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Thread: Buying land while enlisted for retirement

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    #1

    Buying land while enlisted for retirement

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    DH and I were thinking about how if he decides to stay in the military for another enlistment he'll just stay in until retirement since he'd be more than halfway done. Anyway, we were also thinking that if that happened we would go buy some land in Northern GA because we know that is where we want to live and have our forever home. This would allow us to pay on the loan for the land while he's still enlisted as well as save to build our future house and barn. What do you think? The only con that I can think of really is that "what if" he gets a job when he retires that doesn't allow us to live in Northern GA? Then we'd own a hunk of land that we'd have to sell. Other than that it sounds great because we could have the loan paid off by the time we'd need to take another out to build the house.

    Any thoughts appreciated!
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    #2
    I'd do it. We considered it ourselves but .. just didn't.

    Even if he gets a job after military elsewhere, you can keep that land forever until you are ready to build on it. My parents had land property for 20 years before they finally sold it, they just decided they wanted to live elsewhere.

    If you know at some point in time (whether after military or even later) you will end up in N. Ga, then I'd go for it.

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    #3
    My thoughts on this are if you can afford the loan, it would be better to put that much in savings, maybe as an automatic transfer so it's like paying for a loan. This lets you avoid paying all the interest on the land and taxes for the time you wont be using it and you wont have to worry about needing to sell it should you decide not to live there.
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    #4
    Ehhhh... It would make me nervous. I want to buy a house and settle, but I'm the type of person who likes to move a lot. But if you know where you want to be and don't see your self moving anywhere from there for a while, then why not?


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    #5
    Quote Originally Posted by HisCrazyGirl View Post
    My thoughts on this are if you can afford the loan, it would be better to put that much in savings, maybe as an automatic transfer so it's like paying for a loan. This lets you avoid paying all the interest on the land and taxes for the time you wont be using it and you wont have to worry about needing to sell it should you decide not to live there.
    Perhaps, but the interest paid on the land is all tax-deductible and will reduce their taxable income.. its just like buying a house. And even if they had to sell in say 20 years, they would make money off of it... its an investment...

    There are 10 types of people in the world, those that understand binary and those that don't
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    #6
    we did it, got almost 7 acres in Central MI. we paid it off in 5 years and now only pay the taxes every year.

    however- in 2007 we bought a home in S GA and decided this is where we will retire. We are just waiting for the market to change so we can sell the land we bought.
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    #7
    I think it's a great idea.

    Good friends of ours did this awhile ago. They bought land in Oklahoma early on, then his last two years in the Navy, they built their house. Now, he's retired and they live in a beautiful house on land that is paid off.

    Even if you have to sell it, like TrishAFSpouse said, it's an investment you'll make money from.
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    #8
    Quote Originally Posted by gunsgirl View Post
    we did it, got almost 7 acres in Central MI. we paid it off in 5 years and now only pay the taxes every year.

    however- in 2007 we bought a home in S GA and decided this is where we will retire. We are just waiting for the market to change so we can sell the land we bought.
    That is what I was going to point out. The market is not the best, and buying land now, might be all fine and well, but if you can't sell it for a profit, it isn't worth the hassle.

    ETA: All of that only applies if you guys don't end up living there after the military obviously lol.
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    #9
    We've done it. We bought land in my hometown in Texas because that is really where we'd like to settle after dh retires. Even if DH can't find the right job in my hometown, we plan on keeping the land anyways. We'd build a house/cabin on that land and use it for vacations and stuff.



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    #10
    If the land is available and is an exceptional deal, yes I would. By the time he retired and you build on it, you would have substantial equity in the land that will make things easier in the long run with getting construction financing.

    As far as the risk of possibly not retiring there, it would depend on the location in Georgia. Land is land, they don't make more of it, so people are always going to want to buy land. Is the area you're looking at a reasonable commute to work for him/you both after military retirement. Is it in a place where resale isn't something that would be significantly depressed in the future? Some areas of North Georgia are prime spots for weekend/second home/hunting and fishing property for some of the major metropolitan areas around there.

    My parents bought there property in Northwest Georgia about ten years before my dad semi-retired and they moved up there to build. He commuted to Atlanta for a few more years before he really retired. A lot of people in their area do that.
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