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Posted: 8/1/2005 8:49:20 PM EDT
I was fortunate enough to by my home in southern California when you could still afford one on a cops salary. I will be retiring in Jan 2021. Tenative plans are to retire to Nevada or Arizona.

At what point should be looking to buy a retirement home? Immediately? A few years before retirement? Or wait until I retire and sell my current home?
Link Posted: 8/2/2005 6:53:26 AM EDT
Easy answer: It depends.

A home requires upkeep. Will you be able to upkeep the retirement home? Can you afford dual mortgages? Will you rent the home until you are ready to move in? Will a home that is 16 years older be acceptable to you when you are ready to move in?

A second home will appreciate. But what will that area be like in 16 years?

Have you considered buying the land and starting construction in 10 years or so?
Link Posted: 8/3/2005 10:32:41 AM EDT

Originally Posted By Q3131A:
Easy answer: It depends.

A home requires upkeep. Will you be able to upkeep the retirement home? Can you afford dual mortgages? Will you rent the home until you are ready to move in? Will a home that is 16 years older be acceptable to you when you are ready to move in?

A second home will appreciate. But what will that area be like in 16 years?

Have you considered buying the land and starting construction in 10 years or so?



+1 on the land... buy now, and buy a large enough chunk that you own enough around you that you own the vicinity so the neighborhood does not change on you. Plot it out, find some at the end of a dead end that can't be extended due to a natural obstacle. If you buy everything at the end of it its hard for the nighborhood to go downhill.

Land will appreciate fast in most cases..... and even if your plans change, you can sell later.
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