Smart to purchase home now or wait?
 

We plan to relocate to TV in about two years upon my retirement, will be 68 at that time. Anyone who can provide any comments regarding if it is better to purchase a residence now or wait would be much appreciated. A few additional questions also for anyone's comment:
1) Rental Income: We were advised by TV realtors a home could be put into a rental program in the interim. As we were driving around the villages Dec of 2016 saw many "for rent" signs plus rentals via internet sites. Is the rental market really that strong where one could anticipate rental income?
2) Appreciation of current homes: Do you believe the value of current homes are appreciating that fast where it would be beneficial to purchase now? As there seems to be a lot of home for sale in TV plus I saw reduced prices for the new homes offer by TV realtors.
3) Resident Turnover: What is the approximate turnover, such that what percentage of residents decide annually to relocate out of TV.

Thank you for any comments, also thanks for the great hospitality during our brief visit.

Man makes plans & God laughs--get your ducks in a row asap--lost 5 close friends this year--the youngest was 61--if you can afford to retire now do it--can't imagine what 2 more years will do for your retirement-its what you put in in the beginning ,not @ the end that really counts

If you have a specific area that you are interested in, I would suggest buy now, hire a property manager, and rent until you get ready to move. Do a search on this site for renter/renting (and variations) and you will find additional background information.
I have not seen any announcements with regard to additional homes in the immediate area to the existing villages. There are new homes going up in the village of fenny, about 4-5 miles (by car only) to Brownwood, and there are rumors of additional land purchased in the area of the turnpike for possible expansion. Since you have already visited, you have an idea of the lay of the land and probably some idea what you want, so keep an eye on the new and for sale to see if you find what you are interested in. Who knows, you may retire early, and then you could be all set.

I will say that if you have a furnished home you can rent for about $4000 or more during the season. The rental demand is high for the 4 month season then drops off dramatically during the off season.

The newer homes are further away from everything and at 68 do you want all the added expense of a new home. By buying resale you can get move in ready in an area closer to everything that makes the villages a good place to retire. Appreciation of resales is loosely tied into new home construction as long as they are there prices appreciate slower.

Depending on the house and location, it is quite easy to rent out your home during the high season of Jan/Feb/March. The shoulder months are a little harder - Nov/Dec and April. Those months would rent at a reduced rate. The off season, May, June, July, Aug, Sept and Oct are much harder to rent out and get a much lower price. The closer to one of the square and grocery stores, etc the better and easier to rent out. I had terrible luck with the property managers. They easily rented the house out during the high season but didn't even try during the shoulder or off season. They also overlooked damage to the house, gave back the security deposit and as a result, it cost be several thousand of dollars. It is easier to do it myself, although more work, and I get it rented almost year round.

I agree. My opinion..........in the scheme of things, housing values now vs. two years should not be a driver. The key is, Location, Location, Location. Not sure if you have the location, or if you need another visit. Must also decide if new vs. used matters to you. We purchased new prior (couple years) to moving to TV, but we decided not to rent out our home. I might be weird about it, but I did not want strangers in My Home.

Regarding "turnover"...........not sure if anyone has factual stats on this. My guess, not much turnover, more people buying their second or third home within TV.....but not exiting TV.

Good Luck with your journey.

If you want a new home, it would be wise to start looking now. Two years from now their may not be much left, other than Feeney.

In my opinion, it makes no sense to buy and rent the house out for 2 years. There will be plenty of houses for sale in 2 years, or whenever you want to move. No one can predict what the appreciation will be. Owning a rental house is great for the rental company, but not so much for you.

depends on what you want. Resales will always be here, If you want new on a golf course, then there are 16 available and they are all villas

Since the areas north of route 44 are pretty much built out, I would not be surprised if the price of resales will start to increase dramatically.

In two years the mortgage rate will be significantly higher than it is right now-if you have to have a mortgage, you'll get much less of a house than you can get right now @ cheaper $$--just saw a financial report about mortgage rates

all the new homes in Fenny are built and ready to put on the market....They need paved roads in and out and there ready to sell.

There will never be an end to the new homes....I speculate more than 10 years out with all the new farm land they purchased.

i vote wait.....renting in the summer is difficult for the majority of landlords.

We had the same idea earlier this year. We were told renting would be no problem ! What a joke! As of December 1st there were 875 rentals available. Realtor are told to push Hometown Property Management! Our house was put in the pool after spending $$$$ in August. As of Dec 1st only March was rented! They rent their own properties before anyone else's.we have found they are over building which is causing a lot of empty homes. Watch out for expensive Bonds when buying. They add $200-400 extra money per month for 15-20years. Look for pre-own with bond paid.

Since 07 ( preowned base patio villa $149,000) have watched the market on homes bought our first new PV in 2010 $127,000. Cottage in 2012, then retired to a designer in 2014. For us it was about garage space. Yes we bought while working, didn't matter about space it was a vaca home, but once we brought stuff down we needed bigger garage.

We purchased in 2005, had a rental manager for ~ 5 years. I was able to retire in 2010.