Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am five years away from retirement. Due to my career, I have never had the opportunity to buy a home. My job has always furnished living quarters. When I retire, I will have about $75,000 saved up in addition to about $60,000 per year retirement income. My wife and I have been discussing whether to rent or buy upon retirement. I’ll retire at age 59. If I get a mortgage, then I’ll be 89 before it’s paid off not to mention the maintenance required after about 10-20 years...plus the down payment would use up my savings. With renting, yes I’ll pay more monthly but can still have my savings. I just worry about owning a home...unexpected expenses. But with a three bedroom apartment, there wouldn’t be a lot of room for grandkids...we don’t have any yet, but we have three kids so hopefully eventually...
It might be tough to own a house because you might have repair that you can't fix by yourself, and some other unexpected expenses for a house, such as replacing a boiler, roof, appliance, etc... If you can afford to buy a house, by all mean, go for it, but you have to think what is best for you.
I am five years away from retirement. Due to my career, I have never had the opportunity to buy a home. My job has always furnished living quarters. When I retire, I will have about $75,000 saved up in addition to about $60,000 per year retirement income. My wife and I have been discussing whether to rent or buy upon retirement. I’ll retire at age 59. If I get a mortgage, then I’ll be 89 before it’s paid off not to mention the maintenance required after about 10-20 years...plus the down payment would use up my savings. With renting, yes I’ll pay more monthly but can still have my savings. I just worry about owning a home...unexpected expenses. But with a three bedroom apartment, there wouldn’t be a lot of room for grandkids...we don’t have any yet, but we have three kids so hopefully eventually...
If you buy a home, make sure it is one that you can sell right away if you find that home ownership is not for you.
I own a home and when things go wrong I yearn for the days of renting or living on a military base .
Owning is a good hedge against rents spiking on you during a big inflationary period. Otherwise, buying a house is largely discretionary spending to improve your quality of life if you value having control over your own space and the ability to upgrade/remodel it to your taste.
If you rent, it's really easy to move. You let the lease expire. You pack up and go elsewhere. A house isn't a very liquid investment. It can take months or even years to sell it.
You might consider buying a multi-family or duplex and using the rental income to offset a chunk of your mortgage, taxes, and maintenance. That's not for everyone.
Due to my career, I have never had the opportunity to buy a home.
My job has always furnished living quarters. When I retire, I will have about $75,000
saved up in addition to about $60,000 per year retirement income.
Plan to keep renting.
Renting or buying though you still need to keep your monthly costs low.
[quote=GeoffD;50584818]Owning is a good hedge against rents spiking on you during a big inflationary period. Otherwise, buying a house is largely discretionary spending to improve your quality of life if you value having control over your own space and the ability to upgrade/remodel it to your taste.
If you rent, it's really easy to move. You let the lease expire. You pack up and go elsewhere. A house isn't a very liquid investment. It can take months or even years to sell it.
You might consider buying a multi-family or duplex and using the rental income to offset a chunk of your mortgage, taxes, and maintenance. That's not for everyone.[/quote]
I seriously considered doing that, and living in one of the units. My parents had rentals for many years so I know what is involved but am still sorry, at times, that I didn't. However, I have to say that I'm not at all sorry I bought my house even with all the maintenance involved. As long as I can afford it! It's still WAY cheaper than rent, plus everything else, here. Don't plan on selling. That will be my kids 'problem' when I'm gone!
In 1987 we sold our house and bought a townhouse condo. I have not cut grass or done any exterior maintenance since. Never again will I own a house. If we had rented over those 30 years, all we would have is rent receipts.
You don't say where you plan to retire, but that makes a huge difference in living/housing costs. We looked at the Seattle area once and got a near terminal case of sticker shock. We didn't go there. For some years we lived in a 55+ retirement community in Arizona. Many of our friends and neighbors were refugees from the high costs of the Pacific Northwest and California. Here in Florida they come from the high cost rust belt.
We live in Texas and I seriously doubt we’d move out of state. It will kind of depend on our children. One will never move back to Texas as he likes cold weather. Our other two children will most likely remain in Texas. I’ve looked at some nice apartments with garages and a 2 or 3 bedroom will run us about $1,200-$1,400 per month. If buying, in addition to 20%Down, a $200,000 house will be about the same monthly.
Retired just over two years ago, and once I sell my place in NY, I'll never buy again. I want the freedom to bounce around the country when the mood hits.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
.
