You and your spouse are planning on retirement within the next ten years or so and have discussed what to do, where to go, if anywhere, as millions of other baby boomers have. Should you buy a vacation house now and retirement there when the time comes? A good investment for sure, but have you thought about buying raw land instead?
To go with that that direction of though, we offer the following suggestions and tips that can help you decide to buy a house for vacation now or raw land and build the house you want when you retire.
Location, Location, Location! As always, in any real estate transaction, location has to be the first and foremost consideration. Not just the part of the country you want to love in, but once that decided, what direction do you want your house to face? If you want a lot of sun exposure, facing the south will give you the most sunlight and warmth. Build your home with the back yard facing the West and you can enjoy beautiful sunsets no matter what state you decide on.
What lifestyle do you want to have when you retire? Are you looking for quiet and serene country settings or do you want to be in the heart of the city with conveniences and services at your doorstep? Before you buy, become familiar with the lot's proximity to the lifestyle, convenience and services you want in retirement.
When buying a vacant lot, regardless if it is in the country or in the city, you need to know the access to all the necessities. Where is the electricity and is there public drinking water and sewer lines already in place? If not, what are the expenses of having all those things ran to your lot and hooked up? If you have to install your own well and septic system, what fees and licenses are going to be required?
Do you want a wooded lot with lots of shade? Are you a gardener, if so, then how will that affect your planting seasons? Do you have a boat? As you check out lake properties keep in mind how far you will need to pull your boat and if you can dry dock in the off season. Regardless of where you move, check out maintenance fees and property taxes! The upkeep financially as well as physically should be a priority consideration.
Last but not least, the value of a second opinion can be priceless, even if you have to pay for it. Be an informed consumer and hire a civil engineer. A civil engineer will offer an objective opinion as well as address your plans of how you’ll be using this property. Such as having your house built to face that western sky and beautiful sunsets, a civil engineer can advise you if the lot can handle such a placement.
With these suggestions, you should be able to find the place for your retirement so that you and your spouse will have many years watching those sunsets!