Newly Retired, Contemplating Relocation

[Sundance Kid]

Hi, to all.

I retired at 63, two years ago. Wife, approaching 62 and is fed up with her job but, not ready to quit, just wanting to get out of a STRESSFUL work environment.

We are contemplating a relocation to the Western Slope of Colorado, from the tornado prone, desolation of Kansas. Problem is, Real Estate is Much more expensive out west. The cost of living is about 5-7% higher than Kansas.

We're considering selling our townhouse. Might get 60K for it. Owe less than 20K.
Problem is, to get anything decent and livable, (by my standards) means a new mortgage of 125,000, or more.--- Do we really want to (or should we) consider a new 30 year mortgage, at our ages? I know, most people are talking downsizing, at this point in their lives but, that's out of the question, for us.

We have the cash available, for a substantial down payment, if needed. In fact, I think we're "Cash Poor'" at the moment.

Just interested in your comments and opinions. Anyone been in a similar situation? Let me know!!!

 

[Brat]

Look at AZ, around Tucson, or eastern Washington around Spokane if you really like cold winters, dry summers.

Southern Idaho has its fans.

 

[Mr._johngalt]

Look at AZ, around Tucson, or eastern Washington around Spokane if you really like cold winters, dry summers.

Southern Idaho has its fans.

I like Southern Idaho a lot, if cold weather was not a problem.
Pretty country. Don't know about prices outside of the
tonier neighborhoods.

JG

 

[Brat]

I suggested eastern Washington and Idaho because the weather is similar to western CO. Not to my taste, but differences make the world go round. Boise has really changed! If the OP is concerned about airports, Spokane is hard to beat.

Have you ever driven through Swan Valley (between Idaho Falls and Jackson WY)? Magnificent! ... need I add that it is a long way from a mall?

 

[JPatrick]

Doing a similar thing going from Texas to The Branson trilakes area.  I'm planning on a new mortgage after putting about 2/3 down.  Could pay all cash, but I have no problem with the mortgage and I'd much rather have the cash on hand than a paid for pad.
It really comes down to what you went through with your last mortgage.  Can you afford it, are there  tax implications, what are the rates and all that other decision stuff. 

 

[Nords]

We are contemplating a relocation to the Western Slope of Colorado, from the tornado prone, desolation of Kansas.  Problem is, Real Estate is Much more expensive out west.  The cost of living is about 5-7% higher than Kansas.

We're considering selling our townhouse.  Might get 60K for it.  Owe less than 20K.
Problem is, to get anything decent and livable, (by my standards) means a new mortgage of 125,000, or more.--- Do we really want to (or should we) consider a new 30 year mortgage, at our ages?  I know, most people are talking downsizing, at this point in their lives but, that's out of the question, for us.

We have the cash available, for a substantial down payment, if needed.  In fact, I think we're "Cash Poor'" at the moment.

Just interested in your comments and opinions.  Anyone been in a similar situation?  Let me know!!!

Welcome to the board, Sundance.  I hope you don't meet the original Sundance Kid's fate!

You might want to consider renting for a while.  
- Renting gives you time to learn what neighborhood you want to live in.  Even if you've visited there before you don't really learn the place until you've lived there for a month, reading the daily paper, shopping the grocery stores, walking the sidewalks, and seeing what the neighborhoods are like.
- A lot of today's markets actually have cheaper rents than the equivalent mortgage/taxes.  In CA it's more profitable to sell your rental property and put the equity in a long-term CD than to be a landlord.
- Wherever you buy it's much more likely that you're buying at the top of the market, and bargains will be very difficult to find if you don't take a few months to learn the neighborhood and troll for foreclosures or fixer-uppers.
- You guys may want to travel and might rarely be at home, so it'd be nice to lock the door, dump the maintenance/repairs on the landlord/property manager and take off for a few months.  
- At this stage of your life there's no need to build equity in a depreciating asset that requires extensive maintenance and has high trading costs.  How much more of your life do you want to rake leaves & shovel snow?
- If one of you needed long-term care, would you try to do it in your home or would you be tempted to move to a graduated-care facility?  In that stressful situation, would you be willing to sell your home if its value was underwater on its mortgage?

But you have to do what gives you the peace of mind to sleep at night.  If you can afford the monthly payments and you can get a good rate on a fixed mortgage, then why not take one out?  Credit unions & banks will be fighting to give you money, especially if your wife is planning to continue work after the move.  You know what you need and you're not likely to be conned persuaded by a realtor to buy more house than you really need.  Perhaps you're planning to stay there for a few decades, which will smooth out any bumps in the market.

My father's lived in Grand Junction for over a decade but he's rented apartments the whole time.  He finds one he likes and stays for as long as he wants, but if the situation changes and the place becomes annoying then he just packs his bags & moves.  He'd rather spend his time hiking & camping than taking care of property... and landlords would rather have him as a tenant than a young family with kids.  So he gets pretty much what he wants with no ownership hassles, and so does his landlord.

 

[Dawg52]

My father's lived in Grand Junction for over a decade but he's rented apartments the whole time.  He finds one he likes and stays for as long as he wants, but if the situation changes and the place becomes annoying then he just packs his bags & moves.  He'd rather spend his time hiking & camping than taking care of property... and landlords would rather have him as a tenant than a young family with kids.  So he gets pretty much what he wants with no ownership hassles, and so does his landlord.

That is really a good way to go. I could keep a small place here in MS and lease an apartment 6 months a year at various locations around the country. That would give me a chance to get the feel of different areas before making a permanent move one day. How much does your father pay for an apartment in Grand Junction? My nephew splits the cost of one in Vail and it something like $1,600/mo. 

 

[Nords]

How much does your father pay for an apartment in Grand Junction? My nephew splits the cost of one in Vail and it something like $1,600/mo. 

Hunh, it's never come up. I'll have to ask him.

I think it's a 1BR and it's probably under 1000 sq ft. He held an estate auction of all his personal property when he sold the "big house" and he travels pretty light now. I don't think it's near what would be considered any resort areas, but we haven't been there (yet).

 

[Sundance Kid]

Thanks to all, for the helpful comments!!

I guess my, (our) anxiety is based on the fact that my current house payment, is less than $400 per month. Won't find much available in Colorado, for that! Ha-Ha.
(Or anywhere else, for that matter.) So I'm not really hung up on this fact.

We've been to this area several times and have family there. They just love it!

Renting, is an option. Although, I'd prefer to move ONLY one time and make it final.

Can't say for sure where the housing market is heading, in this area, but it isn't getting cheaper, by any means. Seems like everyone there has a property for sale and they figure any old dump, is worth 135K and up.

Again, I appreciate the comments. They have been thought provoking.

Now I have to learn how to navigate thru the rest of this forum.

Have a Great Turkey Day!