Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#46
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lock in prices now. We watched courtyard villas go from 150k to 220k between 2010 and 2014. We got priced out.
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#47
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They put in a lot of upgrades to increase that much.
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#48
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We purchased a ‘cottage home” before we retired. Wanted to see if this place was for us. It was a wise decision because we learned what to look for and what to avoid. Plus we knew we could sell it at a profit down the road...which we did. Built a designer and then permanently made the move. Sold that five years later at a profit and bought a courtyard villa on the golf course and renovated it. Very pleased.
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#49
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I retired 2003, my husband 2017. We just moved to TV Jan 2019, and bought last month. Our credit score was not negatively affected, and we got a great interest rate, with an even better rate because my husband is a veteran. I have never heard of your credit score being affected due to age. It's all about debit to $$ in the bank, so, if you have enough in the bank, steady income of sorts, low debt, I would think you'd be fine. Perhaps talking to a CPA on that, or financial adviser would be a good idea. Best of luck.
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#50
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OPM (other people’s money) our investments make more than the interest rate on any of our homes in TV. At one time we had 3 homes in TV plus main home up north, and the lake cottage. Interest rate only is effected if you rent, then the average is 1 percent more.
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Do not worry about things you can not change |
#51
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I have not received a paycheck in 25 years as I retired from my profession when I was 52 years of age and have lived solely on investment income ever since. As far as I know this has not affected my credit rating, my ability to obtain a mortgage on a home or the interest rates I have had to pay on mortgages. Lenders of course do look at one's ability to make the payments and have enough left over to live on. They do want to see an income track record over at least a couple years to validate the reliability of the income stream.
As I understand it the interest rates offered by lenders and tax deductibility on both first and second homes are essentially the same. A previous poster noted that the mortgagor of a house purchased to rent out must pay about one percent more in interest as it is classified as an investment property. By the way, if one buys a home under the pretense of owner occupancy and then rents it out the mortgage could be called for a breach of its conditions. The documents I signed on the last couple of mortgages I took out clearly state that the loan is ONLY for an owner occupied home.
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"No one is more hated than he who speaks the truth." Plato “To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine Last edited by manaboutown; 12-27-2019 at 03:45 PM. |
#52
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That is an endless debate
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Some people feel better without a mortgage but, the other choice is interesting and perhaps for some, for me a better alternative. Mortgage money is still the cheapest source of money available to you. Our mortgage is 3.4% and I make 11% on my investments and have over the past ten years. Yes, there is risk. People do not realize it but, in a down turn, you investments will of course go down but so will the value of your home. We all know or knew that investments only go up, real estate only goes up-until it doesn't. |
#53
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No one can answer your question
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As to your credit score, a bank can tell you. It is strange that people who do not owe any money will have a lower credit score then people who borrow and pay on time. To get a mortgage you cannot negotiate. They want to see xxxx coming in. Government insanity? Our bank told us to get a letter from our brokerage declaring that we wish to get a check for several thousand sent to us every month. I was told by the brokerage that they get this often. They even sent me a form letter. By the way, I was also told I could cancel the request as soon as my mortgage is approved. It is just a phone call to do this. Some people are rushed with the prices are going up. Think, realize the same thing is true on the home you currently own. |
#54
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They will sell to anyone with a pulse
Don’t buy south of Hwy 44 taxes webt up 25% it is much more expensive to live here than they disclose very expensive upkeep Rent for 6 months check out every expense and weather etc before you make a mistake I’m here 6 months I’m going to sell - rather use my retirement for me to enjoy than a rich Morse family |
#55
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Get good stocks, if you don't need the income to live off of, reinvest the dividends--its amazing what the equivalent of compound interest with growth will do--then buy whatever floats your boat or perceived needs, while you can still enjoy life
We did all our traveling, cruising. etc-in the 70's & 80's--and now when we're in our 70's-just happy to kick back -and complain about the scenery-TV is a great place for security & fast emergency services |
#56
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#57
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It's harder to hate close up. |
#58
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In the 80's in NJ is when I made big $$ in real estate, buying the first home in projects I was involved in, renting rooms out to my employees & selling when the projects were finished--golden times
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#59
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Thanks for all the great input on both sides. I'm leaning towards getting a mortgage and keeping our money invested.
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#60
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Closed Thread |
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