Home Buying in Charlotte>Question Details

Bruce H, Home Buyer in Charlotte, NC

I live in nyc and want to retire in NC, i have 10 years left until retirement should i start the buying process now while i have a secure steady

Asked by Bruce H, Charlotte, NC Wed Oct 28, 2009

income. will it look better to lenders? i am a first time homebuyer.

Help the community by answering this question:


Your income is one of the most important factors that will impact your loan qualification so you should take that into consideration. If you are making more monthly now then you will when you retire, it would may make you look a little better if you have other debt that will be considered. Since you do not currently live in the state where you will purchase, this would be looked at as an investment property or 2nd home. Because qualifications may be different and rates may be higher, you may have to put more money down and pay more monthly if you purchase now. You may want to talk to a financial advisor or banker to help you sort out the financial benefits of purchasing now vs purchasing later and saving more money for a down payment that will lower your loan amount.

Whatever you do, I wish you the best!!
1 vote Thank Flag Link Wed Oct 28, 2009
It would be more appropriate to ask this question of a Financial Advisor or an Accountant. However, you may want to consult a Real Estate Agent in both New York, if you have a home there, and one in North Carolina to see what the current values and price trends are in those areas.
0 votes Thank Flag Link Thu Nov 5, 2009
That depends upon several factors that a good financial planner can help you answer. As to qualifying for a loan, you will definitely need secure and steady income. As far as opportunities and timing are concerned, it doesn't get much better than this. I have a great deal of experience in helping people through this very process. Feel free to visit my website to learn more about me at http://www.HilaryBroadway.com. You will see many testimonials to my service and market knowledge. You will also be able to search all homes for sale, updated hourly, with photo tours, mapping, sold comparable homes on a map, and property details. Let me know how I can help further!
0 votes Thank Flag Link Thu Oct 29, 2009
Hello Bruce:

I guess the first question is where in NC do you want to retire? Second question, do you want to live in a house, condo, patio home? Or, do you want to build your own home? I have helped people who have a few years to work buy town homes and condos which the use as second homes until they actually retire. The HOA takes care of the grass and ouside maintainence so there is no worries as far as that goes. I have one client from Queens who bought a lot and wants to put a modular home on it when he reitres next year. I bought a condo 6 years prior to moving here and rented it until I got here (from NY). I have another client that bought a condo that she is leasing to her retired parents until she gets here. Pices have never been better for the buyer.

As far as financing, It is always easier if you have a job. However, unless you are using the home as your principal residence you will not qualify for the first time home buyers tax credit at this time.

I hope this info was helpful. You can contact me through my website if you have other questions.
0 votes Thank Flag Link Wed Oct 28, 2009
Hi Bruce,
I would absolutly start the process now and buy while you are gainfully employed. It is very difficult to get a loan these days especially if you are retired. So, That being said, If you will e-mail me your contact information or call me I can begin sending you some homes to look at via the internet and send you area and tax information to get you started. If you e-mail I will need your contact info, e-mail adress and things like this:
and any other special needs that you may have:
Or you can call me direct and we can discuss over the phone. My direct line is 704-619-7355 Shelley Simmons My e-mail is CarolinaMegateam@aol.com

I look forward to hearing from you!
0 votes Thank Flag Link Wed Oct 28, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer