Housing Counsel: Buying For the Future, A Good Investment?by Benny L. KassQuestion: My wife and I bought our house about 30 years ago. We still owe some on it because we refinanced a couple of times in order to make major repairs and improvements.
I plan to retire in December 2009 but my wife has to work until 2011 before she can retire. We are both Federal workers. Our oldest son lives down South and wants us to sell our place in Virginia and move closer to him and his wife when we retire. We have thought about the idea and for the past 2 years we have casually looked at different areas near our son's house. We have noticed that the prices of the houses down there are going up. Do you think it would be a wise idea to purchase a house now, hire a property manager and rent the house out until we are both retired? What are the pros and cons?
Answer: If you can afford it, by all means go for it.
Despite the depressed real estate market currently in many areas, I still think real estate is a good long term investment.
In fact, now is a good time to buy when prices are low. (continued at my web site) www.eddiemendez.com
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