Buying a retirement home & selling current homestead. What % of our profit would it be wise to put down on the next house?

Asked by tjtbrewer, Dallas, TX Thu Jul 12, 2012

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Dixon Wong, Agent, Dallas, TX
Fri Jul 13, 2012
I agreed with most agents said that this is your very own personal preference.

Some would love to pay as much as they can so their monthly fix income is as low as possible.

While others would take advantage of the low interest rate to reinvest. What would fit your personal money strategy better?

This might be an question you need to speak your finanical advisor or CPA. Keep that in mind once you reach 65 of age - you also get more discount on property tax.

JP and Associate
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Bruce Lynn, Agent, Coppell, TX
Thu Jul 12, 2012
This is probably a personal decision as well as that of your loan officer.
It might depend on your income and how much house you want to buy and how much monthly payment you want.

As Tom says if you can borrow it and low interest rates and you think there will be inflation or better returns in the stock market, then borrowing as much as you can makes sense economically.

If you want peace of mind or your income is limited in retirement you might want to pay cash for the next house to have no monthly payments or limit the payments as much as you can by borrowing less and putting more down.
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, ,
Thu Jul 12, 2012
This would be a good question for your CPA/Financial Planner.
NOT a realtor or lender.

Think about this:
Cheapest money you will ever borrow.
Likely make more on your money in the market than you will 'save' on interest.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
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Kenneth "Ken…, Agent, Dallas, TX
Thu Jul 12, 2012
It really depends on how much of the money you need or want to keep. It is always best to talk with a financial planner.

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Chris Hutchi…, Agent, Hurst, TX
Thu Jul 12, 2012
I think Jim hit it right on the head. This is more of a financial planning situatuion that has to do with real estate than a real estate question.

Someone would have to look at you whole financial picture to give you the beat answer for you.


Chris Hutchinson
Chris Hutchinson Real Estate
The Michael Group
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Susan Hanson, Agent, Plano, TX
Thu Jul 12, 2012
Hello there!
Congratulations on your retirement plans! There are many factors that go into making this decision including taking into account all your other assets to know what you should put away for your nest egg. Much depends on the location of the home you'll be buying as well.
Would be happy to sit down with you to help you determine the costs of selling your home, what you can expect to get for it and put that into the mix to decide how much to invest in the new home. Feel free to call or email me at your convenience. Sounds exciting!
Your Home Is Where My Heart Is!
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Jim Rooks, Agent, Dallas, TX
Thu Jul 12, 2012
I'd recommend discussing it with your financial planner. Your total financial picture will likely drive that decision.
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