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I think you should buy a new house if that is what you want to do and can afford to do so. Life is short. That said, being a landlord sounds like a lot of work, to me.
I'm 66 and looking for another house. I figure I probably have one more move in me. This time I want a house that is "elderly friendly" or can easily be converted to be that way. To me that means no stairs, a big shower with grab bars, wide doorways that can accomodate possible walker or wheelchair, and low maintenance, in a safe, walkable neighborhood. I will probably live in this next house for the duration, or else move to a CCRC if necessary.
I don't know if I will ever find my dream house but I am looking. I made an offer on one last month but the sellers wanted more than the house was worth. I could have paid it, but I'm nobody's fool so I didn't.
I lived for 20 years in a place where I never felt comfortable. It is something I regret. I wouldn't do it again, especially not now, when I understand that the time left is relatively short...... another 20 years, if I'm lucky but they will be the last 20.
If you're going to keep the house you live in now and you're willing to be a landlord, you could always move back and rent out the new house.
I don't think old age is the time to hunker down. It's our last chance to fly.
I've had a risky life financially compared to many. The part I would do over was the most secure but not the happiest.
If your health and bank account are up to it, don't let your age hold you back.
71, healthy and active. You are way too young to be planning on moving into a CCRC. You are way too young to focus on ageing in place. Sell the house you do not like. Rent or buy another house, whatever is within your budget. You should be focused on enjoying the next 15, 20 or so years.
Been reading what you have to say for ages. I think you are a smart cookie.
You have LTC. You have investigated your options. Now you have found something you really want to do. Do it. Live your life and take advantage of being still healthy, bright, and all there. You have already spent enough time contemplating and planning the end of your life. Enjoy what you have today.
When tomorrow comes, you will deal with it. Too many of us spend the last quarter of our lives worrying about that big unknown. The end. No matter how much you worry or plan, it's usually out of your control. Don't let fear and second guessing ruin the good years you have left.
As long as you can afford it, great. I would probably sell the other house just because I wouldn't want the hassle of being a landlord.
I can only say if it were me. that would likely depend on my age. If too far out and it meant permanent residing ;I'd pass. I have seen too many who bought there retirement home too early and got stuck.Whatever you decide ;good luck.
thanks for all the the thoughtful and thought provoking replies. i appreciate your responses.
it really does seem to be weighing risk/possibility of greater contentment versus security/ practicality. i think this is a question that many of us wrestle with, and it comes down to personal choice.
i do overthink things sometimes, but i have taken risks in my life, in the past, a few involving house purchases. i would say most worked out, but , of course, age/ health is the wild card when it didn't used to be part of the equation.
i'm looking at the house again this weekend, unless i change my mind. we'll see.
I just made a similar move. The house I bought is not going to work well when I am either old and decrepit or memory impaired. It does concern me as I am alone and have no family.
But I don't want to pass up living, waiting for dying. So I went for it. I am 60 and plan to enjoy the hell out of myself until I can't.
I say, go for it.
If it's completely affordable while owning another house (your current one), go for it. The part I caution about is continuing to own the current house, that's where the risk factors kick in.
Catsy, have you done a spreadsheet comparison between the two places, in terms of monthly costs, medical nearby, food shopping and library nearby, walkable features, public/senior transport for when you no longer drive, etc? Is it possible that your heart just simply loves the "feel" of the new place but that the practical aspect don't, in all honesty, cut it?
My responses are based on your saying that you're now 71 and even before you found the new place you were going to go into a ccrc at age 76, which is only 5 years away (and time does tend to fly). Is it worth it to carry two houses for only 5 years? You say that going into a ccrc would be "impossible" from the new place. That doesn't sound good to me.
Is it possible you could put your current house on the market right now, and sell, and by then another unit would have opened up in the new village? Then you'd be free and clear of the old place, and would have the financial means to go into a ccrc directly from the new place.
I think her dilemma rests on wanting to get more equity out of the house she is living in. If she sells it now, she apparently won't have very much if any equity in her current house.
As a landlord my entire life (and I am 71 now too) I can tell you it is much more of a headache than you can imagine, and a lot of work and money spent re-doing the place when the tenant moves out. It is a bad investment unless you are in a market of fast accelerating home prices. If you still have a mortgage on it, it can easily COST YOU MONEY. If home prices are not on a sharp curve up, then what you think you might gain in price appreciation can easily be lost in vacancy times, repairs, re-painting and clean up.
Tenants, no matter how nice they seem, do not care for a place like you would. They can be very negligent, as it is not there money or investment. If you haven't been a landlord before, I really caution you in becoming one at 71. I have two rentals left, and I long for the day that I sell them (which will be in two years) They make life very difficult often times, and I don't have the stamina anymore. (mentally or physically)
I think you need to look at which house will cost you less to live in, as well as which one you can manage in as you get older. If the new house meets those two criteria's then sell the one your in and move to the other one. If the other house is more expensive, then you need to look at your budget and decide if that is wise.
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This time I want a house that is "elderly friendly" or can easily be converted to be that way. To me that means no stairs, a big shower with grab bars, wide doorways that can accomodate possible walker or wheelchair, and low maintenance, in a safe, walkable neighborhood. I will probably live in this next house for the duration, or else move to a CCRC if necessary. 
but they will be the last 20.
