[kbace6]

I have a question for all of you who have already purchased a home in TV. My wife and I are set to retire in 10 years. At what point did you buy your home in TV and why then?

For example, as I have read on TOTV, some people sell their home up North first. Some buy in TV first then sell up North. Some buy in TV within 2 years of retiring, and some 5 years or more.

I would like to buy soon, as I believe the market is good for purchasing with the great interest rates. But at the same time I do not believe with all the extra fees involved in TV that it would be a very good investment over a 10 year period. Although I do believe if you are going to buy and not resell it could be worth it to get the head start.

I am interested in your experience with purchasing in TV and why you purchased when, meaning at what stage of retirement.

Thank you in advance for your sharing of your experience.
-Kevin

[asianthree]

When you can sleep at nite after you decide

[LvmyPug2]

You are correct that home prices are still quite low in TV and so are interest rates. What you need to decide is whether your carrying costs, eg mortgage, taxes, insurance, lawn, amenity fees, maintenance fees, bond, and utilities will be less than what the home value increases. In other words if it costs you $15,000/yr to own a home, will the home value increase more than that? If you rent it out you could certainly reduce the burden of the carrying costs

[graciegirl]

A LOT can happen in ten years. In some ways your home ages. In ten years time if you sold it it would be outdated because light fixtures and faucets and tile are all very in and then very out.

In ten years THINGS can happen.

We were 67 and saw our beloved two grandchildren who lived all of their lives closeby leave for college. We felt then we could go and find a new life too.

Housing prices are inching up here, but they are also going up a bit all over this country, so I am told by friends off campus. So it's six one way and a half dozen the other, as they say in Ohio.

It could be money, it could be health, it could be any number of things that change in ten years.

I know this. There are a lot of funerals weekly at St. Timothy and a lot of people are moving on to The Village of Heavenly.

There will be a house for you when you decide it is the right time for you...all things considered.

And like someone said. Do it when you don't have to worry about doing it. It is hard to have two properties, far, far, from each other for most people.

There is NO Rush.

[archerlc]

I say buy now. Prices are very low on "used" homes. Things are going to go up in my opinion. If you buy something and things go up you are protected. If you put the money in the bank your value will never increase as fast as real estate. This slump cannot last forever. After 10 years if you want a different house you can sell and buy something else. If you rent for 10 years someone else will also help pay for your home.

[2BNTV]

Reasons for buying now:
1. Real estate market is starting to rise.
2. You can rent to offset carrying two homes.
3. TV will always be the place to be.
4. You can sell when you retire and buy an upscale home.
5. Low mortgage rates.
6. You have a place for cheap vacations.

Reasons not to buy:
1. Does anyone really know what will happen in 10 years from now?
2. Not having to worry about rent and other costs.
3. Not having to worry about renters.
4. Can you carry two homes financially?

Bottom line is "you make a decision that will allow you to sleep at night".

[Down Sized]

Originally Posted by kbace6

I have a question for all of you who have already purchased a home in TV. My wife and I are set to retire in 10 years. At what point did you buy your home in TV and why then?

For example, as I have read on TOTV, some people sell their home up North first. Some buy in TV first then sell up North. Some buy in TV within 2 years of retiring, and some 5 years or more.

I would like to buy soon, as I believe the market is good for purchasing with the great interest rates. But at the same time I do not believe with all the extra fees involved in TV that it would be a very good investment over a 10 year period. Although I do believe if you are going to buy and not resell it could be worth it to get the head start.

I am interested in your experience with purchasing in TV and why you purchased when, meaning at what stage of retirement.

Thank you in advance for your sharing of your experience.
-Kevin

Invest the money instead of buying. Even a conservative investment will more than double in ten years. Save all the upkeep and expenses of long distance landlord.
In ten years you( or your wife) probably will change your mind on retirement several times. Don't forget the old 50% Divorce rate. Houses turn over every week with this age of owners.

[2 Oldcrabs]

10 years is a long time. Wait until you sell up north. Rent here for a couple of months here while you look for a home here. You can rent in the "off Months" almost a cheap as the cost of owning.

[mickey100]

As someone else mentioned, the carrying costs on a home run close to $10,000/year, and that doesn't include the mortgage payment. There is depreciation due to age. The IRS thing hasn't been resolved and may negatively affect homeowners here. I'd invest my money elsewhere, and buy later.

[Madelaine Amee]

Originally Posted by Down Sized

Invest the money instead of buying. Even a conservative investment will more than double in ten years. Save all the upkeep and expenses of long distance landlord.
In ten years you( or your wife) probably will change your mind on retirement several times. Don't forget the old 50% Divorce rate. Houses turn over every week with this age of owners.

Agree 100%. Ten years is a lifetime and much can happen in that time.

[cgalloway6]

The price of the houses are also going up about 7% per year which means it will also double in 10 years to match your investments. This doesn't include any changes in the prices of the lots. If you choose to purchase now and rent the house, you will get some tax breaks if you actively participate in the process that lower the total cost plus you get the income from the rental. Winter rentals are almost a sure thing and while it won't pay for everything, it will reduce your monthly costs. You need to look at it as any other investment and weigh your ability to handle the costs and the benefits you get from it. One benefit you don't get from stocks, bonds or mutual funds is you can't go visit them and stay there for a vacation. Even it you don't rent it you can deduct any interest from a second home mortgage.
You can run into health problems, employment problems, divorce, money problems or legal problems which may affect you in the future as others point out. You can also sell the house, probably for a profit if you have to sell it. They don't stay on the market long here, much different from other areas of the country.

[Ron1Z]

We are 5 years out and had the same thoughts as you. After 4 visits in rental homes we will wait another 4 years. The housing market goes up nation wide. And the taxes are higher not being a resident. Also HOA for somthing that you are not there to use. And then there is the IRS thing, We decited to work as much as we can, build a bigger nest egg and buy later than sooner.

[kbace6]

Originally Posted by kbace6

I have a question for all of you who have already purchased a home in TV. My wife and I are set to retire in 10 years. At what point did you buy your home in TV and why then?

For example, as I have read on TOTV, some people sell their home up North first. Some buy in TV first then sell up North. Some buy in TV within 2 years of retiring, and some 5 years or more.

I would like to buy soon, as I believe the market is good for purchasing with the great interest rates. But at the same time I do not believe with all the extra fees involved in TV that it would be a very good investment over a 10 year period. Although I do believe if you are going to buy and not resell it could be worth it to get the head start.

I am interested in your experience with purchasing in TV and why you purchased when, meaning at what stage of retirement.

Thank you in advance for your sharing of your experience.
-Kevin

Thank you all for your input, opinions and experiences. This was exactly what I expected from you folks. I'm still a ways off from joining all of you, but like most in my situation "I CAN'T WAIT". But I have to. I don't want to put most of my savings eggs in the same basket. (Real Estate) Although I expect like many of you, that real estate is going to go up. I need to stay more diversified at this point, but maybe in 5 years when the trip south gets closer I will reevaluate the market and my nest egg.

Thank you again,
-Kevin

[gjbl8114]

Consider this. Yesterday is history, Tomorrow is a mystery and Today is a gift...... Life happens to the best of plans..... Don't over think this!!!!!

[2BNTV]

kbace6:

I'm glad you have come to decision. If it allows you to sleep at night, then it's really good.