Buying a Home for Retirement 🇳🇮 Rush, Rent or Prep
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- Опубликовано: 17 сен 2024
- When retirement looms near, it is common to suddenly want to rush to buy a new home. But is that the right time? Perhaps more than ever, taking time to really evaluate needs, new locations and situations and think deeply about who the new you is going to be is important. There is less room for error. How should you think about buying a home as you entire, or work your way through, retirement.
#nicaragua #retire #realestate
13 April 2024
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Almost done building my retirement home in Boaco. This is the city where my wife is from and she has a large family in this area, so plenty of friends and family support here that we would lack elsewhere. We bought the lot from her sister in-law and are using a contractor that has worked for her siblings. Financially it would have made more sense renting, but my wife had her heart set on owning a nice house here, so here we are. It's a one floor, 3 bedroom about 2500 sq/ft. Its outside the city in the San Nicolas Barrio, where we have some nice views and cool breezes. I would only recommend building or buying, if you have some strong compelling reason, like Alan notes.
I need to come visit when I'm in town!
Very good post! Renting is the best! Keep your money in investments, not in property, and keep your freedom! Thanks for your post!
16:00 preach dave ramseo
The main pro in buying rather than renting, normally, is that by buying you make an initial higher investment, that you plan/hope will pay off, but then you don't have high monthly expenses, if any at all; while by renting, you commit to having higher monthly expenses, and still that money does not guarantee any "discount" for when you finally buy a house - it is just "lost money" (in the common general view). Not sure though if this approach makes sense for Nicaragua. I have always been wanting to buy, but your arguments raise some doubts now.
I'll talk about this in an episode coming up in the next few days.
My “no buyer’s remorse” test was with tattoos: I’d pick out a design and wait years before I would get it: haven’t regretted one yet.
Hey Scott. Although I believe you take great care is thinking out the points you elucidate in most of your content, I believe your tender age has led you astray when it comes to retirement and housing considerations. I don't have the space to respond to many of your points, but when you get closer to, or are at retirement (or years into retirement), having a solid foundation like your own house (or condo) provides invaluable stability (security). Being concerned with having to move in your 70s/80s is not where most people want to be. If you must, that's another situation, but why live in fear? I think you have to approach your personal finances like you would your business, that is, follow your heart with great confidence but have some sort of back-up plan just in case. If you're always going to worry about changing your mind, you're going to miss out on a lot of things (IMO).
The other point is that although you may not have any idea of what you might want in retirement, I believe that most people have a pretty good idea. Personally, I would like a nice small house within a mile or two of the ocean. I love to design, fix up, and maintain my home...so the way I look at it is if I cannot be happy with a beautiful, affordable home close to magnificent beaches (and just about anything you might need) then I've got a big problem (and it's not housing). So, as long as you are not derelict in picking a location, the most important possession you need in that U-Haul is your happiness.
Well i'd have to say as a business advisor.... if you have to say "follow your heart" that's generally a way of saying "i'm avoiding acknowledging a decision i already know is bad.". Following your heart is dangerous in regular business. At retirement there is less room for error and it is even more important to not let emotions put you at risk unnecessarily. Owning a home is a false sense of stability, it feels stable but in reality it is not. It's actually quite risky and what someone "wants" in retirement isn't always what determines what they can have or what they should have.
@@ScottAlanMillerVlog Actually, "follow your heart" does not imply making an emotional decision, instead, it means seeing with clarity. This leads to the best decisions because they are based on an appreciation of things much closer to the truth of the matter.
I understand how the financial system works and what it has done to home ownership in NA, but people still want to own their own home. If houses were still affordable (like in the 50's), why wouldn't you buy a house?
As far as risk-taking is concerned, you do your homework (measure twice/cut once) and go for it! You're the perfect example...look at you and what you have been able to accomplish!
In the 1950s, though, home ownership was highly prized because people weren't mobile. It was a different world where people lived in one place and never left, no matter what. Jobs, kids, healthcare, relocation, expatting... those weren't reasonable options for most people. In that world, buying a house makes way more sense. But houses being affordable alone should never be a factor, only their relationship to renting. But for retirement, that calculation has many factors that weigh heavily towards renting even if owning costs less. It's always about a ratio.
For example, the logic of "if houses are cheap" alone would make buying in Nicaragua a no brainer. But reverse that and say "but if renting is cheap why wouldn't you rent" and suddenly renting looks like a no brainer. It all depends on how you frame it. But what you should really do is weigh risks and compare the two.
I've been here for years and I rent. Why? Because we are constantly learning what it is that we really want. In a location, in the physical layout of the house, in space, in features. And thank goodness, because we had major medical changes that are unexpectedly impacting our decision making three years in.
Owning a home really only has financial benefits, even at the best of times, when you are looking at decades of "would have made the same decision again." The closer to, or deeper into retirement you are, the less time you have to get that payoff. And the only way to keep a home purchase safe is to be willing to sell it at the drop of a hat if the market turns in your direction or the right offer comes along. Retirees face greatly increased risk in home ownership because things like a lack of willingness to sell quickly, and exposure to risk are big. If you are retired without extensive assets, for example, a house fire could cause financial hardship from which you can never recover. Renting means you are protected from the largest financial dangers that you potentially face.
Because house (and rent, and everything else) in Nicaragua is so cheap, there is a strong trend towards buying quickly or investing wildly without doing the same due diligence we'd do in an expensive market. Sure that total / absolute risk is lower. But as a ratio it is about the same and should be treated the same.
@@ScottAlanMillerVlog You ask, "if renting is cheap, why wouldn't you rent?," and I believe this gets down to the crux of the matter...renting v. owning.
You don't want to own if it is not prudent, I agree, but there are so many reasons [money aside] why owning is a good thing. After all, the US was the envy of the planet when nearly anybody with a decent job could afford a decent home back in the day.
Not so much today because homes are not what they used to be (in all kinds of ways), but having your own home taught young people responsibility while setting priorities. It was also a reasonable way for the majority to build some wealth. And again, this was before Westerners decided that they were not interested in learning how to do much of anything.
Remember how the globalist cabal came out several years ago and stated to younger folks, "you will own nothing and you will be happy." How's that working out?
In any case, let's have this conversation in 20 years when you are about my age. I kind of believe you might be living in your own house then.
I do hear what you are saying and agree that if you are uncertain of your path, then renting is the way to go, but if nobody ever took chances, we would all still be in Africa complaining about the heat! :)
And thank you, as always, for the incredible information you provide!!
Interesting point of view you have. That's not for me. Guess I would be the exception. I enjoy home ownership. Doing landscape renovation etc. that's how I am wired. Today I would be considered ADS
Scott, what video games do you enjoy playing?
Do you know of any really nice homes for sale in Leon by the owner? Looking for a 4 bedroom home, 2 bathrooms. More interested in modern home than colonial.
All homes are "for sale by owner", there isn't any other system in Nicaragua. Modern homes are extremely rare here because the city itself is colonial and building modern homes in the city itself is not allowed. So a modern home can only exist in the barrios or repartas. Reparta Fatima or Colonia Universidad offer modern homes for sure.
Hi Scott, what is the best way to contact to you . I have a House for Rent in Residential Km 15 Carretera Masaya . Is very beautiful community, near Restaurant. Supermarket. The House has 4 bedrooms end 3 bathroom with security 23 hours including..
My email is on the RUclips page and in the description for every video. Just send an email there!
Ok
Hello Scott, what do you know about this law? Do you think it is applicable for real estate or a house to live?
SEC. 203. PROHIBITION ON NEW UNITED STATES INVESTMENT IN NICARAGUA.
(a) Prohibition.-After the date of the enactment of this Act, a United States person, wherever located, may not make any investment in any sector of the economy of Nicaragua.
Ask your self is real estate a sector of economy. That's your answer.. United States has a issue with El Salvador and Nicaragua over human rights. Point is United States has internal problem and are trying to deflect
I've seen that in a "no traction" proposed law but isn't in an actual law. Seems pretty unlikely to be in a real law since there is a proposed one that says that. Currently the State Department provides resources for active investors. Wouldn't make sense if that wasn't legal. Americans invest here every day. It's definitely fine now. But some authoritative nut jobs in Florida are trying to take away American free market rights but it hasn't happened. There's always some politicians who hates the American capitalistic system and wants to find paths towards government control of the citizens. But as much as we complain about things like that happening, 99% of this crazy crap never sees the light of day.
@@ScottAlanMillerVlogwhen I read this question, I just think of that TikTok sound... suspenseful music followed by "nobody's gonna know. Nobody's gonna know. They're gonna know. How would they know? HOW WOULD THEY KNOW?" 😂😂.
Here is the "law" that is copied from section 203. The key thing here is that this is not a law at all. It is a proposed bill that has not seen the light of day. Suddenly people are talking about it, it must be the latest scam from the US to create fear. It's not real, it's not constitutional, it's an attack on both the American people and the Nicaraguan people and is clearly designed to bolster Nicaragua's government as the US harming the people of both countries would just demonstrate how much more free Nicaragua is and how much more its government is there to protect the people from outside forces. It's not good for America financially, it's not good for America's foreign policy goals, and it's proposed by a nut job in Florida with little clout and it's been around for a while and gone nowhere. So we are really far from needing to worry about "random politicians posturing for votes" but here is the non-law being quoted...
www.congress.gov/bill/118th-congress/senate-bill/1881/text/is#toc-idf81049dc72004086b024b33b9341090d
Oh they would know. That part you can't hide. Unless you have off shore accounts and have already hidden your money like crazy. But Nicaragua is part of the global money laundering coalition and even coming from hidden accounts, your transfer of money into the country would be visible. you'd have to do investments off shore to off shore through third party non-national business dealings. Can money be hidden? probably. Can normal people pull it off? No.