Retirement Prep (Richmond, Roanoke, Lynchburg: home, buy, private school)

[joecorbi]

I retire in about 10 years with a good pension. I will be about 46 years of age when I retire and am currently scouting a new location to grow old. I hail from New Jersey and am looking to move to a state that is a bit cheaper, but still provides a good level of services, entertainment, etc. I would prefer a rural area with acreage, but dont want total seclusion. From what I have seen, Central V.A. seems appealing. Can a Jersey boy make it in V.A. Is there a mix of acreage, seclusion, yet entertainment and services within striking distance. Milder winters prefered. Might be able to swing $350K to $500K. Open undeveloped land ok, pre existing home not a problem either. Your input please.

[seanpecor]

Central Virginia or the Roanoke Valley region are good choices. Central Virginia gets you anchored to Richmond, Lynchburg, the former being the larger of the two choices. We're from Vermont and we settled in Boones Mill, VA in 2005. Here is a web-cam photo from this morning:



We're a 20 minute drive into Roanoke, and a 15 minute drive to Rocky Mount. The Roanoke M.S.A. is about 300,000 folks and it has a neat downtown with great restaurants and galleries. Franklin County is predominantly rural (715 sq miles, 51,000 population) but not (in my opinion) isolated. There is a steady influx of northerners into the county, such that the population has grown about 10% since 2000. I'm 35 and run my own one-man internet publishing company, while my wife is a Dressage rider, instructor and competitor. Our two girls attend North Cross private school in Roanoke, which provides a bus that picks up and drops off 8 minutes from our home. I've got fixed wireless 1.5Mbps broadband that will eventually be upgraded to WiMAX (2-4Mbps).

Before the economic slowdown, land values in Boones Mill were appreciating at 15% annually for a few years. Appreciation is flat right now, and values may backtrack a little in our area, though I expect prices to begin creeping upward in 12 months or so. The challenge for someone retiring in 10 years and seeking a move into the country will be deciding when to purchase acreage. In Central to Western Virginia, desirable and non-isolated rural properties are appreciating at the top of the curve due to demand. Prices and appreciation tumble as your distance from an urban center increases, of course. If I were in your shoes, and I found a good piece of land in an area I decided to settle in, I'd buy as soon as humanly possible. Land appreciation within such a place as you describe and I presume are almost certain to out-perform any other investment over the next 10 years. By way of example, we just subdivided 32 of our 130 acres into two 16 acre lots. We'll be listing them together for $300K or $160K each separately. That's about $9,375 an acre. Part of the value of course are the views (as partly illustrated in my webcam, with the land being sold possibly having an even more commanding view as it is set up about 100' higher than our own home, with gorgeous hardwoods and about 6 open acres). But the bulk of the value is proximity to Roanoke. If you're willing to live an hour's drive from Roanoke, then of course, land values will plummet. But, getting back to my original point, land that we bought in 2005 for $8,500 an acre and are selling today for $9,375 an acre, was bought in 2000 by the previous owner for about $3,000 an acre. That is a greater than 20% annual appreciation. With so many northern folks retiring over the next 10 years, and opting to head south to semi-rural Virginia and North Carolina, it will be a tough pill to swallow in 2018 if an area you fell in love with had appreciated out of our budget. Such is the way with beautiful semi-rural areas down here.

Sean

[joecorbi]

Now thats a view you dont see in Jersey, lovely property, you should be proud. You make your point well and it is appreciated. The problem up here is the state is so expensive and while Virginia is booming, N.J. is regressing in services and booming in cost. The state is making it impossible for retirees to enjoy a decent quality of life and although its home, Its not an option to stay. I agree that to act sooner rather than later has its advantages. Despite its cost, Vermont was always my 1st love but the wife wont have any of that....Too cold, snow distance from family. I lived in V.A. many years ago for 6 months, was treated well, but you were made aware (in a polite way) that you were not a Virginian. I will look into your recomendation, I thank you for your reply.