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Never one to admit being slow on the uptake, nonetheless, here I am, wishing I'd done something a long time ago. I'm exploring options for buying a retirement home in another state, and I'm kind of lost. Anybody out there have experience doing this sort of thing? I'm seeking advice. (Not unlike @slip with his Molokai condo, I'm trying to plan for my future.)
I own my current home, (still paying a mortgage, but with a very good interest rate), and I have a good amount of equity. I have virtually no other debt, a perfect credit rating, and I have a good income. I'm a great credit risk, from all I can see. With that said:
I'm trying to figure out how to shuffle things around so I can buy a place to retire to in another state, while I'm still working here. Once I'm retired, the plan is to move to the new place and sell this current home. Timing for that move is still flexible, because my spouse is a few years younger than me, and won't be retiring for another few years. If we can arrange a job transfer within the Costco organization, moving will be sooner rather than later. Till then, I'd either rent out that second place, or I'd split time and snowbird it.
Those are just details. The biggest question is: How do I do it? Refinance for a down payment? Home Equity loan? Two mortgages seems a bit daunting, but it "could" be managed, if I kept working till spouse is ready to retire. Do I buy something temporary there, and use it as a vacation rental? If the idea is to get a nice home while prices are still affordable, am I inviting trouble? Is it smarter to forget the idea, maximize equity/resale value of my home here, and just bail out when the time is right, and deal with housing prices there at that time? So many questions - my head is spinning. LOL!
Any suggestions or advice? Did you already do this? How??
Dave
I own my current home, (still paying a mortgage, but with a very good interest rate), and I have a good amount of equity. I have virtually no other debt, a perfect credit rating, and I have a good income. I'm a great credit risk, from all I can see. With that said:
I'm trying to figure out how to shuffle things around so I can buy a place to retire to in another state, while I'm still working here. Once I'm retired, the plan is to move to the new place and sell this current home. Timing for that move is still flexible, because my spouse is a few years younger than me, and won't be retiring for another few years. If we can arrange a job transfer within the Costco organization, moving will be sooner rather than later. Till then, I'd either rent out that second place, or I'd split time and snowbird it.
Those are just details. The biggest question is: How do I do it? Refinance for a down payment? Home Equity loan? Two mortgages seems a bit daunting, but it "could" be managed, if I kept working till spouse is ready to retire. Do I buy something temporary there, and use it as a vacation rental? If the idea is to get a nice home while prices are still affordable, am I inviting trouble? Is it smarter to forget the idea, maximize equity/resale value of my home here, and just bail out when the time is right, and deal with housing prices there at that time? So many questions - my head is spinning. LOL!
Any suggestions or advice? Did you already do this? How??
Dave