Advice on Purchasing a Home

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  #1  
Old 12-04-2011, 04:40 PM
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Default Advice on Purchasing a Home

Were getting ready for next weeks Lifestyle Preview and are still struggling with our purchasing timing/strategy. Knowing that full time retirement isnt going to happen for 4-5 years, and that we wont be able to purchase our TV Dream Home until we sell our primary residence, is it better to delay our purchase for another 3-4 years or is it better to buy something in 2012 that is less than our dream home?

Were leaning towards purchasing a smaller home in 2012 which we can use as a vacation home for the next 4-5 years and then look for our dream home after we can move to TV full time. My thoughts are that this strategy may protect us against any inflation or housing market increases that may occur over the next 4-5 years.

1. Is it foolhardy to think we can buy a house in 2012 and then sell it in 4-5 years without sustaining a large net loss?
2. If were going to purchase a home in 2012, which series do you believe will be in the most demand when we are ready to sell it so we can build or purchase a larger home?
3. If we decide to purchase in 2012, are we better off looking at new or existing homes?
4. Are there companies in TV that will manage the required maintenance for an absent owner?
5. Is this a common practice in TV? (Purchase a home but only use it 3-4 weeks a year)
6. Will TV still be building new homes 4-5 years from now?

Any information or perspectives you can supply to us would be appreciated.

Thanks everyone
Alan
  #2  
Old 12-04-2011, 05:03 PM
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Default I'll take a shot fwiw.

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Originally Posted by AlanC View Post
1. Is it foolhardy to think we can buy a house in 2012 and then sell it in 4-5 years without sustaining a large net loss?No one knows the answer to that, but my educated guess would be that one would be unlikely to take a large loss in 4-5 years, and more likely could see a gain.
2. If were going to purchase a home in 2012, which series do you believe will be in the most demand when we are ready to sell it so we can build or purchase a larger home? From a resale standpoint it would seem a less expensive courtyard villa would be a good bet, though you can find some good turnkey patio villas that should hold their value. The lower outdoor maintenence on the CYV would be desireable for an absentee owner - you might find one with no grass at all.
3. If we decide to purchase in 2012, are we better off looking at new or existing homes? My advice would be existing - given your circumstances you could probably find a turn-key, possibly with no bond, and if you are going to be getting something bigger later on, the location would not be a huge issue.
4. Are there companies in TV that will manage the required maintenance for an absent owner? yes, including redwitch on this site for a homesitter
5. Is this a common practice in TV? (Purchase a home but only use it 3-4 weeks a year) It seems there are quite a few who do that, some of them rent out their homes for parts of the year they are not in TV.
6. Will TV still be building new homes 4-5 years from now? That time frame may be cutting it close.

Any information or perspectives you can supply to us would be appreciated.

Thanks everyone
Alan
...
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  #3  
Old 12-04-2011, 05:50 PM
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Alan -

Ditto Ed's comments - those are good thoughts for you to consider.

A lot of what you'll decide to do will be driven by what you are comfortable doing. You're in exactly the same boat as Sandy and I with your life situation. We elected to go ahead and purchase a pre-owned Patio Villa a year ago. By the time we added up the cost for what we'd been shelling out for hotel stays/home rental plus cart rental, etc. for our multiple TV visits over the course of time, it wasn't a ton more money out-of-pocket annually to own a PV. Though it's ultimately not what we feel we'll want if/when we'd decide to move to TV permanently, the PV certainly fills the bill for us until then. We also have elected not to rent it out even though we're only in TV for a total of around 7-8 weeks scattered throughout the year. That was simply our philosophical choice. We're rolling the dice about what our place might be worth money-wise on down the road.......but that's the current dilemma with ANYBODY owning a home right now. Our best guess is that we'll come out o.k. on it if we choose to sell in the future for whatever reason.

Construction completion for TV is projected to occur in 2018. http://www.districtgov.org/images/IR...of%20Facts.pdf See the top of p. 3 of the document for the 2018 reference. If that indeed holds true, you'll still be good to purchase a new home given your timeframe. But IMHO.......if the current rate of home construction and sales rolls on as it has been, the developer could wrap up before then, barring other land acquisition. All speculative at this point.

New vs. resale - Again, something that's up to you to decide. Regardless of which route you choose, you're winding up with a home in TV which is a good thing! Plenty of earlier threads about the pros and cons of each - give the Search function a whirl and review what turns up.

It's pretty straight-forward to get everything taken care of with a home in TV while you're away. Redwitch does homewatch for us and it works out well. We also outsource the lawn/landscaping care and pest control. Once you've got all the pieces of the puzzle covered, things go very well.

Hope all that's helpful. I'm sure you will get good feedback from other TOTVers as well.

And welcome to TOTV!!!!!

Bill
  #4  
Old 12-04-2011, 06:11 PM
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Based on our recent experience with TV, we were there in September and bought a lot to build on. Our realtor said they were selling about 200 new homes a month and 100 pre-owned a month and they are on the last phase of building. I believe they will build out to Wildwood. (Don't know where that is, not familiar with the area) IMHO, if you want to BUILD your dream home in TV you will have to do it in the next few years as all of the lots will be sold. However, if you are going to buy used and make it your dream home then you probably have all the time you need. Just remember, when TV gets full, the price of the existing homes will skyrocket due to demand. There will be no other place to build and you'll have to buy an existing home. I think which ever you choose, just the fact that you are in TV will be all that you need. Best of luck with your decision.
  #5  
Old 12-04-2011, 06:24 PM
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I think you're leaning toward the right thing with this: "Were leaning towards purchasing a smaller home in 2012 which we can use as a vacation home for the next 4-5 years and then look for our dream home after we can move to TV full time. My thoughts are that this strategy may protect us against any inflation or housing market increases that may occur over the next 4-5 years."

Once you have a place here, your dream of your "dream home" could very well change. Up north, the house is important because when it's cold and drizzly, you're IN it a lot. Here, people are so active and social outside the house that for us, it is a pleasure to have a courtyard villa that's half the size (or less) of our prior "dream homes" up north. It's less to take care of and pay for, which means more time and money to be outside PLAYING!

Inflation is a definite concern, and I personally think it is wise to downsize for awhile and put money away for the future. Then, when the finite number of homes here in TV causes the prices to go up because of demand, our home is money in our pocket and that would be the time when I would get the "dream home" (unless the economy and inflation are far worse than now).
  #6  
Old 12-05-2011, 10:31 AM
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Default It is projected we are at the bottom of the RE trend...

If, if that is true, then your best buying time would be now...or shortly. I would suggest you purchase a relatively new pre-owned 3/2, probably a
CYV for less land maintenance and also for saleability down the road. And,
I would consider renting it out when you are not there and use one of the
Company's that oversee's that. If you can buy low now, you can either
watch your investment increase, or decide at some point you might want
to retire earlier. Things change, that's all we can be sure of...plus, you
have an additional asset in real estate just at the moment things are
apparently starting to turn around.

I think I am more the, "He who hesitates is lost" mentality with real estate, but a good buy may trump the waiting. And, a good accountant. If you do
purchase, I would look to the Districts of 7 or 8 that should put you just
about in the middle of TV when it is built out. Good luck whatever you choose, it is afterall, a series of decisions that only you two can make
given your economic situation.
  #7  
Old 12-05-2011, 11:04 AM
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I would think buying now because of low home and mortgage cost would be a good decision. I personally would go resale because a new home requires a lot of things to do soon. Landscape, attic stairs, managing the home warranty, and just getting the things you want. And you need to be there for a lot of it to get done. I would purchase as much as you can comfortably afford. Approximate cost will be: Patio Villas will run $135K to $145K (1150 sq ft), CYV from $160K to $200K (1150 to 1600 sq ft) and a 3/2 ranch home from $160 to $190K (1250 to 1600 sq ft). Add about $500 a month above PITI for TCO.

You may want to rent two or three times in different locations to determine where you would like to live, but value wise I believe you are very safe to purchase a small home now.
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  #8  
Old 12-05-2011, 02:21 PM
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Pardone my ignorance, but does PITI and TCO mean?
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  #9  
Old 12-05-2011, 02:24 PM
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A CYV with a two car garrage would be the best for resale value and demand. Not that many are built and most would choose at two car garage model over the one car and golf cart models.
  #10  
Old 12-05-2011, 02:27 PM
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PITI = Principal, Interest, Taxes, and Insurance

TCO = Total Cost of Ownership

Bill
  #11  
Old 12-05-2011, 02:32 PM
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Quote:
Originally Posted by Bill-n-Brillo View Post
PITI = Principal, Interest, Taxes, and Insurance

TCO = Total Cost of Ownership

Bill
Thanks Bill:

Your a smart dude!!!!

Joe
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  #12  
Old 12-05-2011, 03:32 PM
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Quote:
Originally Posted by 2BNTV View Post
Thanks Bill:

Your a smart dude!!!!

Joe
Comeon Joe, you knew that already!
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  #13  
Old 12-05-2011, 03:53 PM
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Comeon Joe, you knew that already!
No way Jose er Ed:

I never ask a question I know the answer to.
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  #14  
Old 12-05-2011, 03:59 PM
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Quote:
Originally Posted by 2BNTV View Post
No way Jose er Ed:

I never ask a question I know the answer to.
To clarify, I meant you knew Bill was a smart dude already!
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Old 12-05-2011, 04:03 PM
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Quote:
Originally Posted by eweissenbach View Post
To clarify, I meant you knew Bill was a smart dude already!
Your right. I took it to mean something different.

I know you are a fun person so I was kidding around like I thought you were.

My apologies for not understanding your intent.
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