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I'm approaching 70 and there still is nothing I would like less than renting. I realize this is unusual, but I cannot imagine having to put up with noisey, disrespectful neighbors, living in close proximity. Even wonderful apartment/condo/townhouse neighbors, while delightful, no doubt can be overwhelming at times. I still love having pets, poking about in the yard, hopping on the tractor, cutting grass, planning improvements. One day I will need to give this up, but until then it is certainly not the burden so many think it is. Freedom and independence (within reason) should be the reward for having worked hard all your life.
I agree with this. When I visited NC I was reminded what it was like living in an apartment like place and having dogs. Egads - I'm standing outside listening to the waves of the ocean (that part was nice) in the almost complete darkness at 3:00 a.m. because my 2 older dogs decided they HAD to pee. This was in a relatively safe area. I can't imagine doing this frequently, especially in an area that wasn't quite as safe. Now I just open the back door and then watch so no coyotes get them.
Rent just keep going up- up - up. I no longer have a house payment - nice.
We will be selling our large home when we retire. I don't really want to buy another home. I don't want the lawn care, the painting, the upkeep, etc. I would think about buying a condo but the place we are planning on retiring hasn't built any new condos since 1983.
Does anyone else rent rather than buy after retirement? No upkeep and if you want to travel you just lock the door and go.
I'm approaching 70 and there still is nothing I would like less than renting. I realize this is unusual, but I cannot imagine having to put up with noisey, disrespectful neighbors, living in close proximity. Even wonderful apartment/condo/townhouse neighbors, while delightful, no doubt can be overwhelming at times. I still love having pets, poking about in the yard, hopping on the tractor, cutting grass, planning improvements. One day I will need to give this up, but until then it is certainly not the burden so many think it is. Freedom and independence (within reason) should be the reward for having worked hard all your life.
I lean your way on this. Even though the reasons for renting may be compelling in older age, once you've had the experience of owning, and the freedom (despite the headaches) that brings, it's hard to think of putting yourself under the housing authority of a landlord (or even an HOA, imo). I think the choice reflects the personality.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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As mentioned... I'm with mathjak... Coop centric.
Alternative to renting, but similar benefits (no maint).
Co-ops can legally screen their members (and some are very good at it!).
I do find the average age is higher than 80, but many members are quite fit and have previously been on the farm.
There is an annual senior cooperative housing conference coming soon (Early May in MSP)...($245 for 2 days... gotta be serious (best for developers / very MN / WI centric).
I have spent a lot of time with IC's and eco villages, but they are usually suffering from too intense of an agenda for me to feel 'comfortable'. I would still drive my Diesel Rabbit, as it is tough to push start a Prius with a dead battery. Many in the Eco-village would be angry I didn't worship their Prii, and sabotage my poor old diesel that has been faithfully delivering 50 mpg for 40 yrs). (No OPEC or Dinosaurs required). Any ole Mexican or Chinese restaurant can provide me with free fuel.
Most of my adult life I've been a homeowner but now we're renters. I don't know which is better at this age.
There are different kinds of rentals: you can rent a little house by the sea with a tiny yard, just big enough for a few tomato plants and some flowers. A place that allows pets and is all on one level, has a first floor laundry room and a dishwasher. In a building you don't often get those amenities.
But now we are ready to move to a building and we'd like a building with older people and no kids allowed. There aren't many choices unless you're practically a millionaire, it seems. Most that I've looked at are luxury minded and you pay a lot for extras that you don't even want.
I prefer to own and have control over my environment. But renting this little house has given me the same amount of control as I had owning. We still can't control that our back yard neighbor is an idiot (we had a drunken idiot when we owned, he spoiled the whole neighborhood) and we've got one now as renters. As an owner I was constantly worried that the back yard idiot would devalue our home, that he would be out there hollering on the day the prospective buyers came to see the house. As an owner I also worried about scratches on the floors or bricks coming loose in the patio and so on.
We take care of this little rental just as if we owned it. The difference is that if something big goes wrong, we don't have to foot the bill. This past summer when the fridge died, the landlord had to pay to get it repaired, not us.
We have the freedom to move. I just wish there were more apartments for older people in buildings that were affordable and without the frills. So far I'm seeing expensive luxury apartments or low end cramped places minus the washer and dryer (deal breaker for me), minus the dishwasher and with no patio or balcony. Most DO allow a dog or cat, at least. The developers think all retirees are wealthy and so they are trying to take advantage by building expensive apartments for them. No one is building plain, ordinary apartments, it seems. Why would they when it's all about money?
We have the freedom to move. I just wish there were more apartments for older people in buildings that were affordable and without the frills. So far I'm seeing expensive luxury apartments or low end cramped places minus the washer and dryer (deal breaker for me), minus the dishwasher and with no patio or balcony. Most DO allow a dog or cat, at least. The developers think all retirees are wealthy and so they are trying to take advantage by building expensive apartments for them. No one is building plain, ordinary apartments, it seems. Why would they when it's all about money?
There doesn't seem to be any middle ground for 55+ condos and apartments...they're either the cookie-cutter mini mcMansion communities, unaffordable to so many, or really low-end depressing subsidized apartments that no senior deserves to live in. Nothing in between, for ordinary retirees. No money in the middle ground.
Odd thing is that at age 31 I decided I should buy a house. It was for all the wrong reasons. My dad warned me about it and said I have a couple weeks to back out of the purchase agreement. But I was stubborn. He knew I made the mistake. Took me 6 years to get out from under that depreciating asset. I basically paid 20% of what the house was worth to the title company to sell it at 80% of what the original price was.
So now I'm close to 56. Been renting for the last 25 years. No kids, no spouse. And why would I want to buy? I'm going to retire sometime after 11 years.
I invested a lot of money in the stock market since 1990 and lived cheap, rented small places over the years, drove cheap cars. And I just want to follow the climate. I like Phoenix except for mid-June through early October. In those months I will be on the northern California coast or in Oregon or the high mountains. I love the outdoors and don't care about owning things.
You cannot take things with you, but you can enjoy fine wine and a great dinner in an incredible restaurant with a waterfront view with great company.
Quote:
Originally Posted by CRobin4564
We will be selling our large home when we retire. I don't really want to buy another home. I don't want the lawn care, the painting, the upkeep, etc. I would think about buying a condo but the place we are planning on retiring hasn't built any new condos since 1983.
Does anyone else rent rather than buy after retirement? No upkeep and if you want to travel you just lock the door and go.
The day I rent is the day I go into assisted living. I like the idea of getting all my money back and some if I decide to sell. Not be giving it to a landlord and having nothing to show later.
There doesn't seem to be any middle ground for 55+ condos and apartments...they're either the cookie-cutter mini mcMansion communities, unaffordable to so many, or really low-end depressing subsidized apartments that no senior deserves to live in. Nothing in between, for ordinary retirees. No money in the middle ground.
Maybe where you live, but in many Texas towns and cities, the subsidized 55+ apartments are often quite nice. They're in desirable locations with good floor plans, amenities, and management. Here's a typical example.
The big problem is that if you're a retiree with average or above means, i.e. a joint annual income > $35k, you just can't get into them. They only set aside a very few apartments - usually around 14 units per complex - at market rates but the waiting lists for those are miles long.
Odd thing is that at age 31 I decided I should buy a house. It was for all the wrong reasons. My dad warned me about it and said I have a couple weeks to back out of the purchase agreement. But I was stubborn. He knew I made the mistake. Took me 6 years to get out from under that depreciating asset. I basically paid 20% of what the house was worth to the title company to sell it at 80% of what the original price was.
........... .
I'm sorry you had the misfortune to buy your house at a time when the values in your area started depreciating. However, your cautionary tale doesn't apply to everyone, because many people buy a house and then live in it and pay off equity while the asset appreciates. It depends on luck and on the length of the time frame one wants to continue to own the house.
As far as "what the house was worth", you are laboring under a misconception. "Worth" is simply what people in the aggregate are willing to pay at a given time. If people buy something (a stock, a house, whatever) at the top of the market, it doesn't mean that purchase is really "worth" what they paid for it.
I am not even arguing that home ownership is superior to renting per se, because there are too many variables involved. I am arguing that your particular argument, even though it is based on your actual experience, does not clinch the case for renting in any general sense.
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