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I agree. It becomes more of a personal thing. One of my biggest fears about renting a house is I would never know when the owner will want the house back, maybe to rent to one of their kids or inlaws. Or maybe jack up the rent where I can no longer comfortably afford it. I have no intention of having to move at the whim of a landlord when I'm in my 70s or 80s. I've never liked living in an apartment complex.
As long as I pay my property taxes and small mortgage which is less than renting, I'm good.
Many rents here have almost doubled now in the last 2-3 years, mostly with houses. Renting here used to be inexpensive.
I'm with you, Marino.
I rented a lot when I was younger, then much later in life I was an involuntary landlord renting out my spouse's house. Now I can't live in an apartment complex or anything other than a single family dwelling. I have an oversized vehicle that can't be garaged and needs to be plugged in when not in use. That will probably always be the case. I find I can't be happy without an RV, though as time goes by it won't necessarily be the same RV.
I am tempted to do what Monello did: Live in an RV full-time, run my business, collect SS and rent out whichever property I own then.
Got the checks and spent them, donated money if a fear of the world falling apart during the shutdown and last administration, and a leftover habit from working that I could always get more money, just work more. Almost four years into retirement, I think I get that I'm not going to work more!
I've always been a spender because I could work more. Working by the hour, as an RN, feels different than being on a set salary.
Also, before moving to Colorado and while working, I made frequent trips to the West to ride horses at guest ranches, boarded multiple dogs, and bought a lot of artwork to make my Eastern house feel Western. I obviously need to move!
Got the checks and spent them, donated money if a fear of the world falling apart during the shutdown and last administration, and a leftover habit from working that I could always get more money, just work more. Almost four years into retirement, I think I get that I'm not going to work more!
I've always been a spender because I could work more. Working by the hour, as an RN, feels different than being on a set salary.
Also, before moving to Colorado and while working, I made frequent trips to the West to ride horses at guest ranches, boarded multiple dogs, and bought a lot of artwork to make my Eastern house feel Western. I obviously need to move!
Seems like you swapped the personal debt for mortgage debt at a low rate with small monthly payments. SS and pension more than enough to live on.
Not concerned with an estate so the house goes to charities when the time comes.
Then house can be sold to pay off mortgage if any.
^^^
Yes, thank you. very simple. If I did have to move, it would be to a senior apartment rental thing in a city. (And no dogs). That would only be an emergency situation, not a desired one. The shelter I leave my little estate to knows about the house and mortgage and might well keep it for housing for staff (a huge issue around here) and would pay off the mortgage.
I spent a lot of money on my former dream house back East, then fixing it up so I could sell it and move (new dream) and building my ideal cabin here and now. Couldn't rent in between because of dogs and had to make it work. Damnable dog habit!
I spent a lot of money on my former dream house back East, then fixing it up so I could sell it and move (new dream) and building my ideal cabin here and now. Couldn't rent in between because of dogs and had to make it work. Damnable dog habit!
We all need somebody or something to love. Be grateful you didn't have a hippopotamus habit. I'm partial to elephants myself. Need. bigger. house.
I've said it before, downsizing and having zero debt is very liberating!
You said it. Nothing to worry about. We didn't even have the option to mortgage here and I'm glad. It's paid off and done. No debt.
I remember my first mortgage in '77. 9% interest. We didn't know any better....that modest starter home is now considered in the "wealthiest part of Orange County". ERRRRGH!
You cant spend the hall closet on dental work or at the supermarket either .
But I certainly don’t need a house anymore to generate all the income I would need for a lifetime..
So there is nothing inherent in ownership that a nice juicy portfolio no longer tied up in a house can’t provide
I have other resources for dental work or supermarket. I spent less than the value of the closet on both of those (dental + food) combined in the past 15 years :-). I am not using my condos to generate ongoing income, but (a) to have a place to live for an ongoing monthly cost of about 1/3 to 1/7 of what I would be paying in rent (which rent is very much subject to inflation), (b) to have something that appreciates at the same time while being used, and can gain a lot of value following hyperinflation, (c) because having secondary condos decreases annual cost of travel, since I have my own accommodations in places that I like to visit repeatedly (or, in a more extreme but obviously possible case, makes traveling still uncomplicated during an epidemic - I don't need a negative PCR in order to stay in my own secondary condo for 6 weeks :-), and (d) if I needed rental income, I could rent some of what I own (and I did use to rent out one of them, but concluded it was too much risk; at some point, life seemed too short, and it was better to use the place for myself in the third city one week per month).
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I'm partial to elephants myself. Need. bigger. house.
