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We finally sold our oceanfront condo and are now in process of moving to another area. We plan to stay with our daughter for a short time and then rent for a while ... while remaining liquid and watching for a "great housing deal."
The RE market we are moving to is higher and more stable than where we are moving from. Therefore, we will likely have to pay 40-50% more than we sold for. Franklly, I'm not sure that the American 'housing dream' is still alive (low appreciation or declining prices, high inventories of unsold properties, lower interest/tax write-offs, etc).
Fortunately, we are retired and financially strong enough to choose among several options, but, are interested in advice from your perspective about what option/s make the most sense? -- Should we:
a). Rent, while investing our house-sale funds; and watching the RE market for a "great deal" -- then buy; ... and if so, how should we buy?:
b). Buy with significant cash-in (We may still need to come-up with another $200K prox.; ....in which case, should we pull the funds from IRA's and 'bite the tax bullet' ... or finance the balance at low interest rates?
c). ... OR, Buy with less cash in (20-30%) and finance the balance with a low interest loan... using ROI on invested funds to 'pay the mortgage' ... and take advantage of higher tax write-offs.
The RE market we are moving to is higher and more stable than where we are moving from.
Therefore, we will likely have to pay 40-50% more than we sold for.
Fortunately, we are retired and financially strong enough to choose among several options, but, are interested in advice from your perspective about what option/s make the most sense? -- Should we:
What are your thoughts?
Buying imho, at whatever price or financing arrangement, should be based on things OTHER THAN the price or financing arrangement and instead be based on your level of confidence that the proximity aspects like whatever family and social life and work opportunities etc in the area... are solid.
If they aren't solid, then you're likely to be ready to move in X years... so rent.
---
The rest of the analysis is all gonna be conjecture and anecdotal.
My anecdote: I'm over 50, semi-retired with what passes for work being done from home now. I recently bought and paid cash using about 70% of the proceeds from the sale of another property I had. The balance will be used to do some remodeling and repairs that will make this place solid and function well as a "retire in place" home.
I also chose a house and a location that lend themselves to all sorts of possible uses and other "outs" should the solidness of my reasoning for being here change.
---
Buying imho, at whatever price or financing arrangement, should be based on things OTHER THAN the price or financing arrangement and instead be based on your level of confidence that the proximity aspects like whatever family and social life and work opportunities etc in the area... are solid.
If they aren't solid, then you're likely to be ready to move in X years... so rent.
---
The rest of the analysis is all gonna be conjecture and anecdotal.
My anecdote: I'm over 50, semi-retired with what passes for work being done from home now. I recently bought and paid cash using about 70% of the proceeds from the sale of another property I had. The balance will be used to do some remodeling and repairs that will make this place solid and function well as a "retire in place" home.
I also chose a house and a location that lend themselves to all sorts of possible uses and other "outs" should the solidness of my reasoning for being here change.
---
Good luck making *your* choice.
Thanks, - Because of the high inventory, we're looking for specific criteria and not simply price ... although we would like to get a 'great deal.' Since we are already retired, we've pretty much got the flexibility to live where we want.
This RE market is anything, but, typical ...so, we are seeking new insights into buying approach, financing (or cash buy) recommendations, etc.
My suggestion is to rent short term (many people will give you a 7-8 month lease). Than go month to month (you pay a premium (say $100-300) extra for the month to month but it's worth it.
Wait until your opportunity for a great deal comes up.
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