As you reach your retirement years, typically your income is reduced from your peak earning period, and you must seriously consider methods of using your assets to your best advantage.

Whether your money is from a nest egg saved over the years, or profits from wise investments or the sale of your long-term home, it probably is not in your best interest to tie up a substantial portion of it in the purchase of land.

Consider your options. One is to commit a large amount to the purchase of land—an arrangement whose primary beneficiary is the developer. The other is to purchase a less labor-intensive home on leased land and keep your funds available for discretionary or emergency purposes.

Some of our competitors still push land purchase, claiming land ownership frees you from additional financial obligations. However, this is not the complete story. Land ownership is an expensive way to live due to high property taxes and maintenance requirements. In addition, it ties up your funds—money you can utilize only by selling the land or taking out an additional mortgage (and paying substantial interest to use money that was already yours).