When is too old to buy? (relocating, divorced, retired, vacation)

[LauraC]

I think it depends on whether you expect to pay for the upkeep/repairs or you expect your relatives to do it for you when you are unable to do it yourself. Don't expect the latter.

I live in a town of about 27,800 with an older median population. To get more families to move here (primarily science/engineering/medical/government/government contractors who work in the town) they built my upscale apartment complex in a nice area of town. The town didn't have one, before. Guess who scoffed up all of the first floor apartments as soon as it was built? Retirees already living in the town who sold their older houses so they could move in. The other two floors are the working people they wanted to attract. The point is, the retireees moved in because they don't have to worry about stairs, lawns, trees, home repairs --- they even change our track lighting light bulbs for everyone who lives here. You can even have pets. Plus, they could still stay in the same town where they worked and lived for the last 30 - 50 years and where they are still kept abreast of things happening in their field of work and yet live independently. Again, they didn't just want to downsize. They wanted to be free of the upkeep/maintenance work and extra costs for some of that work that come with ownership.

[Curmudgeon]

I'll be 63 next month and my wife is almost 62. Fifteen years ago I lost everything in a divorce -- would have been cheap at half the price -- and my wife has never owned a home. In less than two weeks we're flying almost 2,000 miles east to purchase our retirement home. What we WON'T have to spend to live in Missouri as compared to California will permit us to have the house paid for in 15 years should we choose to do so. It's more likely that we'll continue the 30-year payments and enjoy the savings in other ways. I'll use my GI bill benefits for a no-down mortgage on which I will not have to pay for mortgage protection isurance. That leaves what savings and investments we have in tact for emergencies.

Insofar as maintenance, yardwork, etc. go, most we'll be able to do ourselves, at least for now. As long as they still make teenagers we can probably get some things done for us as our abilities begin to fade and also be able to afford skilled labor and repairs if the needs arise.

We opt for a "final" home we own and control!

[marmac]

I sympathize about your financial loss thru a divorce, but it is me belief that people should have a lifetime goal of having no mortgage payments when they retire and have all major repair/upkeep done and paid for shortly before rtetirement.

[LynnKK]

If I might ask, "where in Missouri are you retiring". I just came back from the Branson area where a friend lives. The cost of living is much lower than where I live in Illinois as well. I found some of the housing, however, to be in a state of disrepair.

[texdav]

It juts all depends on what you can afford. Even if you thnik you have the upkeep none at retiremnt does really hold water when owning a house.Things always happen and it take money to do them as well maintain the house.

[Curmudgeon]

Originally Posted by marmac

I sympathize about your financial loss thru a divorce, but it is me belief that people should have a lifetime goal of having no mortgage payments when they retire and have all major repair/upkeep done and paid for shortly before rtetirement.

Under ordinary circumstances I would agree with you. But as they say, "The best laid plans of mice and men..."

Originally Posted by LynnKK

If I might ask, "where in Missouri are you retiring". I just came back from the Branson area where a friend lives. The cost of living is much lower than where I live in Illinois as well. I found some of the housing, however, to be in a state of disrepair.

We're looking in that same general area and have been working with a realtor we trust to line up houses for us to look at next week. A major requirement is move-in ready!

Originally Posted by texdav

It juts all depends on what you can afford. Even if you thnik you have the upkeep none at retiremnt does really hold water when owning a house.Things always happen and it take money to do them as well maintain the house.

You're absolutely correct. It seems that there's always something that needs to be done or attended to. I'm confident we've planned for that adequately. Time will tell!

[RVlover]

Originally Posted by loveautumn

I would like your opinions/experience on when is it too old to buy a home (or are you never too old to buy). I am thinking when I retire to a less expensive area that it might be cheaper to buy say a 100K townhome and pay the mortgage rather than rent, where I would have to put up with noisy neighbors, etc. But then I would be responsible for property taxes, home repairs, etc.

Say, if a I bought at age 66...would it still make sense to buy? I think so, but I could be way off on this.

At 66 , id say yes on buying .. but downsize . My mom is 80 and wants to move to Florida from Illinois...and Im suggesting she rents an apartment considering her age ; that way she wont be responsible to maintain a house, plus, she will have alot of money to live off from the sale of her current house. Maybe a Senior Apartment complex that is quiet and lots of people around her age. Im going to look into it for her.

[Sunnydee]

Of course, you should still buy a place at 66 if you want to buy. My parents at 66 were still very vibrant and did whatever they wanted. They're still doing great 16 years later and have no regrets.

[marmac]

Originally Posted by Sunnydee

Of course, you should still buy a place at 66 if you want to buy. My parents at 66 were still very vibrant and did whatever they wanted. They're still doing great 16 years later and have no regrets.

But, did they have to take a mortgage out at age 66 ?

I believe the OP is talking about a mortgage also.

[Tesaje]

Originally Posted by marmac

But, did they have to take a mortgage out at age 66 ?

I believe the OP is talking about a mortgage also.

What difference would that make so long as the person could afford it? The mortgage should be less than the house value so at any point during the loan, if the holder dies, then the asset should pay the balance. Happens all the time.