Buying a house at 50? (real estate market, apartments, foreclosure)

[Dias333]

I'm riding the fence between buying and renting. I'm going to be 50 this year and need to make a decision.

I really like the idea of picking up the phone and calling the owner/landlord when something breaks.

Opinions???

[Cathy4017]

Originally Posted by Dias333

I'm riding the fence between buying and renting. I'm going to be 50 this year and need to make a decision.

I really like the idea of picking up the phone and calling the owner/landlord when something breaks.

Opinions???

You just answered your own question.

[Squirl]

definately rent; perhaps consider a condo b/c prices are down right now

[nmnita]

Originally Posted by Dias333

I'm riding the fence between buying and renting. I'm going to be 50 this year and need to make a decision.

I really like the idea of picking up the phone and calling the owner/landlord when something breaks.

Opinions???

I know what you mean, but buying locks in your payments (well with tax adjustments etc) and you have something at the end other than a bunch of cancelled checks, plus knowing it is yours and taking pride in knowing this. I wouldn't think of being a renter unless: 1-I was going to live in an area 3 years or less or 2-I was single, female, fixed income and over 75.

Nita

[loves2read]

unless you can pay cash you are looking at making house payments when you are 70--
unless you plan on selling before then
most people who study the real estate market think the time when people got 10+ plus increase in valuation of homes is long gone--you are going to be buying a house that probably won't turn out to be a real "savings" vehicle...

why do you want to start now if you have not before???

[Canine*Castle]

I wouldn't trade being a homeowner for anything, but at the age of 50, I don't think I'd want to begin. I paid cash for my home in 1987 and REALLY like not having a mortgage.

[slo1318]

If you can find a bargain or foreclosure do it.

[Dias333]

I've owned before but lost the house in the divorce.

[RooCeleste]

My husband and I just built a new house (he's 50, I'm 40) and we're busting our butts to get it paid off in 15 years. Yes, it would be nice to not have any responsibilities by living in an apartment, but it is also nice to be able to change/add stuff on a whim and take major pride in what we have. I enjoyed living in apartments but I've also enjoyed being a homeowner for the past 7 years (the first two were on my own even). It does SUCK at property tax time, though, especially since we live in one of the highest tax districts in the state!

[nmnita]

Originally Posted by loves2read

unless you can pay cash you are looking at making house payments when you are 70--
unless you plan on selling before then
most people who study the real estate market think the time when people got 10+ plus increase in valuation of homes is long gone--you are going to be buying a house that probably won't turn out to be a real "savings" vehicle...

why do you want to start now if you have not before???

look at it another way, the home that is renting for 1200 a month right now will be renting for 2000 in 10 years but the house payment that is 1200 will be very similar in 20 years. Sure some adjustment for increasing taxes but overall it will be similar and whether you make the profit that people made in the past is a matter of opinion. I would agree the days of 10 to 15% increase per year are gone but even a 5% increase is on the entire price of the home, not just the down payment. Look at is this way, I put $10,000 in a CD and I make 5% interest on it. At the end of a year the $10,000 is worth $!0,500 but if I put $10,000 down on a One hundred thousand dollar home my my $10,000 would be worth a heck of a lot more than $500.00.

NIta