Buy Your Retirement Home Now

Great article by Dan Kadlec in the September 2007 issue of Time magazine. In it, Dan talks about why buying a retirement or vacation home now while prices are still falling is a good idea. Now is an especially great time to buy in the Florida Keys! Please visit our website at http://www.placeinparadise.com/ for more information. Enjoy! -Team Mullins

Buying a home while prices are sliding is not an easy decision. After all, you never know when things will bottom out, and if you jump too soon, you may miss an even better deal that could have been yours just by waiting. But if your goal is to retire to a vacation-like property in a decade or so and you can afford to buy now, today's tepid housing market may offer a great opportunity to put your plans into motion early. Here's why.

First of all, home prices won't weaken forever, and they almost certainly will be much higher in 10 years. Waterfront and resort properties and those with spectacular views-just the features you dream of for a retirement home-can be expected to rise the fastest.

None of this means you should be rash. The whole point of buying while the market is soft is to have time to think things through. Sort it out now-and then take the plunge. Here are some other reasons that buying a vacation home now to live in later may make sense for you:

Roots. When you buy before you've retired, you start making the area part of your life right away. That helps you build a social network, which will ease the transition when you do make the move.

Family connections. Kids grow up and change jobs and cities. One way to bring the entire family together more often is by living in a fun, familiar house in a great location. Buying while you still have children at home is a bonus. The kids will feel invested in the place, make friends and want to visit more often when they're older.

You can rent to own. In the long term, prices are going to go up. By not acting soon, you risk eventually being priced out of the market altogether. If money is tight, consider buying now and collecting years of rent to defray your costs. The trick is getting over your fears. With retirement facing all of us sooner or later, there's only so much time for that.