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Retirement Real Estate For many retirees, the family home
remains one of the single biggest assets and therefore deserves a lot of
consideration during retirement planning. After the real estate melt down after 2008, lower home values and
longer sales times make it harder to realize a good profit on your
existing home. However this can work to your advantage in
that houses across the country are much cheaper than they have been for
some time. Generally speaking, it's a better time to "upscale"
than "downscale". For example if you are considering retiring to a
state or region in the USA such as Florida and Nevada that have seen
particularly large downturns in prices you may be able to buy more than
you expected even if you must sell your existing home for less than it
was worth a few years ago. For some, renting out the family
home after the move to another region may be the most cost effective
approach, as rental rates have not fallen as nearly as much as home
prices. Interest rates are nothing short of spectacular as of this writing
(Dec 2011), so as a buyer you may want to lock in the current low
interest for longer periods of time. If you are
selling consider "carrying the paper" yourself. This can simplify
the transaction and you should be able to incorporate any extra risk to
you in the terms of the contract such as down payment and interest
rates. In this case make sure you are fairly confident of the ability of the
buyers to pay and have enough of a down payment that you won't be left
with trouble if your buyers stop paying you in a few years, forcing a
foreclosure action. If you are experiencing troubles paying your mortgage be sure to
contact your bank immediately for options. Along with the US
Government, many banks now offer special programs for distressed
mortgages and these are generally under-utilized by consumers.
New programs to help buyers purchase homes include the HomePath from
Fannie Mae and HomeSteps from Freddie Mac. These programs often
offer homes below market rates and with favorable loan eligibility
requirements and low down payments. Another program with "bargain" homes is by Housing and Urban
Development. Visit the official "HUD
Home Store" website for more about HUD homes. |
Financial Planning Tips - If you're planning a carefree, active retirement you need to have your financial house in order (read on) The Right Retirement Community For You - Continuing Care, Independent Living, Assisted Living, the world of planned retirement communities is nearly unlimited today (read on) Retirement Resources - Our retirement experts are constantly exploring the world wide web to find the best retirement resources. We've placed the best in our directories (read on) Selling and Buying a Home - You're ready to sell the big family home and buy your retirement dream home. Explore the keys to selling successfully and buying the best home for your retirement needs (read on)
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