Buying Early?

[SannyTX]

Hello all!

After a very quick visit to TV earlier this month, we are seriously considering buying our retirement home in TV sometime in the coming year. We are about 4-5 years from retirement. Our intention is to buy then find rent out the home on a long-term lease. Has anyone had experience with long-term rentals? Is it difficult to find long-term renters?

Thanks!

[Schaumburger]

Hello all!

After a very quick visit to TV earlier this month, we are seriously considering buying our retirement home in TV sometime in the coming year. We are about 4-5 years from retirement. Our intention is to buy then find rent out the home on a long-term lease. Has anyone had experience with long-term rentals? Is it difficult to find long-term renters?

Thanks!

SannyTX, I'm a wannabee, so I can't give you advice on buying and renting a home in TV, but just wanted to welcome you to TOTV. I'm sure you will get feedback from a TV resident(s) who has rented their home(s) long-term. :welcome:

[buggyone]

I cannot give advice on long term rentals but I can give advice on your retirement plan - my opinion, only.

I would suggest waiting on buying a retirement home in The Villages or anywhere since you do have around 5 years before retirement. Your financials may change one way or the other. No one knows. Your health may change. No one knows what might come down the pike in 5 years.
I would suggest waiting until you are within 1 year of retiring before settling on one area much less one community.

Take a look at a good number of other communities in different areas of the country as time goes by.

I do wish you all the luck and retirement is wonderful.

[rjm1cc]

Be a TV renter until you are ready to retire. No need to buy early.

[Yorio]

One point you should consider is that after 5 years there will not be any new homes. They will all be pre-owned homes. That is, if you believe the developer's mantra. The Villages development will be technically finished. Given that there will be close to 55,000 homes when completed and how many more baby boomers retiring still? I am hoping that property value will increase to turn it over to the next generation.

[asianthree]

Or our thought was while we were still both working we bought a small vacation home to use and when we retire we will trade up and have first home to offset the next house

[2 Oldcrabs]

One point you should consider is that after 5 years there will not be any new homes. They will all be pre-owned homes. That is, if you believe the developer's mantra. The Villages development will be technically finished. Given that there will be close to 55,000 homes when completed and how many more baby boomers retiring still? I am hoping that property value will increase to turn it over to the next generation.

I do not believe the developer's mantra that the "built out" is 2014. There is too much land for sale around TV. IMHO, I would wait until you are about 1 year from retiring. Too many things can happen in 5 years. :welcome:

[njbchbum]

sannytx - i would suggest that you do whatever you believe to be in your best interest and whatever you and the wife are most comfortable with!

it does not seem that you have yet heard from folks who engage in long term rentals, so might i also suggest that you look at some of the villages for rent by owner listings and contact those folks directly to ask your question - most all have contact info.

another option is to contact the villages and multiple listing agents to ask them how successful they have been in placing long-term rentals in the villages.

good luck with your decisions!

[alemorkam]

One little piece of information I do have for you is there are many resales on the market that are called "turn key". that means it can be occupied immedately without having to buy anything from sheets to towels to dishes etc. Many people buy these turn key resales for rentals. Check out the website www.focusofthevillages.com We bought through there. It shows all the MLS resales in the villages. If it doesnt list "turn key" you can contact them at the website and they will send you a list of turn key houses. Good luck.

[ducati1974]

We bought our turnkey house three years ago and just moved full time 12/1/12. Prior to moving in we rented as much as possible, though saving January of each year for ourselves. We did not any long term rentals and very few inquiries about that, however we were happy with our success of rentals in that timespan. Our income took care of our expenses (though we did not have a mortgage) and we were thrilled to have a home of our own to come to every January and a few other weeks here and there. We used villages4rent very successfully for advertising, Homewatch for home care, and we handled the rentals ourselves. Having some landlord experience and buying a turnkey make everything much easier. Because you have the time, watch the new listings every day and make sure you get exactly what you want- the options are unlimited.
Good Luck!

[SannyTX]

Thanks for all the advice. We're not in a huge hurry to buy. I think we are more interested in resales than new - and I will definitely look at turn-key properties. Thanks again!

[shalomuall]

We are also about 5 years from retirement. Saw a lot we loved on the golf course which has been my husband dream forever, so we got and it and built a home on it. We became 2 of the 20%. We are lucky to be able to fly out and spend 4-7 days a month enjoying the TV life. It is our get away home. We look forward for 3 weeks a month to the "vacation" in FL. We made lots of friends and we love it. I lost a dear friend the day we closed. It made me realize that we just don't know what will be in 5 years so we are enjoying it now. My kids (1 still in college) just joined us for a few days and loved our new home and the fun that comes with being in the Villages.
Good luck with whatever decision you go with.