For those retiring (-ed) on a shoestring, do you own or rent? (retirees, years)
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Just out of curosity what are you monthly elect. bills. If I'm not mistaken your electric is generated from the Hoover Dam generation station and that is supposed to be the cheapest form of electric power.
BTW we pay about avg $200 a month here in NC which is cheap compared to the Northeast.
They can, If they are willing to be realistic in Size and Location.
I'm building a 30x30 on land which is under $1K/Acre.
It's up to you if you want to pay $100K for a 1/4 acre of land and build a 5K sq/ft house...
Not everyone can live without a car in a rural location. I can't afford a car on my current income plus I have a non-trivial financial obstacle to getting a drivers license (long story).
I'm confident I can afford a 400 sq ft home on a 2500 sq ft piece of urban land...except that I haven't found any urban or suburban zoning which allows that.
Not everyone can live without a car in a rural location. I can't afford a car on my current income plus I have a non-trivial financial obstacle to getting a drivers license (long story).
I'm confident I can afford a 400 sq ft home on a 2500 sq ft piece of urban land...except that I haven't found any urban or suburban zoning which allows that.
Yes, many people do things which they must pay for, (Nor would I WANT to live rurally without a car... Or in the city for that matter. BTDT.) But I don't know anyone, and I include several people I know who are part time workers who don't make more than the $1K/Month you say you make.
You have an income problem and I forget how many years you said you have done this, but it is blindingly obvious that you have no interest in fixing it.
25 years ago... You could have locked in the price.
Naturally, as has already been discussed, it's not advisable to lock in a mortgage at the peak of a bubble. But the General trend is locking in the cost of your housing and watching price increases and inflation raise the costs of everyone around you...
And as I mentioned, when you buy there's light at the end of the tunnel (A day when your property is paid off) No such with rent.
There are pros and cons for both sides. And the light at the end of the tunnel, as you call it, has done nothing but become a dim bulb for many.
There are pros and cons for both sides. And the light at the end of the tunnel, as you call it, has done nothing but become a dim bulb for many.
I'm glad it works for you.
There are better places to invest money these days. Anyone with a decent rent can take the thousands beyond the mortgage they pay (insurance, repairs, upgrades, repairs, repairs) and put that into a safer bet for the future. Plus, anyone wanting to move in the future would be better off renting, no hassle, just up and go.
There are better places to invest money these days. Anyone with a decent rent can take the thousands beyond the mortgage they pay (insurance, repairs, upgrades, repairs, repairs) and put that into a safer bet for the future. Plus, anyone wanting to move in the future would be better off renting, no hassle, just up and go.
There are better places to invest money these days. Anyone with a decent rent can take the thousands beyond the mortgage they pay (insurance, repairs, upgrades, repairs, repairs) and put that into a safer bet for the future. Plus, anyone wanting to move in the future would be better off renting, no hassle, just up and go.
Other than the absolute FOLLY of thinking the landlord doesn't pay all these out of the rent you pay (I guess they must REALLY like you, to cover them for you!)
Care to share where I can get much better than say... a 100% assured 5% return (actually a couple % more because I'd have to pay taxes on any profits)
I'm sure many people right now would be VERY interested in this 'Safer bet'
(So, where are you getting an annual 7%-8% return EVERY YEAR at With NO RISK... DO TELL... and if it's so... why are you on a shoestring?)
Well, that would just break even... SO you must be doing BETTER to make it worth it...
(And my parents have owned their home mortgage free for years. these 'repairs' you seem so frightened of are minuscule.)
If you are at poverty level and fell into poverty after buying your home, then is cheaper to rent, as you can qualify for subsidized housing. In most cases, assets are not a determining factor but taxable income.
In my case, I have own my home, mortgage free for many years. After an severe illness, I become disabled and fell into poverty but I am frugal and paid off my mortgage. I can sell my house and move into subsidized housing. The cost for me for subsidized housing is about equal to the cost for maintaining my mortgage free home.
If I move into subsidized housing, I will free up assets that I could invest. It is possible, if the returns are significant, and are taxable income (some income are not taxable, as in municipal bonds) then I would move out of a poverty designation. I would then no longer qualify for subsidized housing. However, renting would be not such a burden because I would have additional income from assets and the principle itself, from the home sale.
If you live in a house, as senior there are other advantages. One poster pointed out a reverse mortgage. In Colorado, seniors have the option of not paying property tax and having it collected with interest upon the sale of the home, by you or your estate. In addition, Colorado and many states have senior exemptions for taxes. There are also other tax exemptions done by individual States.
For my case, I would never buy another home. I will move into a senior only rental. I want to be free of the problems of owning. I want to move at will and immediately, if there are problems. I do not want to be again stuck with idiot neighbors, that I have to tolerate. Or, I just want to be able to move for change of scenery.
There is the big advantage of renting that cannot always be measured monetarily-freedom to move. Or there is the big advantage of owning that can not always be measured monetarily--privacy and more space. At this stage in my life, I will take freedom. Also, renting keeps me from accumulating more stuff ,and I like the idea of freedom from stuff that starts to own me. I will move to an apartment, near good public transit with stores that are walkable nearby and dump that biggest piece of stuff that is demanding of attention and expense--the Car.
Livecontent
Last edited by livecontent; 11-27-2011 at 01:24 PM..
Other than the absolute FOLLY of thinking the landlord doesn't pay all these out of the rent you pay (I guess they must REALLY like you, to cover them for you!)
Care to share where I can get much better than say... a 100% assured 5% return (actually a couple % more because I'd have to pay taxes on any profits)
I'm sure many people right now would be VERY interested in this 'Safer bet'
(So, where are you getting an annual 7%-8% return EVERY YEAR at With NO RISK... DO TELL... and if it's so... why are you on a shoestring?)
Well, that would just break even... SO you must be doing BETTER to make it worth it...
(And my parents have owned their home mortgage free for years. these 'repairs' you seem so frightened of are minuscule.)
Good grief... don't blow a gasket!!! It works for you, great, fabulous, super, marvelous, neat, cool. This is only a discussion, not the end of your life. Geez... (personally, I do not live on a shoestring )
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(personally, I do not live on a shoestring 
)
