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I am 62. Theoretically, I could retire in four years. I have been in an apartment for almost twenty years and all that time I have yearned for a little house of my own. Now I have some inheritance money and could buy that house, especially since prices are so low right now. I've even seen a place that I can afford, although it needs some work and I would have a yard to take care of. The thing is I am not sure that I will want to stay in town when I do retire. Is buying now crazy? What advice would you give me?
Buy the house that you will want when you retire. Why risk buying a house that you are not sure that you want to keep? Looks like we will have a buyer's market for many more years, so you may be stuck with a house in a location that you aren't happy.
Another option would be to buy the house when you retire. If you have lived in an apartment for twenty years, surely you could live there four more years if you are not sure where you may want to live.
Your two answers are exactly what I have been thinking. And many other scenarios. A friend just asked if I love the house and said if I don't LOVE it, I shouldn't buy it because houses are such a hassle that you have to love it for it to be worth it. Same goes for getting married .
I think if you buy it just because you can afford it, you may regret it just as you'd regret 'settling' for a mate you didn't respect and love.
After 12 years in a nice apartment complex with a full-time maintenance staff, I moved to another state and bought an attractive place. I learned that finding reliable handypersons is difficult and because I had no experience maintaining a house, I was out of my depth. Everything was new to me. Of course I moved to a totally different climate from the one I had spent my adult life in, so I had more to learn than you will if you buy.
I suggest you invest your money conservatively (in a CD, maybe) so it'll still be there in a few years when you retire. Then you can decide where you want to live.
If you've lived in the same place for 24 yrs (renting ot buying) how sure are you that you'll move when you retire?
seems like you've got roots and it's not easy to move, physically and emotionally. I think that's what you need to decide 1st. Then the answer will be obvious.
we bought early assuming we wanted to retire there,.. we are finding we dont... the house has no mortgage and still costs a bundle each month to maintain... between all the bills and maintaince since we arent there to cut the grass or plow the snow the costs run very high.
we fear each winter as power outages from storms keep us on the edge of our seats as to how cold it will get in the house with no heat.....
I am also going to jump in with don't buy THAT house. But as a retiree (waiting 18 months for husband to also retire), we did JUST buy a house. Nah, we don't love the house, but we DO love the land and location. It's out of the snow and not in the humidity of Florida. Right now, it's rented and a maintenance company is being paid out of the rent to handle everything. We get an occasional bill to fix something - a plumbing leak, and a wasp problem. It's still nice because the mortgage is being paid and we get to move where we planned to move when we retire.
We knew for sure we would not want to stay here when he retires, so we found a place we DO want to move to. Buying local was not for us. BUT, and this is a BIG BUT, my husband has home repair skills up the yazoo - electrician, plumbing, general construction. some very specific technical aspects of each but mostly general so when we move, he will take over but we are working with a local friend who is thinking of buying near our retirement home and she is concerned about going from apartment to house - in terms of maintenance. So we suggested she hire a property management company: just because the homeowner lives there, doesn't mean she can't treat herself as a renter. It's the best of both worlds: it's her home to do with as she wishes, but she doesn't have to worry about finding a plumber at 2 am - just call the maintenance company as she would be doing now while renting.
........it needs some work and I would have a yard to take care of.
As someone who has owned several different houses, I can tell you that they almost always require a lot of work. It seems something always needs repair, replacement or upgrading. Before buying have a thorough engineering report and assess the amount of work and expense needed. By no means buy if you plan on moving in 4 years. Invest the money and you will be able to travel and relocate and then if you are still interested, buy a house.
You only go around once so take care of yourself and buy what makes you happy... as long as you do your best to make sure you can afford it and it can be marketed when you are ready to move on.
We bought a property in retirement that may be too much for us to maintain in ten years but it has made us happy and is great right now. Every decision cannot be about preserving wealth... some have to be about enjoying it.
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Rent it out later
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