How we bought a retirement home in Arizona!
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- Опубликовано: 20 окт 2024
- #retirement #retirementplanning #retirementstrategy
I was asked how I can afford two homes, one in Canada & one in Arizona, when we were retired. Retirement planning is the key. This video explains how we (Kim and I) could afford 2 homes. Timing, opportunity and luck played a part as well.
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DISCLAIMER *
All advice given is my opinion so please take it for what it's worth. Only you can determine what is best for you. Sharing my experiences and advice is just that, sharing. Hopefully it can help but it might not. Any financial advice I highly suggest talking to a registered financial consultant.
Snowbirding has always been my dream, thanks for sharing.
It still can be done. Just harder than when I bought. Good luck.
I remember the housing opportunity in the USA back then. You two made a great investment in your retirement when you bought your house. ✅
Timing is everything. Making a decision to actually purchase something was also key. If we waited for 6 months longer the housing market was coming back making a home purchase unattainable within the year.
Thanks for putting together the video I requested! 😊
No problem 😊It's a good story to share.
You say that luck played a part in it, but in reality, it's just you and your wife being prepared and knowledgeable about how to play within the system. I'm younger and already thinking about major plans like this in my life, and I'm terrified of how expensive everything is. I can't imagine we ever live in a world where a (livable) house is 52k (or today's equivalent to that figure) ever again.
The decision to purchase was really easy at 52K. Now a days, it's almost impossible to have 2 homes, BUT, like we were going to do, a mobile home is still a viable option.
I bought in 2011 in Vegas. There were deals EVERYWHERE. 6 yr old 1 bdrm condos for $38,000, truly incredible
It was a perfect storm at the time to buy. Dollar was slightly stronger and the US housing market had crashed. We almost bought in Vegas but just a little too cold in the winter.
You and Kim had perfect timing in 2010. Congratulations. Selling the home for what is considered a disposable home with high lot fees is questionable.
I see your point, that said, when we sell, it's done through DMV and is pure cash in our pocket, NOT TAXABLE. Yes we could invest it BUT being a Canadian, foreign taxes and Canadians taxes are a HUGE problem and have rules that are very complicated. For us, this was an investement to provide us warmer winters and that is what we have achieved. Once we get older, our travel insurnace will prevent us from visiting Arizona. Clear as mud?
Great strategy!
You have to be ready and WILLING to take a chance sometime. So we did and got lucky!
That is good stuff 👍
Its always about timing. 2008 was a great time to buy. But I think you want to make more money on US dollars via investment. Good accountant should be able to tell you how to maximize return.
I agree...It was such a rush with the transactions of selling and buying in less than a month we just wanted to park our money somewhere without paying double tax. Now that we have settled we transferred our money to a US account here in Canada to further the interest on the money.
Must be nice. Some of us will never have the money to buy one home. This world sucks.
I was VERY lucky. The world is getting more and more expensive and many people struggle.
What is snowbird
Good question. Snowbirds are people, usually retired, that don't like the winters in the northern locations in North America. They flock to the southern states in the USA for warmer weather. I am from Canada and in the winter it reaches -40c (-40F same in F or C) on some days and I don't want to be part of that.
Great.Have you ever been to Africa?It's much warmer.
Where in Canada are you from
Winterpeg