Need advice from a non realtor

[elbear]

We are moving

[rayschic]

sent you a PM

[2BNTV]

Just some things to consider asi see from your profile that you are retired:

1. If you price your home as low as you can stomach, it might sell faster.
2. It depends on how much you mind moving as buying something smaller would necessitate another move.
3. A home in TV will sell more easily.
4. How much is it worth to get on with your life?
5. I think you know, that you could get a bridge loan until your house of north sells but then you would be carrying two homes.

Whatever decision you make, make sure you can be able to go to sleep on it.

That to me, is the real acid test.

[Rickg]

We just bought a patio home for the reasons you stated. We. Think we can upgrade if we want and will bet here to view pre owned "deals"

[elbear]

Thank you for all replies.

[SpicyCajunPugs]

Thank you for all replies.

Have you thought about temporarily renting your home up North and using the income to pay for the home you really want in TV? That is what we decided to do, and we think when the market totally recovers we will make much more when we sell the old home. We are building our dream home as we speak and will close in April...we will live the dream sooner than later.

[Bill-n-Brillo]

As Rickg did, we purchased a resale patio villa a little over two years ago. If/when we get to the point of moving to TV permanently in the future, we'll perhaps get a different home......particularly with more garage space! :D

But in the meantime, our patio villa works perfectly for us. We would have preferred back then to have bought our "forever" home in TV but wanting to keep our on-going costs of ownership low, we opted to go the patio villa route.

Given when we purchased, we feel comfortable we'll do o.k. if/when it would come time to sell - - - provided, of course, that something doesn't take the housing market for a loop at some point down the road!!!

2BNTV said it well - Do whatever allows you to sleep well at night. Everybody's got differing priorities, different tolerances for risk, financial parameters, etc. You've gotta do what feels right and works the best for YOU!

Bill :)

[LynnDeb]

Have you put your house on the market yet??
We currently live in FL and took a bit of a loss on this house which we are closing on 2/25.. We bought in TV a nice ranch style resale and are closing on 2/22... We will have a small mortgage since the rates are below 4% currently, borrow for a few wks a bit of 401k money (then put back as soon as we close on our current house).... This is what my hubby and I discussed also is the market going to change any time soon?? It has improved somewhat but I think I'm not the only one that took a hit on the selling of the present house...Hope this helps you and your hubby think it through like we did

[l2ridehd]

A lot depends on your longer term plan. Figure the home in the Villages (small ranch about 160K) will cost you a 20% down payment plus closing cost so rough guess $35,000. The mortgage will run you about $700 a month (130K loan, 30 years, 4.5%) and all other expenses will be about another $1000 a month which should cover everything else. Taxes, insurance, lawns, utilities etc. If you decide to rent it for the 3 prime months you will get about $10,000. So a total cost of $35,000 down plus $20,000 in payments each year with $10,000 income. All of these numbers are conservative and are probably worst case. But that is what you need to be ready to accept.

You will be paying down the principal some small amount and also the property value should be growing some so TCO for say 5 years will be about a negative $10,000 to $20,000.

Will you use it enough to justify that cost?
What will you do when you sell your home, keep it, rent it, stay there, sell it?

If you can accept that value basis and use it enough to warrant the extra cost, know the answers to the above questions, go for it.

The other option for you is to rent several months each year. Different homes, different Villages, different months, then when your ready to buy you will know exactly what you want and where you want it. You can rent in the summer months, June through September very reasonable. so do a couple low cost months and a winter month.

[elbear]

Have you thought about temporarily renting your home up North and using the income to pay for the home you really want in TV? That is what we decided to do, and we think when the market totally recovers we will make much more when we sell the old home. We are building our dream home as we speak and will close in April...we will live the dream sooner than later.
yes

[Golfer in Sanibel]

We just went for it. We built the home we wanted here and then went home to Ohio to sell our home up there. It took four months but we are here and loving it. One of my reasons is there is so much to do, buy and plan for went you move we didn't want to do it twice. Also, when you move into a new neighborhood, you make friends. It's nicer to not to have to start all over again in a new neighborhood. I tend to think in the "worse case scenario mode" and the worse thing that would happen is our home in Ohio wouldn't sell and we'd use it as a rental. Really, that wasn't terrible. Homes are now so affordable because of the low interest rates for mortgages. Unless you plan to pay cash you really want to think about what it would cost you. long term, if you get here after the rates go back up. Good luck with your decision and keep us informed.

[LynnDeb]

We are moving

:coolsmiley:we'll meet up soon

[2BNTV]

elbear:

Good for you that you made a decision so quickly. Obliviously, you have been thinking abou this for a while.

Best wishes on your move. :smiley: