[k9srule]

We plan on retiring in TV's (probably in 4-5 yrs) but are trying to decide whether to buy and rent out or wait to buy then. Will they be built out by then? Do you know others that rent out or is it hard to rent out? We have enjoyed it every time we have been there.

[ijusluvit]

Originally Posted by k9srule

We plan on retiring in TV's (probably in 4-5 yrs) but are trying to decide whether to buy and rent out or wait to buy then. Will they be built out by then? Do you know others that rent out or is it hard to rent out? We have enjoyed it every time we have been there.

I've rented/occupied my home for eight years, and it works very well for me. If you wish to rent your place full time you might find a long term renter who will take your place unfurnished. Short term renting will require furnishing the home and more regular effort, and maybe a property manager if you can't be there to take care of all the details.

There is a lot to learn about renting but there are folks like me who will be glad to discuss it if you ask. The upside to this is that you are planning for your future at current day prices. Barring another deep recession, home prices will continue to rise. The baby boom demand should continue to spike growth for at least five more years. The big question is, can you afford to buy a place now? At best, rent receipts will only cover your annual maintenance expenses, not your mortgage if you have one.

If you can afford it, ask yourself if that money is better placed in a solid investment fund so the expected gains at least match the higher costs of buying here later. The answer to that is more elusive.

Deciding to come here at some point is your first smart decision. Good luck with all the rest!!

[hotrodgirl]

I purchased a property many years ago (not in TV) for my retirement. It paid for itself over a number of years and then I decided to retire here instead of there. However, I still have that home rented and it is a source of income. If you can comfortably afford to purchase now, in 5 years, you will have paid a substantial portion of your mortgage if you have one... It worked well for me, but everyone's situation is different!

[ncarvalho]

Originally Posted by k9srule

We plan on retiring in TV's (probably in 4-5 yrs) but are trying to decide whether to buy and rent out or wait to buy then. Will they be built out by then? Do you know others that rent out or is it hard to rent out? We have enjoyed it every time we have been there.

Hello! My husband and will will most likely retire in about 4 years. We had the same thought about purchasing a house (back in 2007). We did not know if we could rent if full time (which is more difficult) or just rent for 3-4 months for the snow birds. For that we needed to furnish the place and we did so and after renting for 3 months in 2008, the financial crisis came, prices of properties dropped considerably. But somehow we were lucky and found a renter in 2009 that stayed the Jan-March period, asked us to extend till April and, since then has been renting our place from Nov-May. He loves it, we love it too. It helps us to offset costs, we are able to spend summer time and enjoy vacation there and prices are now back to what they were back in 2008, which is good for all of us. Good luck on what you choose. We looooove TV and I am happy we alerady found our city, our house and hopefully will be there to enjoy it for many years to come! Best,

[l2ridehd]

Renting out "your" home is a bit different then having rental property. I have done both and there are many pro's and con's. I currently have our home plus two rental homes in TV. I rent only the rental homes and keep them rented about 10 months a year, but I treat it as a business and work at keeping them rented.

If you just want to rent it for the prime 3 or 4 months and use it the rest of the time yourself, it's fairly easy to do, if you want to rent it a lot more then that so it pays for itself, it's hard work. The prime months will just help you offset your costs. More then that and you need to find creative ways to get it rented, to reduce your expenses, and manage it yourself.

[gmcneill]

Originally Posted by ijusluvit

... Barring another deep recession, home prices will continue to rise. The baby boom demand should continue to spike growth for at least five more years... The big question is, can you afford to buy a place now? If you can afford it, ask yourself if that money is better placed in a solid investment fund so the expected gains at least match the higher costs of buying here later. The answer to that is more elusive.

To emphasize this point: I know of a couple who bought a designer in St James for $354K in 2011. A market analysis done earlier this month indicates that they could list the property for $409K, and should expect a relatively quick sale at or near that price.

I am told that TV is currently selling over 420 new/pre-owned homes per month.

There are 79 million US baby boomers, generally divided into Early Boomers (born 1946-54) and late Boomers (born 1955-64). That suggests that the demand should last into the 2020s.

If only one-tenth of 1% of Boomers want to move to TV, then 79,000 people will be looking to buy here. And that does not take into account the number Gen Xers who will retire early.

I have a neighbor whose spouse was 2 yrs away from retirement. They bought a home, but chose not to rent it out. They use it for vacation and long weekend get-aways when possible.

So, even if you choose not to rent your home, buying now could be a wise investment, if it fits your financial comfort-zone.