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Investing/Strategies / Retirement Investing
|Subject: Re: Smart idea or Not?||Date: 7/17/2012 1:36 PM|
|Author: gdett2||Number: 70851 of 77093|
I agree(as almost always!) with Hockeypop on this one.
If you were talking this year or next year, a house can be a good move.
We have been big fans of RE investing since the early 70's. However, we never bought a piece of property for investment with any structures. The taxes are much higher, insurance is needed and you increase the possible liabilities.
One factoid: We have never been interested in condos or sub-divisions. We lived in a sub-division for a while but did not want to retire in one.
When we decided on a basic time frame for retirement and an area (narrowed to Texas), we started hunting for land. We looked for about 7 years and looked at over 200 pieces of property. Although we did look at a couple places with houses/buildings, they were mostly reasons to not buy the property.
We found this place in 2003 and bought it. I did some of the dirt work for electric lines, driveway and homesite in 2004 and started construction in early 2005. I retired a couple months later and had the house finished enough to move here in September.
This property was purchased relatively close to actual retirement. That was the luck of the draw in finding it. Taxes when we bought it were $242, under $1/acre. We rented it for more than taxes.
If we had found it 15 years earlier, we still would have purchased it. It would have been less expensive. If someone came along that was really motivated to buy it, we might have sold it and looked for another place.
Buying a "remote" home introduces a level of "worry", if you will, that we did not want to have. Buying land is something we have been doing for almost 40 years and allowed us to not be totally locked in on a particular location.
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