Buying or Selling a Home/preparing for retirement

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Question
Hello,
   I will be retiring in about 2 years.  We do not own a house now but want to buy one in retirement.  We can afford about $150,000 and can afford to pay most of that money down.  But I heard that it is better to have a big mortgage for tax purposes, etc.  Can you provide any advice?
   Also I would like to buy a house in the country with acreage but my wife says as we get older it will be too much to keep up with grass, etc.  Can you give any help in what kind of a house we should be looking for?
   Also are there any areas of the country that are more retiree friendly than others?  Our children are in Phil. and Wash, DC but we are unsure how long they will be there as they move around.

Answer
The advice to get a mortgage or not is confusing at best. If you are in a high tax bracket it may be beneficial to carry a mortgage for the small deduction you get. In your case, with rates the way are, pay cash or as much cash as you can.
Look for areas to live with low property taxes, avoid condominiums and fees.
Good luck.

Buying or Selling a Home

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Ted Lewis

Expertise

Can answer most any residential real estate question and more specifically questions about South Florida Real Estate. Massachusetts Real Estate Broker, Massachusetts Construction Supervisor and Florida Real Estate Broker. Have personally owned and sold hundreds of homes and at one time owned and managed 100's of apartment and well as did condominium conversions.

Experience

Homes, condos, construction, real estate law, apartment ownership. Can refer buyers and sellers to capable agents in South Florida -- am not actively seeking clients for my own account.

Education/Credentials
Many education courses in regards to Real Estate and Banking. Attended Harvard and Princeton Universities.

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