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I am almost retired ..single , empty nester..may work a few more years /may not..
I am selling my large house and so excited about etting out from under the yard /pool & house upkeep that is almost a full time job..( may have a contract offer tomorrow !)
My thoughts were to find a small , well maintained house & pay cash from equity..but...
I am considering renting in a nice apartment complex and investing the $.
Whe I factor in lost investment opportunity I can't work the math to show buying being a financial advantage.
For me renting (at least for a while) will be a huge load off my shoulders of house & yard care..
I want the flexibility to move if I want to also...
No question here, just saying for me I am excited about renting for awhile..
Amen to that - it's fall and once again raking leaves has become a daily full time job. I have a large yard with lots of trees plus I seem to be a magnet for all the neighborhood leaves. I will be shouting from the roof top when I sell this house. I will most likely rent for a short time but will buy something SMALL with a SMALL yard.
Things I won't miss about home ownership
Leaves
weeds
water drainage issues
expensive repairs
grass care
cleaning 3200 sq ft
cleaning pool
deck staining
Missing trips with friends because I need to work on yard...
What I will miss..
My hottub..
I may have an offer to buy coming tomorrow and know a great small house with small yard in a great neighborhood that I could buy
or ....
an apartment for about 1000/month
Pros & Cons on renting verses buying sorta split down the middle for me ...
I think either will work so I need to write it all down & pick...
My plan is to sell my paid for home and turn it into cash that can be stashed and not counted by BIG BROTHER . Then rent a nice little apartment and max out as many credit cards as I can on trips before they freeze my credit. Then file chapter 13 14 and 15 bankruptcy, and have a private number cell phone to avoid collectors and then party hardy with retired hot women..Its the american way ...ps..They cant evict you from you apartment just because you dont pay the credit cards either....let them pound sand
I may have an offer to buy coming tomorrow and know a great small house with small yard in a great neighborhood that I could buy
or ....
an apartment for about 1000/month
Pros & Cons on renting verses buying sorta split down the middle for me ...
I think either will work so I need to write it all down & pick...
Are the utilities (heat, hot water, elec) included in the rent? Is the apt building well built and quiet? I would park my car close to the unit very late at night (if you can get in) and just sit there and listen for awhile, also watching who comes and goes and what lights are on or off. It's a hard decision, I know, one I struggle with myself.
Are the utilities (heat, hot water, elec) included in the rent? Is the apt building well built and quiet? I would park my car close to the unit very late at night (if you can get in) and just sit there and listen for awhile, also watching who comes and goes and what lights are on or off. It's a hard decision, I know, one I struggle with myself.
There are quite a few in the area I want to be ...good idea to park at night and observe..
Most apartments here would have separate utilities , pretty much like a house would..
One thing I forgot about is that semi/retired people can't get mortgages without a job..
With the low interest rates I was considering 1/2 cash and 1/2 mortgage...
I guess I figured financially responsible, invested, perfect credit would impress them LOL..
But its just as well, one less choice. Now its either paycash on house or rent...
My thoughts are that I should rent at first to give myself time to rest & regroup..
Then I can continue renting or buy..
Sorta like getting married..If not sure, better to wait.
I think 6 months in an apartment will help me decide ..I will either love it or
be ready to house shop...
One thing overlooked in this discussion is the lack of appropriate price and size housing for sale.
Up to a third of all households are single person households, and this number is probably higher in the retirement age bracket. Yet the vast majority of for-sale housing is 1500+ sq ft with 3 bedrooms and 2 baths. The proportion of size appropriate housing for the single retiree is much higher in the rental market and therefore a great percentage of retirees and single households rent than the rest of the population.
I believe there will be a very strong market for small, well designed, energy efficient, accessible housing as the baby boomers retire and as the trend towards single person households continues..
One thing overlooked in this discussion is the lack of appropriate price and size housing for sale.
Up to a third of all households are single person households, and this number is probably higher in the retirement age bracket. Yet the vast majority of for-sale housing is 1500+ sq ft with 3 bedrooms and 2 baths. The proportion of size appropriate housing for the single retiree is much higher in the rental market and therefore a great percentage of retirees and single households rent than the rest of the population.
I believe there will be a very strong market for small, well designed, energy efficient, accessible housing as the baby boomers retire and as the trend towards single person households continues..
Absolutely agree, have been saying this for years. The "cottage" type condos for 55+ do make me laugh, usually starting at 350–400K. For a "cottage."
There are quite a few in the area I want to be ...good idea to park at night and observe..
Most apartments here would have separate utilities , pretty much like a house would..
One thing I forgot about is that semi/retired people can't get mortgages without a job..
With the low interest rates I was considering 1/2 cash and 1/2 mortgage...
I guess I figured financially responsible, invested, perfect credit would impress them LOL..
But its just as well, one less choice. Now its either paycash on house or rent...
My thoughts are that I should rent at first to give myself time to rest & regroup..
Then I can continue renting or buy..
Sorta like getting married..If not sure, better to wait.
I think 6 months in an apartment will help me decide ..I will either love it or
be ready to house shop...
Don't let this affect your decision.You will not be turned down for a mortgage just on that basis.
I have no regrets about buying my house a dozen years ago. I am well aware that some people's homes are "under water" and yes, there is no absolute guarantee that your home will increase in value over time, but for the majority of us it is a good long term investment. I believe if you do your homework and research the neighborhood, make sure the house is fully inspected, and you know you plan on owning it for a good length of time (not necessarily living in it) it will build equity. My home - and NOT my 401 (k) nor my IRA - is what is going to permit me to have a good retirement and the ability to retire at 62 (not 66) just four years from now.
If you rent your whole life, what do you have to show for the thousands and tens of thousands of dollars you paid your landlord? All you did was help him pay off his mortgage!
i guess the 3x the purchase price many paid or pay in interest on a 30 year mortgage to the banker and dont get back doesnt count as far as paying for someone elses mortgage.?
thats over and above the cost of the house.
dont be fooled , renters can do just fine by investing in other asset classes that grow much faster then residential real estate.
the income we get now from owning other assets instead easily meets our rental increases long term.
sold both our primary home in 2003 or 2004 i forget, and our 2nd home last july.
dont miss either one and all the work and expenses that went with them.
having said that ,considering that for the most part the public are lousy savers and even worse investors they may do better with a house.
at least they get a consolation prize and depending on real estate taxed they may have lower housing costs down the road if taxes, repairs and renovations dont end up eating that savings up..
there i no general rule about which is better. where we live our rent is being paid with just the income on the money we would have to tie up buying our place and we would still have about another 1k a month to spend on maintaince charges.
those include heat, water ,sewer and real estate taxes, and the buildings mortgage so in our case i love renting.
Last edited by mathjak107; 11-06-2012 at 03:45 AM..
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