# Rent? Or buy?



## Bill.K

When I was younger and my family lived with me, I owned a house, now that time has moved on, and my children have their own houses, I sold my house and am now currently living in an apartment. 

My financial situation is not the best, but I was wondering if it would make sense to try and buy a house and pay approximately the same on the mortgage as my current rent. I'm seventy-two but I don't want to waste my money when it could be passed down to my children. 

I realize that I will most likely pass before I can pay off the mortgage, but would it be a wise decision anyways? I don't know much about laws, but I'm assuming that my children could either sell the house or keep it as long as they continue to pay off the mortgage is this correct?


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## AlbertC

It almost certianly always does make sense to pay money into a mortgage (and therefore see that money building your own equity instead of your landlord's) but I have to caution you against jumping into a home purchase that costs exactly what you can afford at the upper end of your rent budget, because home ownership comes with a LOT of hidden expenses, starting with property taxes, but of course including incidental expenses as well, like periodic repairs. 

If the furnace needs replacing in a home you own, there's no landlord to appeal to. That's your $10,000 that will be spend on a new furnace. 

!


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## Tisame

Its is really dependent on your life style, are you still able to keep a house in check? also you have to look towards what would happen if your landlord ends your contract,
It is a tricky situation and maybe it is best to have a full chat with your children and maybe a public adviser also on the matter


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## Bill.K

Thanks for the info, I realize that it wouldn't be wise to go right to my limit, but maybe $100-200 do you think that would be enough?


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## russia

I do have a house now which allows me to work in the garage since i love to work on cars. But i know a few people who love being in their apartment and do not have to worry about all the chores and things that come along with having a house. So i guess it just comes down to personal preference.


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## clive

AlbertC said:


> It almost certianly always does make sense to pay money into a mortgage (and therefore see that money building your own equity instead of your landlord's) but I have to caution you against jumping into a home purchase that costs exactly what you can afford at the upper end of your rent budget, because home ownership comes with a LOT of hidden expenses, starting with property taxes, but of course including incidental expenses as well, like periodic repairs.
> 
> If the furnace needs replacing in a home you own, there's no landlord to appeal to. That's your $10,000 that will be spend on a new furnace.
> 
> !


I totaly agree with the comment about hidden extras I think as you get older it makes sense to rent if nothing else all the small repairs are carried out even if they are cheap you may not be physically capable of doing them


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## Elzee

My husband and I owned a house when we were raising kids. When the kids started to leave home, (although I loved that house) we realized that the house is aging and would soon need major renovations.  We also realized that our kids really did leave home with no intentions of moving back in, so it was time to downsize. We now love our small but cozy apartment, and we don't have to worry about repair work. We are fortunate to have moved into a nice place where if we phoned the office for any repair work, such as even replacing a ceiling light bulb, the next day, the repair work is completed. 

Could we save by buying a house? - possibly, but the stress of maintaining the yard work and the repair work is just not worth it for us.


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## Lena51

I feel if you are a senior and want to own your own home per-say, why not try moving into a senior mobile home park.  There you have other seniors to keep you company like having coffee and muffins in the morning, maybe a dinner or two, even someone to play games with, if you like that kind of thing.  That is what I plan on doing as soon as I get money saved up.  You won't have to worry about all the noise of young children running and playing.  Is that an idea or what?  You have very little to maintain.


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## loriann

Ive paid off my house so luckily I dont have to worry about my living situation now. If I were you I would probably rent since your older. You dont want to be paying a huge mortgage in the next ten years. It depends on what kind of environment you prefer. If you plan on staying in an apartment make sure the area is senior friendly.


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## SifuPhil

Ask the people that have lost their homes to foreclosure whether they think owning is better than renting ...

The only way I would own a home now would be is if I won the lottery and could pay cash on the barrelhead - otherwise, I'm too late in the game to get involved with the shell game known as "mortagages". 

Add to that the fun you experience when your sidewalks need to be shoveled, the gutters need to be cleaned or a thousand-and-one other things need to be maintained or repaired, and your arthritis is kicking in big-time - are you going to smile every time you shell out mega-piles of bucks to some snotty contractor that does a half-azzed job?


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## Colleen

I know this is an older thread, but it touches on points that my husband and I (73/67) are facing now. We're looking to relocate closer to our kids in CA. We've lived there before so we know it's not the cheapest place to live...especially for seniors, but that's where our family is.

We've debated back and forth about buying vs. renting, too. Money-wise, at this stage in our lives, renting would be a better option for us. Our home here in PA (which is up for sale) has a lot of stairs and it's not getting any easier to go up and down them every day. My husband had a severe accident a couple years ago when he fell from a 10' ladder and shattered his left ankle. There were no bones left in the ankle except fragments and he almost lost his foot because of it. It's taken almost 2 years and a lot of surgeries and stairs are not his friend. Even though he wears a brace on that ankle and he can now do just about anything, he's not like his "old" self and could manage anything. He enjoyed yard and lawn work and could get up on ladders to paint trim and trim trees but not now. It's taken a toll on both of us. We also live in a snow-belt and this last winter was a clincher for us that we need to be in a warmer, drier climate. His ankle is loaded with arthritis and the dampness here is uncomfortable for him. This is not the quality of life we want for our final years.

SifuPhil hit the nail on the head in his comments   Hopefully Bill K. (OP) has resolved his situation. I really appreciate this forum and all the input I've received on another thread about this same subject


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## charlotta

I live in Montgomery, Al and own my garden home in a neighborhood that have retirees, but not restricted toward such.  Al is very retiree friendly in that my property tax is less than $400.  Yes, 400 dollars.  I have a 1700 sq ft hse (mtge free), small yard, 3 bedrm hse with open floor plan.  It is expensive to keep up though.  I have family that live nearby. 

 What is the problem you're asking?  My daughter is.  She wants me to move to Charlotte, NC to be near her and my 2 yr old and 5 yr old grands. I do know the day is coming, when I can't drive to Charlotte.  This week when I was visiting with them,we looked at apts that were senior citizens only.  I want an apt if I decide to move so that it will be easy for me to meet.  I would love to be not tied to keeping a place up.  I found a couple that seem to meet that need.  The cost is $2500 a month (some were more) and would pay for everything-maid service, two or 3 meals daily, laundry service (which I would prefer to do myself), cable tv, lots of social activities, utilities, except telephones.  Not much closet and storage space though.

Maggie, my daughter thinks I would prefer to live in a regular apt that maybe catered to a floor or 2 for senior citizens.  I would like that, but I don't know if Charlotte has.  I would love to have group activities that were part of this plan.  My health is ok for a 73 yr old, but I have to avoid the sun and outdoors when pollen is bad.
Is or has  anyone experienced any of these living conditions?  A mobile home is not for me bc of tornadoes, but I want to hear about your living experiences.


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## ClassicRockr

Some people will say "rent and you are throwing your money away", while others will say "buying a home comes w/the responsibilities of paying for all house repairs whereas in renting, a call to the Maintenance Dept. and the repair doesn't cost a thing".

We had a nice 2-story house in Colorado. Had two spare bedrooms upstairs, *that we never used*. A Den w/fireplace upstairs, *that we never used*. A formal dining room, *that we never used*. Spent time and money on front/back yards mowing and fertilizing. Spent money on keeping both watered. It was work!! We both did the work, but lawn work wasn't our favorite thing to do! When we had this house, we were *BOTH* working full-time jobs and making descent money.

Sold that house, but didn't get close to what we paid for it. The chance people take when buying and later selling. Today, we rent an apartment and don't have to "bust our butts" on lawn work b/c there is none! A landscape company, hired by the complex, takes care of it all. We live in a single-story "bungaloo" that is attached to a building with other apts. in the building, but NOBODY above us! We have a fireplace *and use it*. We have a second bedroom *and use it* (for storage, right now). 

Our old house was nice, but just too much work. Our apartment is nice, w/no work. If work needs to be done, the Maintenance Dept. takes care of it.......*no cost to us*. That we like!


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## Petula

I am also thinking about this same thing, worried about not being able to keep my house, and also not being able to afford the rent,  and living farther from town.  It is a hard decision, and does need lots of thinking about.  Hopefully, each of us can make the right decision. I am making a list of all the pros and cons; that is helping so far.


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## Lon

Given your age and financial position it would not be a wise decision for you to buy a home. Property Taxes, Home Owners Insurance, Maintainence and upkeep would exceed your monthly rent out lay I'm sure. Enjoy your apartment and don't worry about leaving property to your children. I am 80 and totally enjoy  my two bedroom two bath apartment. I can afford to buy a house and pay cash for it and be mortgage free, but I wouldn't do it because it is actually cheaper to rent. I have owned  five homes in years past.


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## Bullie76

Depends on where you live and the price of the home vs rent. Around here there is a shortage for apartments and rent is high. And certainly you have to weigh in the headache factor of owning vs renting. 

All things being equal financially, I would rather own. But if you would rather call a landlord to fix problems rather than dealing with it yourself, renting might be a good option. I might be headed in that direction one day.


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## Debby

charlotta said:


> I live in Montgomery, Al and own my garden home in a neighborhood that have retirees, but not restricted toward such.  Al is very retiree friendly in that my property tax is less than $400.  Yes, 400 dollars.  I have a 1700 sq ft hse (mtge free), small yard, 3 bedrm hse with open floor plan.  It is expensive to keep up though.  I have family that live nearby.
> 
> What is the problem you're asking?  My daughter is.  She wants me to move to Charlotte, NC to be near her and my 2 yr old and 5 yr old grands. I do know the day is coming, when I can't drive to Charlotte.  This week when I was visiting with them,we looked at apts that were senior citizens only.  I want an apt if I decide to move so that it will be easy for me to meet.  I would love to be not tied to keeping a place up.  I found a couple that seem to meet that need.  The cost is $2500 a month (some were more) and would pay for everything-maid service, two or 3 meals daily, laundry service (which I would prefer to do myself), cable tv, lots of social activities, utilities, except telephones.  Not much closet and storage space though.
> 
> Maggie, my daughter thinks I would prefer to live in a regular apt that maybe catered to a floor or 2 for senior citizens.  I would like that, but I don't know if Charlotte has.  I would love to have group activities that were part of this plan.  My health is ok for a 73 yr old, but I have to avoid the sun and outdoors when pollen is bad.
> Is or has  anyone experienced any of these living conditions?  A mobile home is not for me bc of tornadoes, but I want to hear about your living experiences.




Hi Charlotta, in case you're still waiting for an answer on this one, my two aunts lived in places like what you're describing.  The one had a cozy little one bedroom apartment with a kitchenette (dishwasher, microwave and little fridge) and it was great.  She got two meals with the place and later when she needed meds handled, that was added to the contract.  I think her base accommodations were about $2400.00 Canadian.  She liked it too.

The other aunt had a bed-sitting room with a private bathroom, a small fridge (to keep fruit or drinks in I guess) and enough room for a couple easy chairs and a couple dressers and a table.  And her bed of course.  I think her cost including all meals was about $1300.00 per month.  And she didn't like it.  I'd have to really be into meditation so that in my mind, I could be somewhere else - a lot!  Anyway, what you've described sounds pretty good.


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## LogicsHere

At 73 do you need maid service, laundry service and all your meals made for you?  Would you daughter's property be large enough to put an extension on her house such as an inlaw's quarters?  Maybe one of those new tiny homes (some of which are really cute) if her property is significant in size enough. Living is expensive enough as it is and $2500 while more reasonable than what you could get this type of community where I live still sounds like a lot of money.  Why I cringe having to pay an entire separate rate of $14,000 a year for my mother because I own a 2nd floor co-op and she's handicapped and can't get up and down stairs.  I pay half of what she does.


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## Vala

I don't think there is any point in buying at this time in your life.


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## QuickSilver

Vala said:


> I don't think there is any point in buying at this time in your life.



ONLY if you can do it CASH....  Then why not?   I would never rent... I would buy something.. and pay cash for it..


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## Vala

That is what I meant.  It should have done long ago and paid for at retirement. 

I know someone who's son asked his development for permission to put  a temporary trailer house on his land.  They let him if he promised to remove it when his mother died.  It worked out for everyone.


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## jujube

I sold the last house I will ever own five years ago and never looked back.  We wish we could sell the boyfriend's house, but the market isn't cooperating right now.  The neighbors from heck (not quite the neighbors from hell, but they're working on it....) moved in last spring across the street.  If we were renting, we'd be out when the lease was up.  

I got real spoiled the 18 months my late husband and I rented a townhouse when we were between selling the big house and buying a smaller house.  It was very, very nice to be able to call down to the office and say *your* roof is leaking, *your* toilet won't stop running, and I think there might be termites in *your* foundation.  Very, very nice.  

Now, it's "FOR THE LOVE OF GOD, *NOW* WHAT IS WRONG WITH THAT @#!*$%@ AIR CONDITIONER???" or "IS THAT #$@!*&@ CHIMNEY LEANING *AWAY* FROM THE HOUSE???" or "WHAT THE $#@(^!% IS THAT &^#@*&! BROWN SPOT ON THE CEILING???  WHAT DO YOU MEAN WE NEED A $#@*&!# NEW ROOF???" and there's nobody to call...except the air conditioning guy or the chimney guy or the roofing guys...and while they are very sympathetic about our problems, they actually want US to pay for the solution....the nerve, the absolute nerve.  We had all three scenarios in the last 15 months.  It wasn't pretty.  It wasn't cheap.  It wasn't somebody *else's* problem, either.


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## kcvet

same here. we sold ours a few years back. I was getting to old to take care of it. we rent a Duplex now. they take care of everything. I don't miss that mortgage, high tax's and insurance. glad its gone. we saved a lot of money by renting


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## Colleen

We relocated In Sept. from PA to AZ. I wanted to rent instead of buy another house but my husband wouldn't agree to that so we bought a home in AZ. I love the house, don't get me wrong, and I'm still able to take care of it and he likes the "natural" landscaping instead of mowing (and snow blowing in the winter) a large yard like we had in PA.  The reason I wanted to rent (house, townhouse, whatever) was to save money every month. We got started late in life with buying homes (this is our 4th in 18 years) so we always have a minimal amount of equity when it comes time to move again. Hopefully, this is our last move.

So we will always have a house payment and insurance and taxes, etc. I'm fairly certain we could have rented a nice house here for half the money we spend on a mortgage, but he wanted this house so I was over-ruled. Sometimes it's not worth the stress to fight someone on things. He gives me enough stress in other areas...haha


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## Blaze Duskdreamer

No one mentions that rent always goes up, that landlords can ignore requests for repairs until you threaten them with code enforcement, that after a couple of years, they take you for granted, that you have to live by their rules, and the cost is a wash between the twoplaces.  Whatever you can't do for yourself in your own home, you can hire someone to do.  It's not simple but really it is the case.  Landlords rent to make money.  Your rent exceeds maintenance and taxes and insurance that they pay.  Leases are almost stilted against you.  I am disabled and as I turn 57 will also be house-hunting for the first time.  I realize I'm taking on a lot and that I cannot do the work myself.  It will still, in the end, be mine.  Taxes and insurance and utilities and any work needing to be done will go up but the mortgage won't. 

 My lease said they had to give me 90 days notice if raising the rent.  They did not honor that and gave me 60.  I am not fighting it because they're letting me go month to month.  My daughter's car is in danger of being towed whenever she is here because they are that finicky about who parks here so it's risk a tow in the building lot even though I don't drive, don't own a car but excuse me, aren't I paying the same rent as everybody else and therefore as entitled to a parking space as them but she has to risk tow or a fine on the street coming to help her disabled mother out.  I get a house, she can park in my driveway and neither of us will be worrying about her car.  I do not expect it to be easy but it is still better and, yes, I can leave it to her or my grandson or both.  Wish I had bought years ago but the opportunity is only just presenting itself.  They can enter THEIR house with 24 hours notice or less if they deem it an emergency and nothing you can do about it. 

 I have to endure an inspection in January and hope they don't decide to give me a hard time over some trivial piece of b.s. because they can, because I live at their mercy.  My place is clean.  I'm neat.  I call for maintenance problems.  But they can take offense at any whim and I swear the building manager is bi-polar.  Love her when she's having a good day but when she's having a bad one, look out because she will take offense over nothing and this is the best apartment I have ever lived in.  Because someone else burned their dinner, fire alarms went off all over the place and we had to dump out on the lawn in the cold December weather while the fire department checked it out.  You have continual noise of people you share walls, floors and ceilings with, fighting, making love, hitting their kids, kids screaming uncontrolled.  I am not allowed to take down the hideous Venetian blinds and put up something prettier and easier to care for.  I can cover the inside with drapes but I'd better make damned sure the rod is in the dry wall and not the woodwork.  I cannot put up the easy up and down paper blinds that come in such designer styles now and are so much prettier and don't collect dust because it's not allowed.  Owning is freedom -- pure and simple.  Freedom comes with a price but it is still freedom.  I am SO doing it even if everyone thinks I'm crazy.  Well, everyone older.  The young people seem to think it's a great idea and I'll be happier in my own home.  So do I.  

Last but not least, it'll be MINE.  I will not be living at someone else's whims and mercy.  And in four years, my housing expense won't be 25% or more higher than it is now.  Rent is raised as high as they can get away with every year and the longer you're there, the more they think you will be reluctant to move and the more they think they can get away with upping it while giving you a harder and harder time with making repairs.  I know.  I've been renting for 39 years.  You have to keep moving to avoid this nonsense and it does no good to point out their ads about their starting rents.  You are not starting. So you either move or pay the inflated rent.  It always winds up where it's cheaper to move even when you add in the cost of movers and new security utility deposits.  You may get your security deposit back but most likely, you'll have to take your landlord to court to do it or they'll just offer it back with bogus deductions for made-up b.s. and you'll take it because it's just not worth the hassle.  

Landlords are, frankly, all ...  well, I'm not sure of the language restrictions of this forum so I'll just say Ebeneezer Scrooges and not something that starts with an a.  They just want to collect the rent and do not want to work for it. I want my own house; I want to be in control of my HOME.


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## Colleen

I wish you all the luck in the world with moving out. I hope it is a smooth transition for you. Keep us posted.


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## Lon

Blaze Duskdreamer said:


> No one mentions that rent always goes up, that landlords can ignore requests for repairs until you threaten them with code enforcement, that after a couple of years, they take you for granted, that you have to live by their rules, and the cost is a wash between the twoplaces.  Whatever you can't do for yourself in your own home, you can hire someone to do.  It's not simple but really it is the case.  Landlords rent to make money.  Your rent exceeds maintenance and taxes and insurance that they pay.  Leases are almost stilted against you.  I am disabled and as I turn 57 will also be house-hunting for the first time.  I realize I'm taking on a lot and that I cannot do the work myself.  It will still, in the end, be mine.  Taxes and insurance and utilities and any work needing to be done will go up but the mortgage won't.
> 
> My lease said they had to give me 90 days notice if raising the rent.  They did not honor that and gave me 60.  I am not fighting it because they're letting me go month to month.  My daughter's car is in danger of being towed whenever she is here because they are that finicky about who parks here so it's risk a tow in the building lot even though I don't drive, don't own a car but excuse me, aren't I paying the same rent as everybody else and therefore as entitled to a parking space as them but she has to risk tow or a fine on the street coming to help her disabled mother out.  I get a house, she can park in my driveway and neither of us will be worrying about her car.  I do not expect it to be easy but it is still better and, yes, I can leave it to her or my grandson or both.  Wish I had bought years ago but the opportunity is only just presenting itself.  They can enter THEIR house with 24 hours notice or less if they deem it an emergency and nothing you can do about it.
> 
> I have to endure an inspection in January and hope they don't decide to give me a hard time over some trivial piece of b.s. because they can, because I live at their mercy.  My place is clean.  I'm neat.  I call for maintenance problems.  But they can take offense at any whim and I swear the building manager is bi-polar.  Love her when she's having a good day but when she's having a bad one, look out because she will take offense over nothing and this is the best apartment I have ever lived in.  Because someone else burned their dinner, fire alarms went off all over the place and we had to dump out on the lawn in the cold December weather while the fire department checked it out.  You have continual noise of people you share walls, floors and ceilings with, fighting, making love, hitting their kids, kids screaming uncontrolled.  I am not allowed to take down the hideous Venetian blinds and put up something prettier and easier to care for.  I can cover the inside with drapes but I'd better make damned sure the rod is in the dry wall and not the woodwork.  I cannot put up the easy up and down paper blinds that come in such designer styles now and are so much prettier and don't collect dust because it's not allowed.  Owning is freedom -- pure and simple.  Freedom comes with a price but it is still freedom.  I am SO doing it even if everyone thinks I'm crazy.  Well, everyone older.  The young people seem to think it's a great idea and I'll be happier in my own home.  So do I.
> 
> Last but not least, it'll be MINE.  I will not be living at someone else's whims and mercy.  And in four years, my housing expense won't be 25% or more higher than it is now.  Rent is raised as high as they can get away with every year and the longer you're there, the more they think you will be reluctant to move and the more they think they can get away with upping it while giving you a harder and harder time with making repairs.  I know.  I've been renting for 39 years.  You have to keep moving to avoid this nonsense and it does no good to point out their ads about their starting rents.  You are not starting. So you either move or pay the inflated rent.  It always winds up where it's cheaper to move even when you add in the cost of movers and new security utility deposits.  You may get your security deposit back but most likely, you'll have to take your landlord to court to do it or they'll just offer it back with bogus deductions for made-up b.s. and you'll take it because it's just not worth the hassle.
> 
> Landlords are, frankly, all ...  well, I'm not sure of the language restrictions of this forum so I'll just say Ebeneezer Scrooges and not something that starts with an a.  They just want to collect the rent and do not want to work for it. I want my own house; I want to be in control of my HOME.



  You really seem to have it in for land lords. Of course rents will always go up, just like the land lords costs go up. I think you should consider another apartment rental rather than buying a home. Property taxes go up on a home and so does home owners insurance and maintainence repairs, utility costs, naughty greedy tax assessors, insurance companies, etc You can always leave your daughter the money that you would use as a down payment on a home.


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## kcvet

Lon said:


> You really seem to have it in for land lords. Of course rents will always go up, just like the land lords costs go up. I think you should consider another apartment rental rather than buying a home. Property taxes go up on a home and so does home owners insurance and maintainence repairs, utility costs, naughty greedy tax assessors, insurance companies, etc You can always leave your daughter the money that you would use as a down payment on a home.



agree. I rent from a real estate co and have no problems with them. they have to pay real estate tax's like anyone. and they insure the properties. my rent went up 15 bucks for next year. when i owned tax's and insurance were going thru the roof. that's one of many reason's ill never own again. its saving us big bucks to rent


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## Blaze Duskdreamer

Lon said:


> You really seem to have it in for land lords. Of course rents will always go up, just like the land lords costs go up. I think you should consider another apartment rental rather than buying a home. Property taxes go up on a home and so does home owners insurance and maintainence repairs, utility costs, naughty greedy tax assessors, insurance companies, etc You can always leave your daughter the money that you would use as a down payment on a home.



Of course, all that goes up.  My point was that rental properties -- real estate agent -- and I'm in a luxury apartment and not for the first time; I've lived in one celebs have lived in though this one isn't quite that high end -- private owner or complex are a BUSINESS.  They exist only to make a profit.  Whatever those expenses are will always -- always -- be more for the renter than the home owner.  Don't have to act like I'm stupid.

I also don't understand the assumption that if I own real estate, I won't be leaving my daughter (and grandson) anything, not that I'm obliged to, quite frankly.


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## SeaBreeze

Blaze Duskdreamer said:


> Owning is freedom -- pure and simple.  Freedom comes with a price but it is still freedom.  I am SO doing it even if everyone thinks I'm crazy.  Well, everyone older.  The young people seem to think it's a great idea and I'll be happier in my own home.  So do I.
> 
> Last but not least, it'll be MINE.  I will not be living at someone else's whims and mercy. I want to be in control of my HOME.



I hear you loud and clear, and I certainly don't think you're crazy!  I grew up living in an apartment, and we lived in a few apartments before we were married and could afford to buy our own house.  Our mortgage is paid for and the thought of ever having to live in a rented apartment/townhouse/condo just makes me cringe.  I like to be in control of my home, and not rent a cubicle from someone who has complete power over me.  For some it's acceptable, but I'm not one of them.  Even if my husband passes before I do, I intend to do everything I can to remain in our home and live out the rest of my life.


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## Blaze Duskdreamer

SeaBreeze said:


> I hear you loud and clear, and I certainly don't think you're crazy!  I grew up living in an apartment, and we lived in a few apartments before we were married and could afford to buy our own house.  Our mortgage is paid for and the thought of ever having to live in a rented apartment/townhouse/condo just makes me cringe.  I like to be in control of my home, and not rent a cubicle from someone who has complete power over me.  For some it's acceptable, but I'm not one of them.  Even if my husband passes before I do, I intend to do everything I can to remain in our home and live out the rest of my life.



Exactly.  My daughter is in a stand-alone home now and neither she nor my grandson ever want to go back to apartments.  My grandson says matter of factly that owning is always better than renting.  At 11, he already knows this.  If you own, you invest in yourself; if you rent, you line someone else's pockets and never have a guarantee of keeping that roof no matter how good a tenant you are.  In almost every state, there are legal reasons they can put out even the best tenant.  It might take effort and a court battle (depending on where you live) but this is America and no one has to continue to rent what they own to you.


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## SeaBreeze

We never had any issues with landlords to speak of, but putting that aside...there's nothing like the feel of living in a home on a plot of land that you own.  I wouldn't even live in one of those Home Association neighborhoods, where they tell you what you can or can't do with your home.

I respect city codes of course, regarding lawn maintenance (no 6' weeds), or 12' fences...but that's just lawfully abiding by all codes put out by city/suburb gov't.  Don't have an issue with that.  If I could, I'd rather live on 50 acres away from any restrictions, but that's not reasonable in our situation.  I hear of some tenant/landlord issues on radio shows, and the tenant is not always the bad guy, but the victim of circumstance.


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## Lon

Blaze Duskdreamer said:


> Of course, all that goes up.  My point was that rental properties -- real estate agent -- and I'm in a luxury apartment and not for the first time; I've lived in one celebs have lived in though this one isn't quite that high end -- private owner or complex are a BUSINESS.  They exist only to make a profit.  Whatever those expenses are will always -- always -- be more for the renter than the home owner.  Don't have to act like I'm stupid.
> 
> 
> I also don't understand the assumption that if I own real estate, I won't be leaving my daughter (and grandson) anything, not that I'm obliged to, quite frankly.



i'm sure you are not stupid, you are just not making any sense. What's wrong with apartments being run as a business and making a profit? The real estate company and agent certainly make a profit when they sell a property. You mentioned that if you owned a home you could leave it to your heirs if you wished as opposed ro living in a apartment. My point was that if you lived in an apartment and died you could leave the money that you would have used as a down payment on a home. Are we communicating?


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## Blaze Duskdreamer

Lon said:


> i'm sure you are not stupid, you are just not making any sense. What's wrong with apartments being run as a business and making a profit? The real estate company and agent certainly make a profit when they sell a property. You mentioned that if you owned a home you could leave it to your heirs if you wished as opposed ro living in a apartment. My point was that if you lived in an apartment and died you could leave the money that you would have used as a down payment on a home. Are we communicating?



I think not.  Real estate is more valuable than cash actually as far as leaving an inheritance for my offspring not that I'm obliged to leave them anything though it would be nice to (and they will be).  My point was that it's not a good argument to say that it costs more to own as if you rent, you're paying what it costs them to own what you're renting in addition to whatever profit they deem they can make over and beyond the cost of owning.  If anything, it's a wise and you're enriching yourself as you gain equity; not someone else.  People don't rent to not make money; it is a for-profit business with rare exception.  What makes you think there'd be no money to leave them if I owned?  You make assumptions.


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## Lon

Blaze Duskdreamer said:


> I think not.  Real estate is more valuable than cash actually as far as leaving an inheritance for my offspring not that I'm obliged to leave them anything though it would be nice to (and they will be).  My point was that it's not a good argument to say that it costs more to own as if you rent, you're paying what it costs them to own what you're renting in addition to whatever profit they deem they can make over and beyond the cost of owning.  If anything, it's a wise and you're enriching yourself as you gain equity; not someone else.  People don't rent to not make money; it is a for-profit business with rare exception.  What makes you think there'd be no money to leave them if I owned?  You make assumptions.



You are right, we are not communicating. Real estate is not more valuable than cash. I never said it was cheaper to rent than to own. In my case it is cheaper. The interest on the $400,000 dollars that I received on my residence earlier this year is more than sufficient to pay for the rental of my very nice apartment, even if they kick the rent up quite a bit. Real estate is certainly a good investment if purchased wisely and for the right reason, but on the negative side it is considered not a liquid investment like cash, stocks, CD's etc. I have owned five homes in my adult life and made a nice profit on each one when sold, but there is a time to rent and a time to own and as they say "Different strokes for different folks" The last time I rented a apartment was as a married student with one child and I was in my 20's. Talk to the folks that have gone through FORECLOSURE in the past few years about their EQUITY??


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## charlotta

I think we should remember that senior forums are not all at the same stage in life.  I am in my 70s and feel that
I am approaching the time when I may need to sell my house and move into a retirement community.  I enjoy going out to eat, golfing, movies and so on.  I don't want to take care of my home anymore.  I know I need to live near my daughter so she doesn't have to worry about me.  I live in a good neighborhood and love my garden home, but I am tired of the upkeep. I can tell that my health is not good. 
 My children have homes and have good jobs, so I don't need to worry that they need what little I have.  I plan on enjoying myself, but not rely on their having to support me so I have to be money wise.


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## Jackie22

charlotta said:


> I think we should remember that senior forums are not all at the same stage in life.  I am in my 70s and feel that
> I am approaching the time when I may need to sell my house and move into a retirement community.  I enjoy going out to eat, golfing, movies and so on.  I don't want to take care of my home anymore.  I know I need to live near my daughter so she doesn't have to worry about me.  I live in a good neighborhood and love my garden home, but I am tired of the upkeep. I can tell that my health is not good.
> My children have homes and have good jobs, so I don't need to worry that they need what little I have.  I plan on enjoying myself, but not rely on their having to support me so I have to be money wise.



Things are the same with me, Charlotta, I am really tired of trying to keep up the maintenance of this place. My granddaughter has mentioned building out here on my land and they could be company as well as help....so anyway, I have some serious decisions to make in the near future.


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