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Old 02-04-2010, 05:47 PM
 
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I think we all picture what we would like for retirement in our minds and few really investigate. I have learned that finding the perfect place to retire is not an easy task. I believe it best to rent in a new location for about a year in order to make an informed decision of whether to call this new location home. I have met so many retired people who move from place to place searching for the perfect spot only to find that the ideal location was the one the first left.

A neighbor of mine in PA retired and move to FL. She move just prior to winter and I received several letters telling me how wonderful FL was and that I should also consider retiring there. Then summer hit FL with the heat and humidity of hell and she sold her home and moved back to PA.
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Old 02-04-2010, 07:28 PM
 
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We have also considered the option of a reverse mortgage and staying put..but the costs of it are high and we would still be tied to high taxes and maintenance problems. I was thinking a change of scenery might be nice.
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Old 02-04-2010, 07:59 PM
 
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Always remember that landlords do not rent houses at a loss. But it depends on your finances but remmeber that in 6 years a house that rents for even 900 a month will have cost 64800 dollars and it goes up from there.That doews not include renters insurnace;rent going up at lease end or having to move because the lease was not renewed.
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Old 02-05-2010, 10:13 AM
 
Location: WA
5,399 posts, read 21,431,388 times
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Quote:
Originally Posted by texdav View Post
Always remember that landlords do not rent houses at a loss. But it depends on your finances but remmeber that in 6 years a house that rents for even 900 a month will have cost 64800 dollars and it goes up from there.That doews not include renters insurnace;rent going up at lease end or having to move because the lease was not renewed.
It seems to me that landlords rent depending on the rental marketplace which they cannot control, so a large percentage are rented on the margin when all costs are factored.

If it was not for property value inflation (not counting the drop in the last two years) and tax advantages every landlord I know renting single family units would be in the red. Those with multifamily facilities fare much better but margins in many markets are slim.

A free market place will force parity but government actions and tax policies distort the situation, very much so in some locations.
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Old 02-05-2010, 10:31 AM
 
Location: Western Colorado
11,116 posts, read 12,514,588 times
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Here's my 2 cents. I sold my house when I retired, moved to another state and renting a nice two bedroom apartment cheaper than what my house payment was. The way I look at it, do I really want to buy a house and 1. at 58 years old have house payments, property taxes, repair costs, blah blah for the next 30+ years or 2. buy a house for cash, and have all my money tied up in it. I decided to rent. If something breaks, I make a phone call and it's fixed. I don't shovel snow, I won't mow a yard. If I decide in a year to move, I'll pack up and move. I think the whole home ownership thing isn't what it was in the 50's and 60's. Anyway, you don't really own your home Bank of America does, they're just loaning it to you for a huge profit.
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Old 02-05-2010, 07:47 PM
 
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This seems to make the most sense to me..renting vs. owning. I don't feel I have to make sure my kids get anything...I did my job and they are on their own now!! The thought of having to do yard work and shoveling just is not what I want. I know, from a previous post that if you add it up how much renting would cost..but if I added up what I have spent maintaining my house and all the things I've bought that probably were not necessary I'd go nuts Just want to relax and not have to worry about unexpected repairs etc. But I really do appreciate the different views you guys have given.
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Old 02-05-2010, 08:03 PM
 
Location: NW. MO.
1,817 posts, read 5,974,678 times
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Quote:
Originally Posted by Trudy Rose View Post
Would it be more advantageous to sell my present home (it's paid off) and rent in a 55+ apt. or buy a home to retire in? This is not something I have to do right away.. I can wait a few years where I am till home prices go up again. But I would eventually like to live in a warmer climate and not have to deal with home maintenance problems.
If you could buy again and not have a payment and have extra cash I think that would be an option. Otherwise you could sell, bank all the money, live comfortably and let someone else worry about the upkeep and taxes.
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Old 02-06-2010, 07:49 AM
 
8,235 posts, read 11,948,218 times
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Quote:
Originally Posted by Trudy Rose View Post
The thought of having to do yard work and shoveling just is not what I want. I know, from a previous post that if you add it up how much renting would cost..but if I added up what I have spent maintaining my house and all the things I've bought that probably were not necessary I'd go nuts.
Well, you could always move to a community that does most of that for you. That's what I did. Not only does the HOA handle all of the landscaping and yardwork, they also take care of any exterior maintenance items such as repairing or replacing your roof as well as painting the exterior of your house.
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Old 02-06-2010, 07:52 AM
 
8,235 posts, read 11,948,218 times
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Originally Posted by jim9251 View Post
Anyway, you don't really own your home Bank of America does, they're just loaning it to you for a huge profit.
Unless Bank of America won't lend you the money in the first place!
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Old 02-06-2010, 09:25 PM
 
Location: Florida Gulf Coast
4,412 posts, read 5,944,251 times
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I'm chuckling at the anecdotes about the people who moved and then didn't like the new location. The other thing I've seen is the "grandchildren" issue. I've seen quite a few couples move to their retirement destination, only to move back because they didn't want to miss their grandchildren's lives. One couple I knew moved to Southern CA from upstate NY....decided to move to FL near their daughter and baby grandchild....hated FL (humidity, bugs) and moved back to SoCal in a year....then a few years later when the grandchild got older, moved back to FL! (And are still there.) That's why "renting" may be a better option for us crazy indecisive baby-boomers!
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