firemediceric
Recycles dryer sheets
- Joined
- Aug 9, 2017
- Messages
- 207
Reading the threads here as well as on some other forums has me feeling slightly despondent regarding real estate and my future plans. I'd appreciate opinions on what course of action I should take given my situation and future goals.
As the saying goes "We make plans and God laughs." Certainly my experience.
2017 I became a renter with a view to moving out of Florida as soon as the beginning of 2023. Moving sooner isn't a good option due to needing to finish out my time to receive my full retirement benefit without penalty. Although I am anxious to leave the job and Florida, the longer I stay beyond 10/2022 the larger my DROP accumulation. In 2017 the rent vs. buy calculators I consulted all recommended renting over buying for a window of 5-9 years.
My plan has been to move to Tennessee. Apparently over the last year or so that has become the plan for quite a few people. Real estate there has risen astronomically, even more so than the exponential growth in many other areas of the Country. As is also the case elsewhere, inventory is very sparse leading to homes in the TN market being sold well above listing price. No newsflash with any of that.
My original thought a few years ago was to start looking at the beginning of 2023 for the right house in the right setting. When found, buy it and retire within a few months afterwards. As an aside, similar to what another poster mentioned in another thread, my taste in houses runs much different than what is the norm for Tennessee. I resolved myself to shopping for quite some time at a distance, although in this market anything would be snapped up before I could make the trip up to Tennessee to look at the property firsthand. Another option would be to purchase a house that lends itself to the improvements I would desire while realizing that route may quickly become cost prohibitive. Finally, I considered having a house built to get it the way I want. I feel that option, as many smarter than myself have experienced, is the choice which will cause the most stress and end up costing the most money for the finished product.
I've been comfortable with regard to saving for the house while I'm renting. I feel I have a good amount of liquid cash ready to be put down when the time is right. That bucket will certainly be added to going forward.
So what do I do? Do I sit on my hands continuing to rent and saving money while I fight a panic attack from FOMO as I see real estate continuing to sky rocket? Do I purchase something in Florida in the meantime, tying up that liquid savings earmarked for a down payment, hoping I can sell the house when I need to, with the hope of it being a sound investment even for just a couple of years despite feeling the offerings are overpriced?
I feel that so much is out of my control and that any decision is as likely as not to be the wrong decision. The regular posters to this forum are a lot more savvy than I will ever be and I welcome comments as to what they would do if they found themselves in my shoes.
As the saying goes "We make plans and God laughs." Certainly my experience.
2017 I became a renter with a view to moving out of Florida as soon as the beginning of 2023. Moving sooner isn't a good option due to needing to finish out my time to receive my full retirement benefit without penalty. Although I am anxious to leave the job and Florida, the longer I stay beyond 10/2022 the larger my DROP accumulation. In 2017 the rent vs. buy calculators I consulted all recommended renting over buying for a window of 5-9 years.
My plan has been to move to Tennessee. Apparently over the last year or so that has become the plan for quite a few people. Real estate there has risen astronomically, even more so than the exponential growth in many other areas of the Country. As is also the case elsewhere, inventory is very sparse leading to homes in the TN market being sold well above listing price. No newsflash with any of that.
My original thought a few years ago was to start looking at the beginning of 2023 for the right house in the right setting. When found, buy it and retire within a few months afterwards. As an aside, similar to what another poster mentioned in another thread, my taste in houses runs much different than what is the norm for Tennessee. I resolved myself to shopping for quite some time at a distance, although in this market anything would be snapped up before I could make the trip up to Tennessee to look at the property firsthand. Another option would be to purchase a house that lends itself to the improvements I would desire while realizing that route may quickly become cost prohibitive. Finally, I considered having a house built to get it the way I want. I feel that option, as many smarter than myself have experienced, is the choice which will cause the most stress and end up costing the most money for the finished product.
I've been comfortable with regard to saving for the house while I'm renting. I feel I have a good amount of liquid cash ready to be put down when the time is right. That bucket will certainly be added to going forward.
So what do I do? Do I sit on my hands continuing to rent and saving money while I fight a panic attack from FOMO as I see real estate continuing to sky rocket? Do I purchase something in Florida in the meantime, tying up that liquid savings earmarked for a down payment, hoping I can sell the house when I need to, with the hope of it being a sound investment even for just a couple of years despite feeling the offerings are overpriced?
I feel that so much is out of my control and that any decision is as likely as not to be the wrong decision. The regular posters to this forum are a lot more savvy than I will ever be and I welcome comments as to what they would do if they found themselves in my shoes.