Re: Rent or Own

Katcat1 · ‎07-21-2011

@Sweetbay magnolia I think a one level townhome is the way to go. No maintenance and there are some beautiful homes out there. Personally, I could not be bogged down with a home and all its maintenance in my senior years. I know some seniors that sold there homes and rented. How much space do you really need or want to clean? There are some communities with swimming pools and activities. The choice is yours.

kindness is strength

Sweetbay magnolia · ‎04-14-2013

@Katcat1 wrote:
@Sweetbay magnolia I think a one level townhome is the way to go. No maintenance and there are some beautiful homes out there. Personally, I could not be bogged down with a home and all its maintenance in my senior years. I know some seniors that sold there homes and rented. How much space do you really need or want to clean? There are some communities with swimming pools and activities. The choice is yours.

I think you're on to something, @Katcat1 . Maybe in an "over 55" complex. Eventually I think that is the direction we will head. It will depend on what we consider our health to be in a few years. I would still like a little garden space and DH needs "privacy". The pool and activities hold little interest though I know many like them.

Cogito ergo sum

Mominohio · ‎08-08-2010

@magicmoodz wrote:
I am amazed by people who are in or nearing retirement and don't get a bit of anxiety thinking about the maintenance that goes along with single family ownership, especially should you lose your spouse/significant other.

My anxiety started earlier than most because we don't have children to come to our aid. We sold our home in the city 5 years ago for a very, very nice profit. We then purchased a condo also in the city.

At this point I couldn't imagine going back to single family home living and all the responsibilities associated with it. Not only are all the common areas maintained, but our windows are washed, balcony railings painted, furnace filters changed, smoke alarm batteries changed and we have access to our full-time on-site maintenance manager.

Even now that life is so much easier, I am currently thinking about becoming totally unencumbered, selling our condo and moving to a new apartment complex (I already know which one), but oh my gosh--the rent!

It is expensive to live in the city, but I LOVE it!

@magicmoodz

I think that some people don't need to be anxious about the future in their older age, because they have either worked really hard to set up the finances for it or have been blessed to come from and inherit a lot of money, and really, enough money can alleviate most anxiety about uncertainties of the future for the most part.

I do understand how a single home, with all the upkeep and maintenance becomes daunting both physically and financially at a certain stage of life for many people. I know for us, we have helped to offset the anxiety of loosing a spouse by purchasing large life insurance policies early in life that should provide a great cushion. We have a number of other sources of retirement income expected, and some investments. We won't be rich, but better off to cope with staying in single family ownership should we wish to. We would be able to pay for a lot of things we can no longer do for ourselves.

At this point and for early retirement, we would prefer to stay out in the country, and away from cities. We never know how our feelings and needs might change to become just the opposite, I don't think anyone does until they 'live it', that being life's changes. There are great advantages to both ways of life, owning a separate property, or being in a condo or apartment setting where more is included in the deal.

If life is nothing else, it's all about change!

magicmoodz · ‎03-16-2010

@Mominohio

Your reply is very money-centric and that certainly is not what my concern about aging is all about. Without disclosing a laundry list of my assets, I was not worried about being able to afford single family home maintenance, but rather how to accomplish it.

Yes, we can hire out most "jobs" but even that can be stressful and even more stressful as we age. I have heard all too many stories about contractors requiring a deposit on their work and then not showing up when they promised. That happened to one of my sisters years ago. She paid a tiler a deposit of $2,000 for work to be done in their master bath and he didn't show up for weeks after much chasing him down.

The fact that we all have differences of how we choose to live is what makes the world go round. You would probably hate my city life as much as I could never envision your quiet life in the country with an occasional Amish horse and buggy strolling by.

Mominohio · ‎08-08-2010

@magicmoodz wrote:
@Mominohio

Your reply is very money-centric and that certainly is not what my concern about aging is all about. Without disclosing a laundry list of my assets, I was not worried about being able to afford single family home maintenance, but rather how to accomplish it.

Yes, we can hire out most "jobs" but even that can be stressful and even more stressful as we age. I have heard all too many stories about contractors requiring a deposit on their work and then not showing up when they promised. That happened to one of my sisters years ago. She paid a tiler a deposit of $2,000 for work to be done in their master bath and he didn't show up for weeks after much chasing him down.

The fact that we all have differences of how we choose to live is what makes the world go round. You would probably hate my city life as much as I could never envision your quiet life in the country with an occasional Amish horse and buggy strolling by.

@magicmoodz

My reply seems to have struck a nerve with you and you seem to have interpreted as some kind of criticism, when in fact it was not.

The truth is (and ask anyone who doesn't have any) is that money buys choices, freedom from or reduction of certain stresses and anxiety as we age and either can't or don't want to do many things ourselves. The fact that you had the money to chose a different style of living is proof positive of that.

And you mention money in your post on three different occasions, including how you made great profit from the sale of your home, and how expensive rent is and how expensive living in the city is. So why would my reply not have some focus on money, you actually prompted that focus in your post?

And my post clearly states that as we continue to age, we will probably be faced with making other choices and living styles, as none of us ever know what the future truly holds or how our needs and desires will change.

I truly get just how 'over it' owning and maintaining a private/single home can be, and I don't think anything negative about anyone, even if they are swimming in money, who decides it's time to live differently. Just the decisions to be made, and putting up with contractors etc. gets stressful, overwhelming or bothersome. I even see that possibility on the horizon for us.

As I stated, life is all about change. It never ends and brings new and exciting chapters. I look forward to what might be next for us.

Lipstickdiva · ‎03-10-2010

I live in a single family home with my DH. I don't particularly care for my house any longer and I detest the city I live in. However, I would have to blast my DH out of our house. Unless we win the lottery, where we could literally walk away from our house, he isn't leaving.

I cannot see myself living in anything other than a single family home and that is because I am an animal lover. I don't see us without at least one dog and I have no desire to have to put a dog on a leash to go outside multiple times a day. I like being able to open my back door and put the dog out in the fenced in yard.

Sweetbay magnolia · ‎04-14-2013

True that, @Lipstickdiva ! Dh keeps reminding me how much our dog loves his big back yard and how much fun he has chasing critters!

@Lipstickdiva wrote:
I have no desire to have to put a dog on a leash to go outside multiple times a day. I like being able to open my back door and put the dog out in the fenced in yard.

Cogito ergo sum

magicmoodz · ‎03-16-2010

@Lipstickdiva wrote:
I live in a single family home with my DH. I don't particularly care for my house any longer and I detest the city I live in. However, I would have to blast my DH out of our house. Unless we win the lottery, where we could literally walk away from our house, he isn't leaving.

I cannot see myself living in anything other than a single family home and that is because I am an animal lover. I don't see us without at least one dog and I have no desire to have to put a dog on a leash to go outside multiple times a day. I like being able to open my back door and put the dog out in the fenced in yard.

@Lipstickdiva

Your words ring so true. I hosted a small "happy hour" with neighbors last night and this very topic came up.

We have a large number of dogs who reside in this condo community. And not little toy poodle size dogs either. When out on our balcony and as a dog lover I am always commenting on a beautiful bull mastiff or a majestic doberman.

We also have the topography for outside "visits" with a well-lit park across the street, but who wants to do that at 11:00 pm.?