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We’ve been shopping for a second, “retirement” home in Scottsdale, Arizona. The area was chosen for livability and for similarity in terms of services offered to where we currently live in Silicon Valley.
There are currently 3500 homes listed for sale here. Worse, Scottsdale is not completely built out with SFHs the way our area is. If you look at historical prices paid on a variety of properties, it seems that few will make any money when they sell. Some take a loss.
I’m not sure how I feel about this. I’ve never bought a property without a reasonable expectation of gain in the long run. I don’t expect the crazy price increases we get at home, where there’s a shortage of houses. But we both like the area and the house styles.
What would you do? Would you just decide you won’t care if the new house never appreciates in value?
When I bought a house for retirement I did not think about appreciation at all since I plan to die in this house and don't expect to have to worry about if it goes up or down.
If this is to be your Last house then that is less of a concern.
When I bought a house for retirement I did not think about appreciation at all since I plan to die in this house and don't expect to have to worry about if it goes up or down.
If this is to be your Last house then that is less of a concern.
I'm not there quite yet, but that will be my attitude too. I plan to pay cash for my next home, and if it appreciates, great, that's a little more inheritance for my son, and if it doesn't, well he's still getting the benefit of a fully paid off house (more likely condo) that he can sell.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Originally Posted by emm74
I'm not there quite yet, but that will be my attitude too. I plan to pay cash for my next home, and if it appreciates, great, that's a little more inheritance for my son, and if it doesn't, well he's still getting the benefit of a fully paid off house (more likely condo) that he can sell.
Same here. The house we are in now was bought for growing a family and for appreciation, current value at over $600,000 more than we paid. The next, for retirement in 3-4 years will be in a less expensive (lower demand) area where we can pay cash but not care about the value going up. In fact it's an advantage if it stays the same, or drops some since the property tax will not increase as fast.
We always have an eye to resale when we purchase a home. S*** happens; one never knows if their 'forever home' must be sold. We sold 2 homes within 14 months when my FIL needed more and more help and we had to get closer and closer to him (we were burning out on long distance air travel, both physically, emotionally and financially).
Our most recent home was picked with the ability to house live-in help, should that need arise. It is a large (4000 sq. ft.) single story with 3 large bathrooms that could be accessed with wheel chairs, etc.
But we have no illusions that our plan will work out for us...too many unknowns. We bought in an area where housing is on the rise, more and more boomers coming every month. It is also an excellent vacation rental property should we decide to rent it out.
Welcome to the sort of market in the rest of the country, where modest appreciation at a rate not too much different from inflation is typical.
You can buy a house for a good bit less than in CA. Buy something good, not too strange, in a good area and if you need to sell you will be able to do so without losing money. Making money is the icing on the cake. Take the leftover money from selling in CA and invest.
Just wondering... did your husband finally agree to move? (Remembering a thread from some time ago) Or are you saying a "second home" vs a "second retirement home?"
Congrats, fluffythewondercat, on seeking another retirement home.
I live a short distance to the north of you in San Mateo County. When I was looking for a second home, appreciation never entered the equation, as previous properties did. However, I did purchase in the best neighborhood that I could afford.
Days of building, planning, saving, etc. are behind me. Now, it's our turn to enjoy.
I trust you purchase what suits you. May you have a fantastic retirement journey.
There are currently 3500 homes listed for sale here. Worse, Scottsdale is not completely built out with SFHs the way our area is. If you look at historical prices paid on a variety of properties, it seems that few will make any money when they sell. Some take a loss.
What would you do? Would you just decide you won’t care if the new house never appreciates in value?
Wow 3500 homes listed! Not very promising if you hope to make money and it says something about what life is like in Scottsdale. A lot of people want out it seems.
Plus, who plans/wants to make money on the house one plans to die in?
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