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I have owned a house since 1992, and in retirement here in Colorado for over a year now. I have always lived or moved to places where rentals are enormously expensive, plus have wanted multiple dogs in my life, so have owned. My first house was a 3-room crumbling cottage, which was replaced with a fabulous 1250 sq.ft. contemporary I had designed. I moved from the East Coast in retirement to mountain Colorado, where I had a 800 sq.ft. house built in a crazily accelerating area- few rentals, few if any small houses for sale, so I had mine designed and built.
OP sounds like renting is a great option, especially if concerned about sea level rise in Miami (a reasonable concern).
I would happily live in a decent mobile home, knowing that equity isn't really happening and that I'd be an older person in such a house. Except for multiple dogs.
We rent in queens ny ..we own and have owned lots of real estate ..i prefer to keep all that money invested and for a fraction of our yearly return just rent
Got divorced in 2012. I let the ex have the house, the kids and the dog and I moved to an apartment down the street.
Retired in July 2018--by November I had moved to the FL Gulf Coast from CT (by then the ex moved to Texas and kid #2 wound up stationed in CA, kid#1 still in CT) It was a rocky start, but for the most part I'm now settled in a 2/1 in a small apartment complex. As this is my "gap" year, I'm taking some time to "debrief" from my life up North and figure out if I want to stay in FL long term. I see a condo or a mobile home in my future, but I also like not having to worry about property taxes and maintenance. The big downside to renting is being at the mercy of rent increases and the whims of the property management (and spotty maintenance)
I prefer to own. Rents are crazy here and constantly going up. My 3 bedroom ranch would rent for 2k/month. We also have dogs and I love to decorate how I want.
I've owned homes since my late 20s. I just can't see myself ever wanting to rent again. I like things to be mine. There's a sense of permanency I get from owning which I never got from renting. I don't ever want to be at the mercy of a landlord raising my rent or not renewing the lease.
I hate moving with a passion. Once I buy my last house in a couple of years, I'm done. Yard maintenance can be easily hired out as well as any other maintenance issues. If you buy a house with a fairly new roof, the roof will probably outlive you if you're retiring.
I am renting my first year in retirement, but my house, which has been under construction, will be completed in about six weeks.
Reasons why I prefer to own:
When you are renting, the place you are renting may be sold, and the new owner may not want to rent the property out. Or the property could be improved, and the higher rent after improvements may not suit your budget. You have no control over rental rates. You may have difficulty finding another place to rent in your budget. There is always the possibility that you will have to move again.
And you have no control over your neighbors. This can result in lack of privacy, esp. in multi-level apartment buildings.
Almost 2 years ago, we sold our house and moved into an apartment. That was supposed to be a temporary move until we found a condo to buy. Well...we didn't count on really liking where we were living! No sooner did we move in, we discovered many other retirees who had sold their houses and now are renting. People saw us and knew we were newcomers so they introduced themselves. My husband took a water aerobics class (which have since been discontinued ) and met many retirees. The building has events for the tenants plus a common area where one could sit and read the paper while having coffee or tea. The common area is a great way to meet new people of all ages.
One day, not long after moving in, I said to my husband "I will be sad if we move." He said "So will I". Right then and there we decided to stay here. We were in a one bedroom apartment with very little furniture (by design because we know the furniture we had in the house wouldn't fit in a condo or apartment). So...we talked and crunched the numbers and realized that, yes, we could afford a 2 bedroom apartment in the same building.
Fast forward to today --- He we are and with no regrets. For the first time in years, we have a social life. In fact, it's nagging at me that we owe some people invites to our apartment (once we're both over this nasty cold we got).
We like that if something breaks down, all we have to do is put in a maintenance request. They even change the light bulbs in the light fixtures that came with the apartment. We're glad that we don't have to rake leaves in the fall or shovel snow in the winter. We like that we can order things and not worry about the packages sitting on the front steps until we could get it. All we have to do is go to the front desk to pick them up.
While there are some things we miss about owning, overall we're glad that we're renting.
ETA: We had an interesting conversation with another retiree. He and his wife asked us how long we planned to live here. We said as long as we could. They felt the same way. He then observed that all us retirees here are in a "holding pattern" meaning what comes next? I said "There is always Sunrise" (and there is one nearby). He said, "No one ever says, I want to move to Sunrise" --- so true but we never know what life will throw at us. My aunt, who owned a condo, ended up spending her last days at Sunrise...
And you have no control over your neighbors. This can result in lack of privacy, esp. in multi-level apartment buildings.
You have no control over who will live in the house next door to you. Right now, you can have a great neighbor but s/he could decide to sell and the next one to live there could be the neighbor from h*ll.
When we sold our house, our next door neighbors were worried about who was going to buy it. We understood and sympathized. As it turned out, a young single man bought the house and has been a good neighbor.
Still...to each his own. We all should be able to live where we'll be happy
We own our very modest little home. It's in a place that gotten WAY more expensive than it was when we moved here. We could never afford to buy a house here now. There is also a region-wide shortage of rental properties... and consequently very high rents, high occupancy rates. It's really hard for renters, even flush ones, to find a decent rental here. We live across the street from a rental where the last two renters moved out (one had lived there for 2 years, the other a bit longer) because the landlord raised the rent just too high for them to keep living there. The guy who's there now is keeping his fingers crossed because he's paying more than he can comfortably afford already. I mean, there's just almost nowhere for renters to go, especially those with limited incomes.
It's against this backdrop (which I know is not the case everywhere in country) that I feel hesitant about becoming a renter again once hubby retires and we sell this house. I mean, we are going to sell it, but even though I understand the perks of being a renter and the benefits of investing the money from selling our house... man, I just really don't want to be in a situation of being forced out of a home because a landlord wants more money and then even more money. I've seen too many neighbors and friends, forced out over increased rents. And when they're older people who don't want to move it's a pretty painful thing. This makes me want to put the money from selling this house into another house... that would be our house.
Maybe I'll feel differently once we're in a part of the country where rentals aren't so scarce ... I'm not sure. We'll definitely be renting at first, probably temporarily, before finding somewhere we want to buy. But then, who knows, maybe in the new place it won't seem so dicey to live as a renter and we'll keep doing it. Just have to see, I think.
Also, dogs are a non-negotiable in our life. Must have a dog, or more than one.
I like to garden, I need more space for roses, fruit trees, peonies, clematis, etc.. Too many varieties I don’t have. So renting is not going to work. Plus it keeps my husband and I busy in our retirement.
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) and met many retirees. The building has events for the tenants plus a common area where one could sit and read the paper while having coffee or tea. The common area is a great way to meet new people of all ages.
