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Personal Finances / Buying or Selling a Home


Subject:  Re: Buying Retirement PLace in Fl Date:  10/25/2013  4:59 AM
Author:  inparadise Number:  126477 of 128866

We really want to retire to Fl in about 20 years. Any advice for a buying a condo now in South Florida,...

My advice would be don't do it. 20 years out is quite a long stretch of time. Even if you love the area now, it can change quite a bit in that time frame, as can your housing needs. And the condo will be pretty aged in 20 years, battered by storms, pests, and use of public areas by others, which you will have been paying for all this time.

You say that your debt is high and you are paying it down, so why would you want to take on more debt? Are your retirement accounts fully funded each year? If not, debt reduction and maxing out retirement accounts would be the way to go to assure you have the best chance of retiring at all. Many people will never get that chance because they do not save enough.

Save the money and invest it. In 20 years you will be amazed at how much of a nest egg you have accumulated, being able to buy something in better shape and more accommodating for your needs.

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