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I looked into a few communal/intentional communities but they were either too expensive or too cult-like. ...
I like the idea of small energy efficient cottages or shared space where you each have some privacy areas.
A friend in Duluth, MN bought a townhouse in a group of townhouses that were developed by several people about to retire. They wanted to stay in Duluth, but wanted someone else to shovel snow, rake the roof, etc. They wanted to be able to spend months traveling without worrying about their home looking empty.
They love it. Management fees are affordable as volunteers from the group manage the HOA.
I find owning I spend much more time and money on the house than if I would rent. Fix the roof leak, fix the drywall from the water leak, landscape, curtains, paint, want to change things (flooring), want this (french doors), want that (portal & patio off french doors), on and on. I love my house, garden, and having the freedom to do what I want there but I also loved the freedom to have more time to do something other than take care of the house and maybe have some money that I would have put into the house to travel. The tricky part is finding a good landlord and right house. Until I can't afford the mortage, I'll be staying and after that you never know.
I feel like when owning you really NEVER know your expenses!
Something always goes wrong with a house, something is always needing repair. So how can it be better than renting when making a budget etc.?
I have a well and septic - and have repaced my water tank twice in 9 years ($700 first time, $900 second time) and had to replace my well pump (over $2K).. I will need a new roof soon, I replaced all my windows.. I could go on and on.. and they are always raising my taxes!
With living alone, i personally think i will be better off investing my money from the sale of my house, and renting. I see many places for rent that include heat and hot water - works for me. I did it before i bought my house also. And better than paying someone to remove my snow, and cut my 1.5 acres.. but i know it's something everyone has to decide on their own.
As for location.. i have to be near the ocean. Grew up near it, and wanna die near it ..lol. Nothing away from the East Coast for me.. and no place HOT..
Also, everyone warns me about moving anywhere with HOA fees.. and how they can always be raised and raised A LOT.
For me owning bestows a whole bunch of emotional security, the sense that this is mine (and the banks) to do with as I like. And I actually enjoy the household tasks and putting my imprint on a piece of property. As I age I realize that I can be content with much less, in terms of square footage and amenities but I think I will always own. I also want to be able to feel free to retain my pets, cats and dogs, so would love a bit of land where that is possible. Although I enjoy traveling I would gladly trade that luxury off for a special piece of property that was mine.
I moved to the DC area with the intent of retiring with my dearest friend. We were thinking of getting some acreage in VA, breeding dogs, having a few sheep and chickens. Unfortunately she died of a coronary at age 58 and I can't see going for that dream alone. I still do think however of that sort of environment, just back in New England where it feels like home.
I feel like when owning you really NEVER know your expenses!
Something always goes wrong with a house, something is always needing repair. So how can it be better than renting when making a budget etc.?
I have a well and septic - and have repaced my water tank twice in 9 years ($700 first time, $900 second time) and had to replace my well pump (over $2K).. I will need a new roof soon, I replaced all my windows.. I could go on and on.. and they are always raising my taxes!
With living alone, i personally think i will be better off investing my money from the sale of my house, and renting. I see many places for rent that include heat and hot water - works for me. I did it before i bought my house also. And better than paying someone to remove my snow, and cut my 1.5 acres.. but i know it's something everyone has to decide on their own.
As for location.. i have to be near the ocean. Grew up near it, and wanna die near it ..lol. Nothing away from the East Coast for me.. and no place HOT..
Also, everyone warns me about moving anywhere with HOA fees.. and how they can always be raised and raised A LOT.
I agree that in many situation, it is much better not owning a home but renting. American Society bought into this idea that buying was better, especially in the time of fast increases of home value. Now that many values are stablizing and even declining, the reason alone is no longer always valid. Also there was stupid idea of status, that is you did not own a home, you were not a success. It was also part of the sleezy schemes of the bankers and their partners who made massive money from mortgages with little risk because they were federally guaranteed.
For a single person, especially one who elderly or disabled--I think it makes more sense to rent, for many of the maintenance issues you mentioned. I am single senior and disabled and I do know about these problems of maintenance because I own my home.
Another issue in owning, you are stuck with the problems of the neighborhood and the idiotic neighbors. Renting, you can just leave. You have fast options to explore different neighborhoods, different regions if you rent.
Sure you get more privacy but not always. You get more room but what is room if all you do is buy and store more stuff, which you do not need.Renting also allows you to move to more walkable neighborhoods in cities that have good public transit. You then can do without a car and have less expenses.
I think it is possible to live cheaper as a renter than as homeowner. As a homeowner, you have specific entry cost to own a home and many fixed expenses. In renting, you have many more economic levels that you can choose to rent and have less fixed expenses. You can really choose to rent very cheaply--it is harder in buying a home.
One important issue is that many seniors, who have low income/pension/social security, continue to stay in their homes because they are paid for and it has familiarity. The cost for staying and adding the loss of investment value of the your sold home is greater than what you can rent. In addition, if you are low income, you can qualify for subsidized housing which is based on income alone. You would then be paying about 1/3 of your income for rental of a apartment which would rent higher in comparable cost in the community. You can find very nice senior type rental housing that would be cheaper and give your more social support vs. staying alone in your own home.
Some of you are going to say that the rent subsidized senior housing is crappy housing, in bad neighborhoods. That is not what I have found in my search of these type of housing in Denver, from city/county public senior housing, to profit based, non-profit and faith based organization. Many of these are extremely nice, some are new, most are in good public transit areas and they have better security than your own private home.
Livecontent
Last edited by livecontent; 08-01-2011 at 06:04 PM..
I garden in Santa Fe and assume it's not any wetter than Denver. There are lots of plants that are drought tolerant and I have an irrigation system. I limit my watering so I do not spend a ton of money on water and I usually have flowers blooming all summer. The vegetable garden is doing much better now that the monsoons have arrived.
This is my hope/plan... I want my house paid for by retirement. I expect property taxes and maintenance will be cheaper than renting, especially if I stay in Madison, WI! You can hire kids to do lawns, etc. ...and I have pets!
So I'm sure renting vs owning really depends on the person.
Quote:
Originally Posted by livecontent
One important issue is that many seniors, who have low income/pension/social security, continue to stay in their homes because they are paid for and it has familiarity. The cost for staying and adding the loss of investment value of the your sold home is greater than what you can rent. In addition, if you are low income, you can qualify for subsidized housing which is based on income alone. You would then be paying about 1/3 of your income for rental of a apartment which would rent higher in comparable cost in the community. You can find very nice senior type rental housing that would be cheaper and give your more social support vs. staying alone in your own home.
This rent vs own subject has been kicked around on various threads. Do the math - rent for a decent 2 Br is what? $900 - $1500 per month. My mortgage is $690 and that will soon be gone and then it's ins., taxes and maintence which all totaled will never be $690 a month and certainly will never be $1000 +. I pay $20 a week to have a large yard mowed. I have pets and need to have a place for them. I remember all too well renting with 2 dogs and the hassles which is why I gave up a lot to finally get a home with a fenced yard. This isn't a subject that can be debated - everyone must do what suits them.
I lived in Denver and had a beautiful garden. Granted, it's different than here in the midwest, but very doable. Roses thrive there with all the sunshine.
This rent vs own subject has been kicked around on various threads.
I lived in Denver and had a beautiful garden. Granted, it's different than here in the midwest, but very doable. Roses thrive there with all the sunshine.
I lived in MN all of my life and in '92 I transferred with my company (USWest) to Denver. I lived in Denver for 2 years and then with the company going through ugly times I accepted a job back in Mpls - mostly for job security. I didn't want to move back here but the job was better (same company). I knew I would someday go back to CO.
I just felt "at home" from the first day I moved there. My family use to say "Poor _________, so far from home" and just couldn't grasp that I felt totally "at home" there.
Now I'm retired and can go back - this time I have to pay for the move.
For me owning bestows a whole bunch of emotional security, the sense that this is mine (and the banks) to do with as I like. And I actually enjoy the household tasks and putting my imprint on a piece of property. As I age I realize that I can be content with much less, in terms of square footage and amenities but I think I will always own. I also want to be able to feel free to retain my pets, cats and dogs, so would love a bit of land where that is possible. Although I enjoy traveling I would gladly trade that luxury off for a special piece of property that was mine.
I moved to the DC area with the intent of retiring with my dearest friend. We were thinking of getting some acreage in VA, breeding dogs, having a few sheep and chickens. Unfortunately she died of a coronary at age 58 and I can't see going for that dream alone. I still do think however of that sort of environment, just back in New England where it feels like home.
I love your sentence in bold, above--it seems so forthright and honest. I'm also saddened by your story of your friend. I think you can achieve a new version of your dream in New England. For all my rants about the winter, it is as poet Robert Francis says in the first stanza of "The New England Mind"--
My mind matches this understated land.
Outdoors the pencilled tree, the wind-carved drift,
Indoors the constant fire, the careful thrift
Are facts that I accept and understand.
Last edited by RiverBird; 08-01-2011 at 09:00 PM..
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and just couldn't grasp that I felt totally "at home" there.
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