REALTOR'S CORNER as published in the Orange County Register
Buy Now, Retire Later!REALTOR'S CORNER LARRY WEICHMAN
Have you been hearing that it's a buyer's market? Take a look at local home prices. Have you been told that there's no time like the present to plan your retirement? Again, take a look at those prices, and then think about investing for your future.
When retirement nears, many of us consider making a move, either to a more desirable location or maybe into a smaller home. How do you think home prices now will compare to prices in the future? Buyer's market or not, you can bet that home values will rise.
Even if you're years from retirement, you could consider buying your retirement home right now. If you've built up substantial equity in your current home, you're in a great position for financing on that second home. Even if you can't afford to buy it outright, you'll certainly qualify for more attractive terms on the mortgage.
You see, if you're buying a second home as a residence, most lenders will offer you a lower interest rate than if you were buying another home simply as a real estate investment. Honestly, though, what better "investment" could you make than to purchase your dream retirement property now, while prices are certainly lower than they will be in five to ten years? Consult with a real estate agent and your financial advisor to learn more!
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. Direct your questions to Larry@WeichmanRealtors.com or call 714-444-4663.