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| I'm purchasing some land and want to know if I can use that land as collateral to start building my home ?... |
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Sarah B | Is it a good idea to purchase a retirement villa in your late 20's rather than wait until retirement age? |
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JbirdUVT
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Heck yes. That way you can use it while you're young enough to really enjoy it. Plus, if you have the money now it's a good idea since you might not have it later. Also, costs may go up etc. And you can always rent it out when you're not using it. |
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Katherine W
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No. You will probably experience A LOT of changes in your life, and you may feel very differently about where you want to retire when you get closer. For example, by then you might have grandchildren and want to be near them. Or your friends and family might want to go somewhere else. Or the retirement villa that looks so good now might be really old and rundown then. Why tie yourself down? Invest the money so that it's there when you get older, and choose later. |
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acmilan
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i am 31 and i bought a "villa" 5400sf for 567000$ and now its appraised at 1.075.000......a invested 120k in it though GOD`S NOT GONNA MAKE MORE LAND GET AHEAD OF OTHERS!!!..i don`t know if i will retire in it...if you wanna go over seas i recommend Romania they just got into EU and prices are going up like crazy..nice place to retire (OK THATS TOO FAR)....Mexico or Costa Rica...close by and very nice places too |
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feltfinancial
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Real estate is almost always a good investment. You can use the property now for a second home or rent it out for investment cash flow. |
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Ron B
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No, it is not a good idea. First, you must already own your own home, so you will not get a great interest rate, or the tax benefits. Second you are to young to plan your actual retirement. Why gamble with your future. What if circumstances force you to move, or the area you purchase in changes. Third, there are better investments. Make sure your Roth IRA is maxed each year. Then, being young, you may wish to invest in more liguid inestments such as stocks, bonds, and mutual funds.What if you would like to open your own business with your funds. If you want to invest in real estate, why not buy a normal home that you can rent out for higher profits than a villa? Chances are it will appreciate more in the long run anyway. Investing for retirement early is great, but planning it twenty to thirty years early is shortsided at best. |
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digdowndeepnseattle
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Not likely. Especially if you can diligently invest those funds. Due to compounding, it is better only if the appreciation on the villa will far exceed the amount that you can earn on it with other investments.
Yes, while leveraging the purchase is great and all...you still are paying interest to someone else. Sometimes if the appreciation won't be there you would be far better served to simply invest the amount that you would otherwise use to buy the villa for the next 30 years and then pay cash when you're ready to retire.
Check it out yourself...200k villa appreciating at 7% will be worth 1.5 million in 30 years. If you invested that 1600/mth and got 9% over that same period you would have 2.45 million. Enough to pay cash for the villa and have extra to live on.
Throw that out the window if you're going to use it as a rental in the meantime. That brings so many other things into play besides the retirement aspect. |
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netnazivictim
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If you have the disposable income, defiantely. You should try and have it paid off so you can pocket that money after you retire. |
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owensb01
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If you have the money for it, there's no bad reason to do it. It's probably a lot cheaper right now than it will be 40 years from now. |
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sunshine_today
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Fund your IRA and retirement instead and purchase a home for yourself, but don't buy a retirement property now. You have no way of knowing where life will take you--you might be on the other side of the world when you retire. Money in a retirement fund is portable, property is not. Buy some other type of property you can sell later if necessary. It sounds like you are looking at a complex with an age restriction (Florida has a lot of 55 years + only complexes). Why buy now when that might mean it's more difficult to find a buyer for it later? Keep your money liquid, but it's good you are thinking ahead and are wanting to invest--just choose a wise investment. Good luck! |
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Ralfcoder
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If you can afford it, AND you'll use it now, not wait until when you retire, AND it's in an area where real estate will likely appreciate, then it's probably a good idea. I would look at it more as a summer cottage or a vacation home than as a retirement home, though - retirement sounds like it's a long time off for you, and you may change your mind about where and how to retire 3-4 times by then. |
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JJ
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If you could easily afford it, it might be a wise move. But real estate, unlike other investments, involves a lot of carrying charges like taxes, insurance and maintanence.
You can recoup some or all that money by renting out the property, but renters not only can be very demanding, they can do a lot of damage.
If you don't live close to your villa, you will need to hire a property manager which will add 15% to your expenses.
On the other hand, the real estate you want might appreciate in value over the years, maybe to the point it would be unaffordable when you retire.
I would suggest you list the pros and cons and meet with an accountant or financial planner to get their input before making a final decision. |
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