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As a single female, I owned from the age of 28, usually acreage from 2.5 to 6. The maintenance and upkeep was doable.
Now I'm 68. I lost everything in a wildfire in 2011 and was forced to rent. By the time all claims were settled (7 months after the fire), I was settled and have no desire to move unless it's to a 2-bedroom so I'll have a separate sewing room.
I'll not buy or own again, nor will I rebuild. Renting is heaven at my age. Just this morning, the dishwasher acted like it was going to act up. I put in a maintenance request, on Sunday. It will be fixed or well on its way to being replaced by this time tomorrow. The courtyard is mowed, the sidewalks edged, everything but the dishwasher works just fine, and I didn't lift a finger.
I don't consider it money wasted because you can't take it with you.
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I agree with you 100% including the part about the sewing room. I too am looking for a place where I can have a separate room for, yes, sewing and other arts and crafts. That's what's going to sustain me for the rest of my life. As for renting, I've been a renter all of my adult life and I am scared to own a home alone. But at age 67, retired and spouse-less (not that I'm looking), I must move again (June 30th), because my landlord is selling his property. As with all landlords, they never disclose their true intentions even when you tell them that you are looking for long term occupancy. They are protected by the one year lease contract. At the end of the lease period, they can do whatever they want -- kick you out or continue to keep you hanging while they shop around for a buyer. I guess I didn't follow my own advice -- i.e. never to rent from a private individual. At my age, I do not want to have to move at the whim of the landlord. Commercial rental apartments, on the other hand, are more secure when you want longevity, and I should have followed my own advice. But where can I rent at no more than $1,200 including utilities that isn't located in the suburbs where a car will be a necessity? I am overwhelmed with all the choices.
But that is water under the bridge. Meanwhile, my sister who lives in the same town is willing to put me up minus 99.9 percent of my personal belongings while I get my s _ _ t together. I don't know if I can cope.
Is there someone out there willing to share their home with me. I can downsize but need a good kitchen (I like to cook and experiment) and a workroom for projects. It seems a lot of posts about retirement are geared to people who are buying not renting. I don't have a stash of cash to plunk down on a house, in the first place. If I did, I would not be in this forum.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by hazfora
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I agree with you 100% including the part about the sewing room. I too am looking for a place where I can have a separate room for, yes, sewing and other arts and crafts. That's what's going to sustain me for the rest of my life.
...
Is there someone out there willing to share their home with me. I can downsize but need a good kitchen (I like to cook and experiment) and a workroom for projects. It seems a lot of posts about retirement are geared to people who are buying not renting. I don't have a stash of cash to plunk down on a house, in the first place. If I did, I would not be in this forum.
Where are you?
I feel you have some options.
Do you have connections in the senior / early retiree community?
Consider renting a daylight basement apartment, guesthouse, duplex from a landlord in your similar situation (early yrs of retirement). Many folks would love to have someone around their place to watch after things while they travel.
There are 'equity share' options similar to above situations (Where you own a share of a property / share costs / expenses / maint)
Senior Housing Co-op can be a good option for those who have been renters. These are a bit 'high end for my tastes, but might work for some readers. Senior Cooperative Foundation
I am working on design / build of a senior cottage community in PNW that will have gardens, craft building, (with guest rooms) and workshop. It will probably have to be an LLC ownership share, but managed as a co-op (+/-). If / when that is successful, I will take the lessons learned and eventually hope to find a formula that works. I'm targeting ~ 50% of local SFH price for a share of cottage community. (I am in an expensive RE market, but will not pursue cottages if I can't get them to 50% of SFH) There are 4 similar cottage communities in our region. They are quite expensive.
There are also some very nice subsidized apartment / community options for seniors in the Portland, OR and Seattle metro areas.
For those with the means... A Mennonite Village is a nice option (aging in place community). Usually your peer group will be age 75+, b-cuz it is too expensive to enter an AIP community too early (kidda like paying insurance bets... the AIP place is betting you cost them less than you pay them).
Frankly I have never seen a apartment at 1000 month equal a townhouse at 200K. One has to remember that the maintenance ;insurance and up keep ;taxes of a apartment is included in the rent.Some cost are lower but of course the apartment has to make a profit for owner regardless. If you travel a lot then owning doesn't make much sense really.I have rented 200K condo that cost 1400 a month many times in taking month long vacations in many areas. Here a town house cost more than Condo with tis multi stories and is more private with a garage. Then of course there are patio homes as they are called here. Close but they often have two car a garage ;separate small yard and built as one unit. If I and wife down size that is what I want; just don't want to rely on others for safety such as fires.
I just chose 10 years to compare but if it makes sense for 10 years , it would be the same the next 10 and so forth. Actually the invested money earnings would compound making the cost of buying and not investing more..
I also think another way to look at it is this;
If renting, the invested money earnings would pay for the rent without having additional taxes, insurance,HOA dues , maintenance, renovations, repairs, appliance replacements ect..
I have enjoyed home/land ownership while raising a family, but as a widow & empty nester I am in a different stage now and want to be free to travel and not have house care weighing me down & eating up my time . I also would enjoy the community that apartments/townhouses offer..I am almost a minimalmist
regarding the amount of "stuff" I own so I don't need to own more house to hold my stuff..
i have always preferred renting and investing elsewhere as a way of growing richer. but now that i have reached retirement i no longer am interested in investing as aggressive as i did. now my benchmark is lower.
that throws a whole different picture into view. now dropping our housing costs vs generating income may be the better deal.
we are getting close to the point that buying a maintaince free co-op may be the better deal long term compared to renting and investing elsewhere.
how much you will continue to allocate to aggressive investing will be the deciding factor.
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I too am looking for a place where I can have a separate room for, yes, sewing and other arts and crafts. That's what's going to sustain me for the rest of my life. As for renting, I've been a renter all of my adult life and I am scared to own a home alone. But at age 67, retired and spouse-less (not that I'm looking), I must move again (June 30th), because my landlord is selling his property. As with all landlords, they never disclose their true intentions even when you tell them that you are looking for long term occupancy. They are protected by the one year lease contract. At the end of the lease period, they can do whatever they want -- kick you out or continue to keep you hanging while they shop around for a buyer. I guess I didn't follow my own advice -- i.e. never to rent from a private individual. At my age, I do not want to have to move at the whim of the landlord. Commercial rental apartments, on the other hand, are more secure when you want longevity, and I should have followed my own advice. But where can I rent at no more than $1,200 including utilities that isn't located in the suburbs where a car will be a necessity? I am overwhelmed with all the choices.
