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Old 02-15-2013, 08:48 AM
 
1,917 posts, read 2,109,140 times
Reputation: 719

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Quote:
Originally Posted by rikoshaprl View Post
People buying a retirement home are not worried about the appreciation of their home. They buy for the area they want to enjoy their retirement in.
I have to disagree with this statement.

I had wanted to purchase a 2nd/retirement home for years and have only do so now.

Why now? Because I was concerned we were in in a housing bubble and I didn't want to take a risk buying in an overinflated market and loosing value. Yes purchasing in an area that I want to retire in was important but not more important than the value of my investments going into retirement.

Gary

 
Old 02-15-2013, 09:45 AM
 
36 posts, read 63,863 times
Reputation: 50
EQUALRIGHTS & MARTYGFRAS, since I now seem to be hip deep on this thread, I think you are both correct and what you are saying ties into my previous statement about not wanting to even look in Cape Coral.

Maybe by sharing a quick snapshot of our situation of a new buyer in Florida will help some others understand some of our concerns.

I am a retired / disabled Veteran (Meaning I am not able to work). My wife is 8 yrs my Jr and although she is a college educated Teacher, her chance of finding work in the forseeable future is slim. Without my wife working we are on a fixed income of my VA disabilty and my SS disability as well as a small CD.

We have enough equity in our CURRENT HOME to sell it and pay cash (given current market prices) for a smaller, modest home (1700-1900Sq Ft) in the Lee / Charlotte county area. WITHOUT a house payment we would need to budget for taxes, home owners insurance and the other monthy bills everyone expects as a part of life. This is why Ad Valorum assessments and places with a higher Mil Rate become important.

NOW AS FOR THE HOME BEING AN INVESTMENT. We plan to live in the home we will buy in SW Florida until one of us is dead. I am almost sure my wife will survive me by several years and from that aspect, her being able to sell it when I am gone and use the money to buy an even smaller home is what is important. I think those in similar situations would do everything they could to insure the home they are about to buy is something that has a greater chance of not loosing value at any time in the future when the need to sell arrises. This is OUR reason for wanting to make an out of State move and buy in the Lee County area. The lower home prices at this point are a buffer from another real estate crash in the future should one occur.

Anyway, hope our prospective gives some of you an idea of what some retired people think about when looking for what everyone calls a ¨Retirement¨ home.

Everyone take care !
 
Old 02-15-2013, 12:02 PM
 
1,917 posts, read 2,109,140 times
Reputation: 719
Quote:
Originally Posted by K9Veteran View Post
EQUALRIGHTS & MARTYGFRAS, since I now seem to be hip deep on this thread, I think you are both correct and what you are saying ties into my previous statement about not wanting to even look in Cape Coral.

Maybe by sharing a quick snapshot of our situation of a new buyer in Florida will help some others understand some of our concerns.

I am a retired / disabled Veteran (Meaning I am not able to work). My wife is 8 yrs my Jr and although she is a college educated Teacher, her chance of finding work in the forseeable future is slim. Without my wife working we are on a fixed income of my VA disabilty and my SS disability as well as a small CD.

We have enough equity in our CURRENT HOME to sell it and pay cash (given current market prices) for a smaller, modest home (1700-1900Sq Ft) in the Lee / Charlotte county area. WITHOUT a house payment we would need to budget for taxes, home owners insurance and the other monthy bills everyone expects as a part of life. This is why Ad Valorum assessments and places with a higher Mil Rate become important.

NOW AS FOR THE HOME BEING AN INVESTMENT. We plan to live in the home we will buy in SW Florida until one of us is dead. I am almost sure my wife will survive me by several years and from that aspect, her being able to sell it when I am gone and use the money to buy an even smaller home is what is important. I think those in similar situations would do everything they could to insure the home they are about to buy is something that has a greater chance of not loosing value at any time in the future when the need to sell arrises. This is OUR reason for wanting to make an out of State move and buy in the Lee County area. The lower home prices at this point are a buffer from another real estate crash in the future should one occur.

Anyway, hope our prospective gives some of you an idea of what some retired people think about when looking for what everyone calls a ¨Retirement¨ home.

Everyone take care !
Everyone of your concerns are very valid......Gary
 
Old 02-16-2013, 07:13 PM
 
Location: Cape Coral
5,495 posts, read 6,322,861 times
Reputation: 2217
Quote:
Originally Posted by MartyGras View Post
I have to disagree with this statement.

I had wanted to purchase a 2nd/retirement home for years and have only do so now.

Why now? Because I was concerned we were in in a housing bubble and I didn't want to take a risk buying in an overinflated market and loosing value. Yes purchasing in an area that I want to retire in was important but not more important than the value of my investments going into retirement.

Gary
Not everyone has the luxury of buying two retirement homes. I would not put my retirement on hold waiting for a downturn in real estate values. Life is too short.
 
Old 02-17-2013, 09:47 AM
 
1,917 posts, read 2,109,140 times
Reputation: 719
Quote:
Originally Posted by rikoshaprl View Post
Not everyone has the luxury of buying two retirement homes. I would not put my retirement on hold waiting for a downturn in real estate values. Life is too short.
I don't have 2 retirement homes and yes life is short but not everyone has the luxury of being able to over pay for a home a home.

There are many people that have paid off their primary residence, purchase a 2nd/eventual retirement home with the idea of eventually selling their primary home in a few years and using the proceeds to pay off the retirement home.

If you purchase in a bubble and sell your primary outside of the bubble you will find your self upside down on the retirement property with out the funds from the primary to pay it off.

To try to reduce the chances of finding your self upside down you can purchase the retirement and sell your primary at the same time or purchase your retirement home in a down market and watch the equity in both properties rise while you are waiting sell your primary and retire.

These are my views and what works best for us I realize that everyone's situation is different.

The house we just purchased sold in 2005 for almost double the price we paid.

Gary
 
Old 02-17-2013, 02:26 PM
 
Location: Cape Coral
5,495 posts, read 6,322,861 times
Reputation: 2217
Quote:
Originally Posted by MartyGras View Post
I don't have 2 retirement homes and yes life is short but not everyone has the luxury of being able to over pay for a home a home.

There are many people that have paid off their primary residence, purchase a 2nd/eventual retirement home with the idea of eventually selling their primary home in a few years and using the proceeds to pay off the retirement home.

If you purchase in a bubble and sell your primary outside of the bubble you will find your self upside down on the retirement property with out the funds from the primary to pay it off.

To try to reduce the chances of finding your self upside down you can purchase the retirement and sell your primary at the same time or purchase your retirement home in a down market and watch the equity in both properties rise while you are waiting sell your primary and retire.

These are my views and what works best for us I realize that everyone's situation is different.

The house we just purchased sold in 2005 for almost double the price we paid.

Gary
The home you just bought would have been much cheaper in 2009. You should have bought it then. My point is that no one knows exactly what is going to happen to real estate prices. Not even you.
 
Old 02-17-2013, 08:31 PM
 
1,299 posts, read 1,996,737 times
Reputation: 245
"NOW AS FOR THE HOME BEING AN INVESTMENT."by the time you figure in taxes and and other expenses most likely you will be at less than zero in this area
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