Renting forever? - Page 2

queendiva · ‎03-12-2010

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.

kaydee50 · ‎02-07-2011

@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!

ALRATIBA · ‎07-15-2016

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.

wagirl · ‎03-09-2010

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.

geezerette · ‎03-16-2010

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.👍

RedTop · ‎09-01-2010

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.

RetRN · ‎10-01-2013

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.

Boehm Collector · ‎03-09-2010

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).

Bridgegal · ‎03-09-2010

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.