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I'm speaking strictly from my own perspective here, but I liked having control of our Housing Costs. It's the old axiom -- Food, Clothing and Shelter. With no Mortgage, our Shelter Cost is under $500 a month, for Tax, Insurance and Utilities. When you can avoid a hefty Mortgage payment, it does wonders for your Monthly Cash Flow.
A big part of this plan means buying the right house in the right location. This house requires very little maintenance, and there is a repair fund, separate from our Emergency Fund. In this particular market, Home prices have appreciated nicely, so it's not like we're tying up money with no apparent gain.
It was important to get this stabilized well before retirement.
Thanks every one. I am 63 and want to retire in 1 or 2 years. I have lived in Washington DC for 23 years. I want to move to Portland Maine. I am by self so it is a little scary. I do have a dog. I don't have friends there ( a couple aquaintances). I asked the question because I am just conflicted. To me, buying is best because your equity keeps increasing no matter how long I stay there. Renting seems to me like throwing money away . Who knows, I might get there and decide Portland is not for me but in my mind, I could still be making some profit on the real estate. I guess I think 63 is rather late to be doing this but I do know 63 is rather young these days. Just keep going back and forth.
When retiring, should I rent or buy? What are the pros and cons in your opinion?
My friend found a nice blend. It is arranged by a local retirement community.
He lives in a small single home. It cost him 90,000 and he can live there for the rest of his life. If he become disabled for some reason, there are apartments on site and he can move to one of those.
Before he moved in it was painted to his choice, floors were replaced, and so forth.
His total monthly cost, with utilities and Internet and full maintenance so forth is 800/month. There are about 750 people living on premises in one sort of arrangement or another.
He says he should have done this a long time ago.
Thanks every one. I am 63 and want to retire in 1 or 2 years. I have lived in Washington DC for 23 years. I want to move to Portland Maine. I am by self so it is a little scary. I do have a dog. I don't have friends there ( a couple aquaintances). I asked the question because I am just conflicted. To me, buying is best because your equity keeps increasing no matter how long I stay there. Renting seems to me like throwing money away . Who knows, I might get there and decide Portland is not for me but in my mind, I could still be making some profit on the real estate. I guess I think 63 is rather late to be doing this but I do know 63 is rather young these days. Just keep going back and forth.
You should rent before you buy when moving to a new area anyway - just to be sure you like it and have a handle on the local area you want to live. Portland seems like an active community so there are probably local groups you can find and join online. Hope you like cold weather.
I've been to Portland Maine, it's nice up there. Although I was there in the summer. The suggestion that you rent before you buy is a good one. Get a true feel for the town. Spend a Winter there, before you buy.
I believe the important thing is to get your Housing Cost under control, one way or another.
You should rent before you buy when moving to a new area anyway - just to be sure you like it and have a handle on the local area you want to live. Portland seems like an active community so there are probably local groups you can find and join online. Hope you like cold weather.
So moving twice? Spending a fair amount of what the purchase price would be on rent? Being treated like a renter, yeah that is a thing!
If you don't like sell it. You will still come out ahead by a little or maybe a lot depending on the area.
So moving twice? Spending a fair amount of what the purchase price would be on rent? Being treated like a renter, yeah that is a thing!
If you don't like sell it. You will still come out ahead by a little or maybe a lot depending on the area.
Nope. If you do a quick turnaround purchase/sale, the closing costs will eat you up. Besides the financial angle, it's nice to become familiar with an area before you zero in on a neighborhood.
A friend of mine stayed in one of those long-term motel places (long-term you get a better price) while she looked around. That took two months, and once she found the place and the offer was accepted, it took another month. Worked out well for her, and she's very happy in her new locale.
I am 61, I have been retired for 19 years. I own our house on 150-acres of land. Our property taxes are ~$850/year.
We settled in rural Maine. Most non-Mainers focus on the idea that is must be expensive to heat a home in Maine. We have been in this house for 12 years, our annual heating expenses have held pretty consistently at $700/year.
But, for your particular situation, it requires living in ALABAMA.
You beat me to it.
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