Rent or Buy?
06-04-14, 02:58 PM
#1
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Rent or Buy?
Several threads where to live and what to do after retiring, or at least nominal retirement. But what about the roof over your head? The old rule that home ownership was a good investment is long gone. All the factors now seem to say it is often cheaper and more flexible to rent than own.
How about you?
Even the kids in their 50's are welcome to post. After all many are already retired or planning.
How about you?
Even the kids in their 50's are welcome to post. After all many are already retired or planning.
06-04-14, 03:32 PM
#2
feros ferio
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I am unwilling to give up the freedom that comes w/ owning my home free and clear, as I have for 22 years. (Instead of trading up to a larger house, my wife and I celebrated turning 42 by paying off the mortgage.) I would have trouble uprooting and moving on short (or even medium) notice, I love my community, and I like being able to work on my cars, bikes, house, and other projects without worrying about any HOA CC&R Nazis.
When my elder son was in community college, he got my late mother's 1969 Camaro, about the same time the kid next door got a 1968 Mustang. Suddenly, the two, who had never gotten along that well, were best pals, helping each other, sharing tools and expertise, etc., with the common bond of getting their cars running. The boys still bring their cars over so that we can work on them together -- we have four VW/Audi timing belt jobs and other repairs under our belts.
When my elder son was in community college, he got my late mother's 1969 Camaro, about the same time the kid next door got a 1968 Mustang. Suddenly, the two, who had never gotten along that well, were best pals, helping each other, sharing tools and expertise, etc., with the common bond of getting their cars running. The boys still bring their cars over so that we can work on them together -- we have four VW/Audi timing belt jobs and other repairs under our belts.
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"Far and away the best prize that life offers is the chance to work hard at work worth doing." --Theodore Roosevelt
Capo: 1959 Modell Campagnolo, S/N 40324; 1960 Sieger (2), S/N 42624, 42597
Carlton: 1962 Franco Suisse, S/N K7911
Peugeot: 1970 UO-8, S/N 0010468
Bianchi: 1982 Campione d'Italia, S/N 1.M9914
Schwinn: 1988 Project KOM-10, S/N F804069
"Far and away the best prize that life offers is the chance to work hard at work worth doing." --Theodore Roosevelt
Capo: 1959 Modell Campagnolo, S/N 40324; 1960 Sieger (2), S/N 42624, 42597
Carlton: 1962 Franco Suisse, S/N K7911
Peugeot: 1970 UO-8, S/N 0010468
Bianchi: 1982 Campione d'Italia, S/N 1.M9914
Schwinn: 1988 Project KOM-10, S/N F804069
06-04-14, 04:18 PM
#3
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Own a home, rent when you travel, that's our mode of operation, in my sixth year of retirement it seems to be working fine.
06-04-14, 05:15 PM
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Let's do a Century
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Rent in an area that you would like to live but are not sure exactly the location. Gives you time to quickly seize on great deal.
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06-04-14, 07:16 PM
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Several threads where to live and what to do after retiring, or at least nominal retirement. But what about the roof over your head? The old rule that home ownership was a good investment is long gone. All the factors now seem to say it is often cheaper and more flexible to rent than own.
How about you?
Even the kids in their 50's are welcome to post. After all many are already retired or planning.
How about you?
Even the kids in their 50's are welcome to post. After all many are already retired or planning.
06-05-14, 10:19 AM
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It depends on how long you plan on living there..... It costs money to go through the sell/buy cycle. Buying is better long term, because homes tend to appreciate over the long term. A house bought today, will be worth more in 25 years. If your moving to another community and are not familiar with the market there, rent initially, then decide. If you or your spouse may need additional care, within the shorter term, say 5 years, your better off renting, because it's easier to dispose of a rental. My wife is a minister, and we rent, because we can't be sure of how long she will be at a church. One of her colleges was at a church less then a year, and it cost them nearly $20,000 to go through selling one home, then buying another, then selling it again.
