topic Re: Renting forever? in Home

Renting forever?

vickiegaye — Sat, 29 May 2021 03:03:08 GMT

After 1 year of discussion, my husband & I moved to be closer to our son & his family, same state. We listed our home on a Wednesday & 2 days later, received a full price, cash offer.
We had previously looked at an over-55, independent apartment that we liked..long story short, there was an apartment available & we had 1 week to decide. So, we signed the lease 9 months ago & although we are happy with our new space, it seems real estate prices are MUCH higher that we expected in this area.
We are 74 years old, relatively good health, but do not feel that we want to buy a new home (smaller size about 1800 sq ft with 2-3 bedrooms) right now..that seems to be about 30% higher priced than it was a year ago.
My husband is 90% ok with staying where we are, but it seems a totally different feel as a renter, VS a home owner

We have worked very hard to make it seem like "home" but it's not the same to me.

We invested the profit from the home sale, so the $$ is available, but not sure we want to go through the process of buying another home at this stage of the game.
Has anyone else had this dilemma? Adding to the situation is moving at our age, not to mention COVID, it has been a tough year.

Let me know if any one has been through this & how it worked out, thanks.

Re: Renting forever?

Sooner — Sat, 29 May 2021 04:40:23 GMT

Your home is where you live and the main thing is are you happy there. I'd let that be the main factor. Do what makes you happy.

I seriously doubt home prices will come down a lot, and I think inflation is going to kick in--or already has. A home is a good investment if it is in a popular area.

Re: Renting forever?

Snowpuppy — Sat, 29 May 2021 04:47:35 GMT

Welcome to the boards!

I get what you are dealing with. Home prices here are skyrocketing and higher than 06-07. I live in a very rural but touristy area so all that get out of the big cities talk is very real.

Home prices will continue to climb this year. Next up, rental prices in many areas are going higher, too. People priced out of the market will rent and landlords will take advantage. Rental costs are not fixed and if your property changes hands you may not like the new owners terms. I don't want to be told by a landlord to move when I'm 80.

If you purchase you can always carry a small mortgage as a hedge against putting all your $ into a home purchase.

If you purchase again, can each of you live independently and comfortably without the other? Are each of you handy with minor chores and repairs or will you have to rely on someone? A condo may be an alternative for you.

You'll be guided to the right choice, I'm sure!

Re: Renting forever?

Foxxee — Sat, 29 May 2021 05:54:21 GMT

Welcome @vickiegaye.

You'll may get used to it and might be relieved not having responsibilities of maintaining a home, particularly as you get older.

Renting is spending money, not investing, but at your age that might not be important to you.

The housing market is hot right now, shortage of houses for sale, one of the reasons why prices are so high. Prices are more likely to go up, so keep that in mind about waiting too long.

You could begin to look around for a smaller house just out of curiosity to see how you feel. You might change your mind about wanting to move back into a house.

There's an over 55 development around 5-6 miles from my house. Houses are manufactured. Out of curiosity I went into a sample...very surprised at how nice it is, not that I plan on buying one. I'm staying put.

Landscaping is beautiful, curbs and sidewalks. Some have garages, others concrete driveways. A few had wheelchair ramps.

24 hour handyman on call, snow removal, and grass cutting. Community Center.

I asked the lady in the office who lives there. She said there were several retired engineers, a physician, pharmacist, IT techies, school teachers, and a variety of others married and those who lost their spouses.

Only downside is lots are rented. This was a few years ago when rent was $300 a month.

Re: Renting forever?

Katcat1 — Sat, 29 May 2021 05:06:26 GMT

@vickiegaye My Aunt and Uncle always rented. They had the money to buy buit never did. If you don't want the work with a home or the a home owner's fee with a condo than rent. Only you can make that decision. With renting all the appliances are the responsibility of the owner or any repairs.

Re: Renting forever?

cotton4me — Sat, 29 May 2021 09:29:15 GMT

I recently moved to an over-55 independent living apartment, part of a continuing care community. I adjusted quickly and would not want the worries of home ownership again. There was always something that needed to be repaired or updated. It was constant. My husband could no longer do those things and needed to be on one level. He died last year so I’m on my own now. That’s something else to consider, can you maintain a home by yourself.

I feel like I have more freedom living in the apartment because I don’t have to worry about those things and can spend my time doing things I enjoy. I don’t have to worry about cooking unless I want to. They provide all the meals. They also clean the apartments once a week. They have many amenities and activities so one can be as involved as they choose to be. I know it's not for everyone. I feel safe here, a place where I can age. I find peace of mind in that.

Re: Renting forever?

Sweetbay magnolia — Sat, 29 May 2021 09:40:17 GMT

Though we currently own (with a mortgage, though), we are at a stage where both our surviving parents are more and more unable to maintain their own places, and we have many things that need to be done to our place ($$$).

It is truly a struggle sometimes, and the upkeep is constant. Ours is 1940 sq ft, 3 bed, 2.5 bath, two car garage, 1/2 acre. I love the place and I love my gardens but sometimes it just feels like too much. 8 years ago when we moved here it felt like freedom. DH is 6 years older than me and I see his energy waning (though he is in good health and active).

I don't know, real estate prices are crazy. It does remind me of the pre-2008 crash. Homes are being built on an old farm behind me that are "starting in the low $800s". What? For what? A production home way oversized for the lot. Nothing special about these places. Some will be larger and into the $1M+ range.

It used to be the likes of the Duponts that could afford that price tag. Now it seems to be the norm. I won't even get into the increase in my property taxes over the past several years. Outrageous.

If I were you, I would stay put and keep the option open. Houses are a lot of work. We lived at one time in a gorgeous apartment with beautiful views and aside from the fact that our rent kept going up, I did enjoy the maintenance factor. Though, our current mortgage is roughly the same as that rent payment, and it is nice to know it is our equity, not the landlord's.

Good luck to you, @vickiegaye

Re: Renting forever?

Meowingkitty — Sat, 29 May 2021 12:55:40 GMT

I would not rent unless I had no choice. Rents are going up like crazy in our area with a 3 bedroom 2 bath house normal 1700-2000 sq ft house renting for over $2000 a month. Plus if you live in in an HOA that goes up too. Mind you, these are normal houses, not on acreage or in an HOA or anything fancy. The house behind me is around 1700 sq ft and is renting for $2300 a month plus utilities. My entire house payment plus utilities never came close to that when I had a mortgage.On our Nextdoor app there was someone complaining that the landlord raised their rent $600 a month. My late aunt lived in an independent living facility and every year the rent was raised $2-300. Sure there is upkeep owning a home but I don't think it's constant. At least I own my house and only my taxes go up a bit every year. I would rather put money aside for upkeep and do what needs to be done.

Re: Renting forever?

LindaSal — Sat, 29 May 2021 12:57:44 GMT

@vickiegaye Two years ago we sold our 3000 sq foot home with 10 acres and downsized to a townhouse. We did look at an over 55 but opted out of that, reason being if something happened to us my kids are only in their 30's and they could not live there, they would have to sell. They are also not allowed to live with you. My daughter has some health issues and I was worried about the scenario that she gets worse in the future. Anyway, we do have HOA fees but they are reasonable and I have to say I love not having the yard work or snow shoveling anymore. If I were you I would stay put for a bit and wait it out if you can. The market is high now but will go down again and then that may be a time to buy again even if it is a condo type, which for us has worked out well. We have been discussing a retreat in Florida but are waiting it out for that.

Re: Renting forever?

software — Sat, 29 May 2021 13:00:55 GMT

You are lucky to be able to keep up a home, if you choose.

Mine is too much for me, inside & out but I really can't afford to pay for help, as in cleaning or yard work.

I would love to move into a smaller place, 1000sf, it's just me, possibly in a senior community but those prices are crazy. I'm retired, in my 60s

Re: Renting forever?

queendiva — Sat, 29 May 2021 13:01:27 GMT

My two cents, FWIW: Start working with an agent to see what little inventory is available to you. If you need to renew your lease only to break it when you find a home,; it's no big deal. DS just did this and they are moving into their first home (townhouse) today!

If you think prices are a lot higher now than they were last year- you are right. There is no indication that prices will be lower or even moderate over the next year. It would seem your $ from the sale of your house has done well, so that's not the issue. The rental was intended to be temporary, so go ahead and move on to permanent.

Most important: at your age it will become increasingly difficult to move with each passing year. Look for a home that one of you could live in comfortably at such time as the other is no longer here.

Do not let fear hold you back or dictate your choices in life. You want to return to home ownership in some form, so get going on that. I downsized from a house to a 2 bed/ 2 1/2 bath townhouse.in 2018 and never looked back.

Good luck to you and your husband on this next adventure.

Re: Renting forever?

kaydee50 — Sat, 29 May 2021 13:35:59 GMT

@vickiegaye I am sympathetic and have no real advice for you. After we sold our last place I said I would never buy real estate again BUT renting, as you said, does not feel like home. There may be constraints on what can be done to the place and it just never felt like it was mine.

Yes, prices have gone up significantly in the past year.

Is your son planning on staying where he is for a long time? It may be a problem moving near to him and then he gets transferred and moves out of the area.

If you like the area and have the financial resources to pay cash and find something you like, I would buy a place.

Good luck!

Re: Renting forever?

ALRATIBA — Sat, 29 May 2021 13:47:26 GMT

When we move back to NY (from CA where we had been for almost 20 years) ... we sold the CA house and rented here. Proceeds went into savings.

I've been in this NYC apt since 1993. No way I'd buy another house.

Re: Renting forever?

wagirl — Sat, 29 May 2021 15:02:21 GMT

I am 66, lived in a home for 35 years until the spouse, of 46 years, decided he needed to sell the house and divorce me all at the same time--what a guy, right??!! We listed our house on a Friday and it sold Sunday for $140k above asking price. I got half the proceeds which was considerable, moved into a small apt with DD and now awaiting the final divorce decree--but am wondering too, what to do about a place forever--am not a fan of apts and would like a place of my own, but do not want all the expense of a house. I think I should talk to some type of financial advisor about it all but not sure which type of person handles that.

Re: Renting forever?

geezerette — Sat, 29 May 2021 15:03:48 GMT

Real estate is a cyclical business. It may seem like it's not right now and prices are sky high, going higher and will never come down. But they will. And they have. A lot. At which point it becomes a buyer's market.

And in a hot market rentals are high and scarce too. You are subject to the renting entity and its whims.

So it depends on your own situation. As long as you and your husband are in agreement.

Best of luck with whatever you decide to do.👍

Re: Renting forever?

RedTop — Sat, 29 May 2021 15:36:55 GMT

Yes, if I were 74 years old, I would be content to rent for the rest of my life.

Owning a home is great when you're healthy and able to maintain everything inside and outside. I'm 65, my disabled husband is nearly 70; and we've lived on this rural piece of heaven in WV nearly 47 years. We have no intentions of moving, but as my husbands health declines, our focus is on making sure our home is as maintenance free as we can possibly make it.

I would not be quick to jump back into being a homeowner again.

Re: Renting forever?

RetRN — Sat, 29 May 2021 15:56:08 GMT

Home ownership definitely becomes more difficult as one ages. If you don't mind paying for someone else to do maintenance and repairs I guess it is fine. I am fortunate to have found a handyman and my neighbor man who does my mowing in summer and snow removal in winter. Without them I would definitely have to move. I do enjoy owning my home and it is paid for.

Re: Renting forever?

Boehm Collector — Sat, 29 May 2021 16:24:10 GMT

I have owned my home since 1986. I don't plan on moving unless absolutely necessary. That being said ..... I don't think I would ever rent my home. There is always a chance of being evicted should the landlord decide to sell or want to use the apartment for family members. I would not want to move at my age (65).

Re: Renting forever?

Bridgegal — Sat, 29 May 2021 17:08:24 GMT

We were in a very similar situation. We moved almost three years ago and have been renting a small casita in the primo historic area of town. We knew our time in this rental was fixed as the owners plan a big renovation starting next spring.

We debated about renting again , which we prefer, but have heard too many examples of even long time renters being moved out to sell the property, let the owner children move in, or being sold by children when the owner died.

We are your age and figure after moving 1/2 way across the country and into this rental, we only have one more move in us so we decided to buy. We close and move mid June. Our last move, fingers crossed.

Best to whatever you decide.

Re: Renting forever?

Witchy Woman — Sat, 29 May 2021 18:53:59 GMT

@wagirl

I am almost speechless at what happened to you.

However, it sounds like the financial payoff was a good one, so I hoped that helped....somehow.

Whatever happens, I hope you find a place where you are comfortable, happy, and at peace.

As to your soon to be ex-husband...you are likely better off without him.