the pine straw with some sort of nice looking rock and added a palm tree or two. Our neighbors who won't be living here for two years haven't done a thing, they have hired someone to cut the little strip of grass in front but the bushes look tired and some are dead and weeds are growing up in the flower beds. I guess people don't realize their home is a detriment to the neighborhood because they only pop in for a week or two a year.

[villagegolfer]

I read on here a couple of months ago that the average age in TV is 62, we moved here in July and I'm 61.

My neighbor in the next door villa, who I just met for the first time last week, bought now and doesn't retire for two years. One thing I don't like is just about every courtyard villa owner on our block have redone their landscaping. What I mean is, replaced the pine straw with some sort of nice looking rock and added a palm tree or two. Our neighbors who won't be living here for two years haven't done a thing, they have hired someone to cut the little strip of grass in front but the bushes look tired and some are dead and weeds are growing up in the flower beds. I guess people don't realize their home is a detriment to the neighborhood because they only pop in for a week or two a year.

Yea, now the Villages are allowing CYV driveways to be painted. Great, now another expense to keep up with the Jones.:cus:

[John_W]

Yea, now the Villages are allowing CYV driveways to be painted. Great, now another expense to keep up with the Jones.:cus:

I heard for driveways to be painted in the villas you had to get a majority of the owners to go along with the decision. So you wouldn't get that odd looking one driveway per street. I know I wouldn't be for it.

However, for landscaping nothing looks worse than that pine straw once it's been down for a couple of months and turned silver. In the long run, having weed block fabric installed and covered with rocks makes a great looking appearance and makes maintenance a breeze. I've got a push mower from Home Depot and can knock out my front and back in 20 minutes.

[LvmyPug2]

As others have said, much depends on personal circumstances. Prices are pretty low and will probably remain so. The developer is offering some pretty good deals on remaining houses as they close out a neighborhood. If you are going to carry a mortgage, rates are at an all time low. You will need to look at all your carrying costs. Mortgage, taxes, bond, utilities, amenities fee, lawn care, insurance etc. If you are able to rent you will also need to furnish the house ( unless you buy a turnkey). Do the math and then ask yourself "if we can't rent it, is it still worth it to buy now?".

Many of us left after first visit with a desire to buy right away but don't rush. There will be many houses to choose from when it's the right time for you to buy