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Hello, friends, here is my dilemma.
My DH is 69 and I am 56. We are planning to put our home on the market next January. If it sells, we considered buying another house in a warmer area.
My sister tossed a monkey wrench into our plans. She has bought a house in a lovely place on a beach and has asked if we would like to rent the downstairs from her after we sell.
Hmmmmmm........
Should we buy another house? Would it be better to rent and put our equity from the sale in with our retirement fund, which would generate income?
What would you do?
LOL, if it was my sister and me ... a year's lease with every single rule spelled out. And then a few more.
And I wouldn't put the proceeds from the old house in a retirement fund. I'd put it in an accessible account so I could leave after a year and buy some place else. Just in case.
A major part of your decision should be the relationship between you and and your husband and your sister and her significant other, if any.
I would consider a few things before I jumped into renting from your sister.
is she willing to wait while you sell your house or does she need the rental income immediately?
do you get along well? does your husband geat along well with her?
will your DH have to do repairs around the house?
do you prefer a rental that does not require repairs and outside work?
Is the rental reasonable?
I agree with others. A lot depends on how well you and your husband get along with your sister. You have to consider even though you may get along great now, living together is a whole different story. You wouldn't want to ruin your relationship over something like this. Then again, it could always bring you closer.
I would make sure you sit down with her and talk over all the details and get it in writing ---- even if it is a relative.
All that aside, it sounds like a great opportunity. You could rent for a year and take the time to explore places you might want to live in the future.
This is an excellent retirement question; the housing dilemma looms large for retirees in general. However, in addition to considering the input here (excellent so far, it seems to me) I would suggest poking around in the Real Estate Forum, where the economics of buying and selling houses (or renting) in relation to the current market have been extensively discussed in numerous threads. It is a complex issue.
Hmmmmmm...... if it was me ~ I'd choose renting part of the beach house In fact, if ya don't choose that option, can you ask your sis to consider me as a renter LOL ~ after I sell my Rogue River home, of course
That is my goal also, to move from Oregon to a beach town on either coast, where there are no more harsh winters
If it were me I would not rent from any relative no matter how well you get along (now). Too much can happen. Extricating oneself from uncomfortable family situations can be tricky. If you like her location, seek a rental or a condo close by. Or, tell her you'll rent on weekends for 3 months, just to get a flavor of how it would go.
The older you get the harder it will be to hang on to the home unless you are rich. I am 60 and so is my wife and we have talked about this. Why not sell the house and "put the cash in a place where you and you only can audit it" and then just rent . If your financial situation goes south for any reason they cant evict you as would happen if you "own" a home. dont forget if all of your cash is the bank the first thing they do if one of you dies is lock down your money and count it and tax it and take it and hold you accountable for it etc etc..Better to buy quality gold coins for example and stash it for a fail proof backup resource.PROTECT YOUR CASH IF YOU SELL YOUR HOME.
Hello, friends, here is my dilemma.
My DH is 69 and I am 56. We are planning to put our home on the market next January. If it sells, we considered buying another house in a warmer area.
My sister tossed a monkey wrench into our plans. She has bought a house in a lovely place on a beach and has asked if we would like to rent the downstairs from her after we sell.
Hmmmmmm........
Should we buy another house? Would it be better to rent and put our equity from the sale in with our retirement fund, which would generate income?
What would you do?
Not wanting to sound negative but buying a beach home and expecting to find renters to make the mortgage affordable sounds probable when talking to the real estate agent. However when talking to other owners you might find it often doesn't work out. You would be doing your sister a major favor if she was expecting to rent it anyway. If you decided it wasn't working out how would she feel about your moving out? She will be building equity and you won't.
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Beach Bum my choice !
