Looking Forward to Retiring in Provincetown

Q: My partner and I would like to retire in Provincetown, but we are still three years away from our freedom. When should we start looking?

A: Even though you are not ready to move to Provincetown yet, you might consider beginning your search now. Over the past two and a half years, we have seen a dramatic shift from a seller’s market to a buyer’s market. Between 2006 and 2007, prices dropped an average of 5-8% in the residential market. If you wait three more years, you might miss the advantages that buyers are enjoying today.

Consider buying your future property today, and renting it out until you are ready to make it your home. You stand to benefit in many ways:

1. You will be buying at a time in the market where prices have dropped for the first time since 1994.
   
2. The rental income will contribute to your mortgage payments, property taxes and other maintenance costs.
   
3. You will have the advantages of using your vacation home when it’s not rented.
   
4. You will receive tax benefits of mortgage interest deductions.
   
5. Interest rates are currently very low.

Buying today instead of gambling on future home prices could put a substantial amount of money back into your pocket, and all savings matter when you are living on a fixed income as a retired person.