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We are both 60. We just sold our house and would like to take the equity of $300,000 to buy another house (total costs so no mortgage) as we enter early retirement. Our family is scattered across the country so we're not tied to any particular area. We've read that the BEST HOUSING DEALS are in Florida, Arizona, Nevada right now. Basically we want a 3000 sq foot house on a large lot or small amount of acreage in a town or small city that boasts a good public library system, a college would be nice and at least an average growing season.
We are going to St. George, Utah about 40 mnutes from Mesquite, Nevada , about 2 hours from Las Vegas and close to AZ border also. Mild winters, hot in the summer but dry heat and no humidity. Beautiful place, lots to do, Biking/hiking trails, Zions Nathional Park close by, very inexpensive housing now....didn't used to be. If you like the red rock scenery and that desert terraine. Check it out.
We are both 60. We just sold our house and would like to take the equity of $300,000 to buy another house (total costs so no mortgage) as we enter early retirement. Our family is scattered across the country so we're not tied to any particular area. We've read that the BEST HOUSING DEALS are in Florida, Arizona, Nevada right now. Basically we want a 3000 sq foot house on a large lot or small amount of acreage in a town or small city that boasts a good public library system, a college would be nice and at least an average growing season.
Any suggestions?
well, you won't get that in Florida even with the depressed market or I doubt you will, it will depend on what part of Florida you are thinking about. NV, maybe, again, depending, but so little of NV is developed, Reno is a bit pricey and Vegas certainly won't give you what you are looking for I don't think.. Phoenix is nice if you can take the heat.
Lots of areas in NM might work, we moved from Valencia County to NWA last year. There are lots of possitives about NM but lots of negatives as well. Of course this can be anywhere. Where do you live now?
Why spend it,why not save some,it is tax free if you have lived in home for 2 out five years.I sold recently and put $145,000 in 3 percent 6 month CD.Bigger not necessarily better!
Why spend it,why not save some,it is tax free if you have lived in home for 2 out five years.I sold recently and put $145,000 in 3 percent 6 month CD.Bigger not necessarily better!
I was thinking the same thing DanBev. I'd sock the rest of it away. I'd also start thinking about self-sufficiency in case the SHTF if you know what I mean. Keeping a 3000 square foot house clean would be a major pain in the arse! It would take two hours just to vacuum! I would think there is a better way to spend that time! LOL
Think small, efficient, sustainable, easily defended. You never know how bad things might get!
Retirement is such a big deal -- and in my opinion should be a final move -- so to me the important thing is WHERE do you want to live, and why?
All those states are very different (in my opinion) and I guess I would start by deciding on which one I would want to live out the rest of my life.
For me it was a non-decision, as I already knew the one place I wanted to live. Maybe other people are different and the location doesn't matter so much.
Here in Santa Fe, prices have come down and you probably can find a $300,000 house that you like, but you might have to make some concessions - such as size. I'm not sure you can find a 3000 square foot house for that price that is in decent condition.
AZ, FL, and NV clearly have the most distressed residential markets right now. Phoenix seems to have the most bargains, but the tradeoff for a dirt-cheap price on a brand new home is living in an oven several months of the year. New Mexico did not experience the hyperinflation of home prices to the same extent that those other markets did, nor did we see the degree of over-building that they did, so our prices are not as depressed as theirs are. Yet. For example, Farmington prices have not dropped more than 5% or so in the last couple of years, and are still relatively high for what you get. Can't speak for Albuquerque or Las Cruces, although LC seems to have a lot of $500k houses looking for new owners.
Rent or Rent to Own in the center of New Mexico and explore the whole State till you find the place you want. With Todays internet you dont really need Libraries unless you are doing some deep research. But libraries are everywhere. P.S. With 300 k you can buy a home with quite a few acres in New Mexico and still be close to Santa Fe and Albuquerque. el pintada kid
I remember reading last year that Las Cruces was ranked as one of the good places to retire.
It has a college (NMSU), not sure about the library system, and I don't know about housing prices.
It is in the warm part of NM.
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check out St. George, Utah
