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Retirement Planning: Consider Buying Retirement Property Now

Posted by: Lisa Nichols | Apr 11,2008

If you’re planning for the future, consider buying retirement property right now. Many people find that it’s beneficial to buy a second home for retirement before the property is needed. And when you’re planning a low cost retirement to make the most of family savings, reducing high interest debt can make buying retirement property less stressful and reduce complications.

 

Benefits to Buying a Second Home Now

 

The biggest benefit to buying a second home now is the current low housing prices. If buying a developed retirement property is out of reach today, purchasing an empty lot can also be a profitable option. This way, when the time is right, the land can be developed to suit the needs of the owners. If you decide to buy a second home somewhere else at a later date, the land may still be worth more than its purchase price. Property typically appreciates over time and many experts believe that the current housing slump will end in 2009.

 

Can You Afford to Buy Retirement Property?

 

For most people, buying retirement property means getting a second mortgage to afford the home. Less than 40% of family income should be owed in credit card or loan debts. Total mortgage payments should be no more than one-third of family income when attempting to buy retirement property. An online retirement calculator can help determine the amount of money that needs to be saved to buy a second home.  

 

Low Cost Retirement is Easier with a Good Credit Score

 

Low cost retirement is easier to obtain with a good credit score. Moving high interest debt to a balance transfer credit card or a low interest card may help improve a credit history. People with solid credit scores are eligible for the best mortgage rates, making low cost retirement even more affordable.  

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