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Unread 10-05-2007, 12:26 PM
 
15,450 posts, read 7,033,414 times
Reputation: 28049
Quote:
Originally Posted by peeweeaz View Post
Eliza,

Financially, probably yes. But you can't put a price on home ownership. You are quite happy where you are and that's as it should be. I think you did all the research you needed to do to find Southern Meadows, which sounds like a nice place to live. And the ground rents (land lease) are lower than many other places. You and Bill are comfortable, so don't second guess yourself.

The things that concern me, personally, about owning a home at my age are these:

- when you're retired, a lot of equity in a house is like sticking it under your mattress. When you're younger you want to build up equity so you'll have a nice nest egg to use when you retire and move on like many of the posters are going to do (you did). Some people like the house, neighborhood, friends, family, etc. where they are and opt to stay in the same house when they retire. That's fine. If necessary, they can get a reverse mortgage and leave the remaining equity (if any) to their heirs,; their local animal shelter; or the state (if they have no will) when they pass into the light.

- there's the matter of upkeep and maintenance when you own your own home. If you buy a new home, then you put off major problems, i.e., electric, plumbing, hot water heater, heat/air conditioning for awhile. But nothing lasts forever so you either have to fix it yourself (many folks don't know which end of a screwdriver is which); or pay big bucks to have someone else do it. As you get older and your physical health continues to decline (remember nothing lasts forever, even us) you may not be able to do the things you used to do (fix stuff).

Having said all that, it doesn't really matter if you really like the idea of having a place to call your own (along with the mortgage holder - unless you paid cash) and enjoy the pride of homeownership. You can knock holes in the wall; paint any colors you want; change the tile; remodel, etc.

So, each individual has to decide for herself/himself what it is they want. Cheaper is not always better.
peeweez...You make some very good arguments. I really dont' know either.
When you reach a certain age, you life span looks as thought it is nearing the end.
None of us knows how long we have and some may live another 30 or 40 years.
All I know is, my husband has this disease that is definately progressive. how progressive depends on well a person is motivated to take care of himself.
Bill is not that motivated.
We both wanted a place where we could have access to a pool, gym and activites for the least amount of money. He really wanted a brand new home.
We know several people that have gone this way into a 55+ community and we have been looking at the pros and cons only to find that we were willing to take a chance and be happy for as long as we can.

If the event comes where it becomes a little more difficult financially or medically, then we will cross that bridge when we get there.

We can always sell this home probably at a profit if the time is right.

55+ communities seems to be the thing for the baby boomers now. Of course, this can change in time and something else will be the "thing".

If for some reason this doesn't work out down the road, we can always rent.

There are always options cuz no matter what road you take, something could go wrong.
You can invest your money and have the bottom fall out. So all we can do is the best we can on a given day and hope for the best.
Also,
have a back up plan.
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