Buy or Rent?

rkunsaw

Well-known Member
Original Poster
Larry, I think in your position I would rather rent than buy, makes sense to me because of health and age-related reasons you don't need your own home to maintain, etc. Best of luck in finding a three bedroom home that suits your needs in your area.
The problem now is finding a house to rent. There don't seem to be any in Woodlake, There are plenty in Visalia which is 15 miles away.
 

Liberty

Senior Member
Location
Texas
Except when you realize that your life isn't much fun without work, work, work. I have friends who travel. They love it. For me: Been there, done that. I have friends who like to sit around their homes reading, eating, watching TV, sleeping. Yeah, I've done that, too. It drives me goofy, after a while. I like the physicality of the work I like to do. I fully understand that my body will slow down, eventually. Eventually, my mind may want to do those things my body can no longer do. I'll deal with that when that time comes.
So do we...love working around the house and property. To us that is what is making life productive and fun now. Like my mom said "I'd rather work away than rust away".
She did too, right up till the end. Know a neighbor that has had several heart operations and gets out there playing with his "motors" and working around his property nearly every day.

Loves anything with a motor...he's a wiry little guy that works and works. He's over 80 and we wonder what he would have been like if he would have stopped working and sat in a recliner with one hand on his heart. Bet he would have been on the other side by now.
He has a zest for life and does say he "misses his horses", because he sold 10 acres to now downsize to 4 acres...don't you just love guys like that? They are an inspiration to us all.
 

fmdog44

Senior Member
Location
Houston, Texas
Seniors renting is not the same as young people renting. We have worked all of our lives to have money to live on. Seniors are not saving for a home like young people are. Retirement years are the reward years. A three bedroom will not be cheap depending on where the OP lives. I would just it down and do the math. A quarter million for the sale of the home is a nice start for rent money. My advise to the OP is do a thorough job of looking in to the place you want to rent because you don't want to rent a place full of young folks blasting the stereos all night. Good luck.
 

Liberty

Senior Member
Location
Texas
Seniors renting is not the same as young people renting. We have worked all of our lives to have money to live on. Seniors are not saving for a home like young people are. Retirement years are the reward years. A three bedroom will not be cheap depending on where the OP lives. I would just it down and do the math. A quarter million for the sale of the home is a nice start for rent money. My advise to the OP is do a thorough job of looking in to the place you want to rent because you don't want to rent a place full of young folks blasting the stereos all night. Good luck.
So true, if we were to sell now, we would probably rent. As it is, our big place never had a mortgage and there's vibs in "them there walls" and lovely land, so we've riding it out here and son knows it all. Now if it were a regular home in a reguar subdivision or whatever that has sold, you got it fmdog!
 

Packerjohn

Packerjohn
Location
Canada
If the truth be know regarding work in the world, it would be as so: Most working people in this world get 4 weeks holidays. In the USA, 2 weeks is the standard for new employees. Go figure!
 

Catlady

Senior Member
Location
Southern AZ
Renting is best if you want to have the freedom to move whenever (don't sign a long term lease) but you're at the whim of the landlord to raise the rent, make lots of rules, or throw you out when the lease (or month) is done. Owning a condo, you have the same cons and pros of BOTH owning and renting. Owning a home gives you freedom to live as you please (if no HOA) but it ties you and your equity up and depending on the market it might take a long time to sell if you want to leave. Only you can decide what is best for you under your circumstances.
 

Catlady

Senior Member
Location
Southern AZ
This has nothing really to do with @rkunsaw's situation, I just remembered this anecdote about the many perils of renting.

There were two Italian brothers that were close. One bought a two family house and moved to the second floor. The other brother offered to rent the first floor. He was happy there and the brother charged him a decent rent. Through the years he did a lot of remodeling safe in the belief that he would live there forever. Then the other brother saw how lovely the apartment was and how much he could charge for rent to a stranger and kicked him out. He had no legal recourse since he wasn't asked to do the remodeling and it was all voluntary.
 

treeguy64

Hari Om, y'all!
Location
Austin, TX.
This has nothing really to do with @rkunsaw's situation, I just remembered this anecdote about the many perils of renting.

There were two Italian brothers that were close. One bought a two family house and moved to the second floor. The other brother offered to rent the first floor. He was happy there and the brother charged him a decent rent. Through the years he did a lot of remodeling safe in the belief that he would live there forever. Then the other brother saw how lovely the apartment was and how much he could charge for rent to a stranger and kicked him out. He had no legal recourse since he wasn't asked to do the remodeling and it was all voluntary.
Not sure why their ethnicity was important to this story.
I lived in Little Italy, in Chicago, during my last two years in college. Italian folks are very big on family ties, sometimes including another "Family." I find it incredible that one brother would kick another brother out of his place for the sake of making more money on the rent. Something else must have been going on, if this is, in fact, a true story.
 

Catlady

Senior Member
Location
Southern AZ
Not sure why their ethnicity was important to this story.
I lived in Little Italy, in Chicago, during my last two years in college. Italian folks are very big on family ties, sometimes including another "Family." I find it incredible that one brother would kick another brother out of his place for the sake of making more money on the rent. Something else must have been going on, if this is, in fact, a true story.
It's a true story and I mentioned they were Italian exactly because "Italian folks are very big on family ties". Italians are also ''furbo'' (clever, cunning) and they like making money. The house owning brother just got greedy after a few years and realized how much more rent he could charge from a stranger.
 
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Ruth n Jersey

Well-known Member
I love my home but will probably end up in rent. My hubby just turned 81 and I am 74. I notice he does less and less and my son and I are now doing most of the up keep.
You mentioned your wife's daughter moving in. Nice that you will have her there. If it were me I wouldn't want to saddle her with maintaining the house as you both get on in age.
 

Catlady

Senior Member
Location
Southern AZ
I've rented a few times in my life but only for very short periods. The only good things I see about renting is the freedom to move as soon as the rent contract expires (month, lease) and the fact that all of your equity is available to you and not tied up on the property. As to the rent, when you own a house you're also paying taxes, insurance, house and yard maintenance. For now I plan to age at home and pay for help when I need it, then play it by ear as time goes on. I hope I die before ending up in a nursing home.
 

Aunt Bea

Well-known Member
Location
Near Mount Pilot

I'm not sure I can afford to move
Another good reason to rent for at least the first year to see if all of the changes in your lives are working for the three of you.

I wouldn't worry too much about the cost of living. We all have our own cost of living and in many cases, a retired person's cost of living is significantly below the average for a given area.

Good luck!
 

Manatee

Senior Member
Location
Florida
When we bought a condo townhouse in 1987, I gave away the lawn mower and I have not missed it yet. The association did the landscaping, exterior painting and roofing. I just do the simple little jobs on the interior and not many of them anymore.
We own our present condo and I have not made a mortgage payment in 22 years.
 

Catlady

Senior Member
Location
Southern AZ
When we bought a condo townhouse in 1987, I gave away the lawn mower and I have not missed it yet. The association did the landscaping, exterior painting and roofing. I just do the simple little jobs on the interior and not many of them anymore.
We own our present condo and I have not made a mortgage payment in 22 years.
One of the things I hate about condos is the assoc fee. I had a townhouse for a short while and complained about the $90 fee I had to pay every month. A few years later I looked it up and it had gone up to $125 a month. Of course, that paid for water, trash, front landscaping (very small gravel area with a hedge lining the front), roof maintenance, and painting of the outdoor trim (brick walls). I'd rather contract for the best rate or do it myself if possible. I had a niece with a swanky condo and she paid like $300+ a month fee. How much has your fee gone up those 32 years?
 

Liberty

Senior Member
Location
Texas
When we bought a condo townhouse in 1987, I gave away the lawn mower and I have not missed it yet. The association did the landscaping, exterior painting and roofing. I just do the simple little jobs on the interior and not many of them anymore.
We own our present condo and I have not made a mortgage payment in 22 years.
Have a friend in Delaware that owned a house for years...sold it and bought an end unit nice big condo in golf course community. Now she is trying to find another house as she detests "all the noise" and the jacked up condo and assessment fees.

Good that you have a nice complex, with a good condo board. Think they are probably hard to find. Condo fees can run from 300 - 600 a month and then still hit you with yearly assessments, like where we stayed each year on the beach in SW Florida.
 

Ladybj

Member
My hubby is 57 and I am 59. Long story short when we separated a few years ago, our house went into foreclosure and we both got apartments. I had a very hard time adjusting because I was use to being in a house. We got back together after being separated for 3 years and worked on our credit score and was approved for a mortgage. My husband wanted to own again.. I was not sure but glad we were able to be homeowners again. Its a very nice house. Hubby does not like cutting grass so he hired a lawn company. He has our front yard looking very nice.

My thought is, we have to pay to live somewhere so why not pay on a home that we may/may not own one day. Apartments are very expensive in my area..some people are paying mortgage prices to live in an apartment. I do not foresee moving again. Also, I can turn up my music a little and don't have to worry if its too loud for my neighbor in the next apartment. :ROFLMAO:

Weigh your options and do what's best for you.
 

Ladybj

Member
One of the things I hate about condos is the assoc fee. I had a townhouse for a short while and complained about the $90 fee I had to pay every month. A few years later I looked it up and it had gone up to $125 a month. Of course, that paid for water, trash, front landscaping (very small gravel area with a hedge lining the front), roof maintenance, and painting of the outdoor trim (brick walls). I'd rather contract for the best rate or do it myself if possible. I had a niece with a swanky condo and she paid like $300+ a month fee. How much has your fee gone up those 32 years?
My hubby and I had a condo years ago.. It was nice.. Our condo fee started out $125, when we left, it was up to about $225...I am sure its up to $300 by now. I remember when the Association ask all condo owners to pay an additional fee of $1,000 to help pay for repairs they had to do when we had a pretty bad storm. I will not own a condo again...the fees are AWFUL. When we started looking for another home.. we both agreed, no home with condo fees attached. We looked at one house..was not a condo but had a condo fee attached. My hubby really like the house but I was like NO. We end up getting a home that we like a lot better without condo or HOA fees attached.
 


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