# Rent or Own Your own home?



## Packerjohn (Feb 11, 2020)

This debate is always going on.  Here is a story you should think about if you want to live in your own home forever.  https://www.cbc.ca/news/canada/kitc...d-out-out-of-25k-by-roofer-opp-says-1.5459834


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## katlupe (Feb 11, 2020)

I knew I didn't want to live in my own house forever. I like apartment living!


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## C'est Moi (Feb 11, 2020)

No debate here.  Our home has been mortgage-free for the past 12 years and we have no plans to move.


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## Lc jones (Feb 11, 2020)

C'est Moi said:


> No debate here.  Our home has been mortgage-free for the past 12 years and we have no plans to move.


I love not having a mortgage


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## Keesha (Feb 11, 2020)

No debate here either. 
I love our home. 
 It’s a very sad story though. 
It seems as though she had nobody she could rely on.


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## ClassicRockr (Feb 11, 2020)

We rent an apartment. Been doing that since we sold our house we had in Colorado. There are both good and bad of having a house and renting an apartment. But, one thing for sure, unless the house is located on acres of land, there can be neighbor noise just like living in an apartment. We found out about the house neighbor thing from their dogs barking in the middle of the night to two rather large woods owls hooting on the roof of the house behind ours, again, in the middle of the night.


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## Manatee (Feb 11, 2020)

Made my last mortgage payment in 1997.  Paid cash the last 2 times we moved.


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## Don M. (Feb 11, 2020)

Renting is probably the better option for people as they grow older.  Just doing the normal house/property maintenance can be more than a lot of people can, or want, to do.  The downside is that after years of renting, all you have to show for it is a bunch of receipts.  We've never rented, but we've looked at some nice Senior apartments in the area, and if/when taking care of this place becomes overwhelming, we will probably opt for renting one of their units.


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## AnnieA (Feb 11, 2020)

Own and no mortgage.


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## Ruth n Jersey (Feb 11, 2020)

We own our own home and have no mortgage. I'd love to stay here although it is getting harder and harder to maintain. We had the house built in the early 1980s and it is showing its age as well as the property. We need extensive tree work done and work on the foundation. Time will tell.


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## toffee (Feb 12, 2020)

at long last mortgage free


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## Lakeland living (Feb 12, 2020)

No Debate, part of paradise for me.
Very small mortgage here and I intend to stay here. It is home till I am gone.


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## mike4lorie (Feb 12, 2020)

We owned mortgage-free, to about 3 years ago... One of our kids needed money, and the only way was to borrow off the house, so now have a very small mortgage... Don't know if she'll ever be owned out again... It would be nice but doubt it... Unless we sell her, and there is talk about that too... and buying another right out...


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## OneEyedDiva (Feb 12, 2020)

I don't have to worry about it.  I own a share in cooperative housing.  Technically I own one share but really, it's like I own this apartment.  I can will the unit to my son or whomever I choose, I can remodel as long as I don't compromise the integrity of the building/common areas.  Our board and management sees that the grass is cut, the snow is plowed and shoveled, any leaks to common areas are fixed as well as anything else that is structural and affects common areas. The mortgage is paid off but our carrying charges (HOA-like fees) remain, mostly because of the extreme hike in taxes.  For 42 years we paid no taxes due to the PILOT program.  Even though we now pay about the same as we did when we had a mortgage, our housing cost is only about 34% of what comparable housing in the area costs.


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## StarSong (Feb 12, 2020)

Like many said above, our home is now mortgage-free. (Yay!)  

Bottom-feeders have devised numerous ways to scam people out of money. One needn't be a homeowner to be vulnerable.

OP's linked story implies that although this woman lives alone and has Alzheimer's, nobody seemed to be looking over her financial shoulder or watching out for her.


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## RadishRose (Feb 12, 2020)

Own.


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## bingo (Feb 12, 2020)

we sold our house and moved to another state...bought  some property at edge of the  small town where our daughter is....all paid for...we downsized....one br...one bth..


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## Marie5656 (Feb 12, 2020)

*I own my house. I live in a mobile home park, and do pay lot rent, but it is far less than I would pay for a decent apartment in this area.  I am content where I am and would not consider moving at this stage of my life.  Ask me again in, maybe, 10-15 years.*


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## Packerjohn (Feb 12, 2020)

Seniors should never complain about paying rent.  Sad to say:  OUR DAYS ARE NUMBERED!


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## squatting dog (Feb 12, 2020)

Something else to watch for. Like there aren't enough snakes and bottom feeders around.   This actually happened to a woman where she paid the contractor for the roofing materials, but, he didn't pay for the materials on his end. She discovered a lien had been placed on her house by a lumber yard.

edit... turns out there is more than one example of this. 

* https://budgeting.thenest.com/can-roofer-lien-out-house-permission-32627.html

https://wsvn.com/news/roof-lien/*


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## RadishRose (Feb 12, 2020)

I'd never thought of that. The article's advice at the end to get a lien waiver makes good sense.


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## Lakeland living (Feb 12, 2020)

Survival in groups far out does the loners out there and add that to knowledge and communications. You now have something
that can work. Many seniors prefer time on their own, I am guilty of that. However 3 of us on this lake are now working together.
Just a thought. It works in close neighborhoods.


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## Gardenlover (Feb 12, 2020)

ClassicRockr said:


> We rent an apartment. Been doing that since we sold our house we had in Colorado. There are both good and bad of having a house and renting an apartment. But, one thing for sure, unless the house is located on acres of land, there can be neighbor noise just like living in an apartment. We found out about the house neighbor thing from their dogs barking in the middle of the night to two rather large woods owls hooting on the roof of the house behind ours, again, in the middle of the night.


Neighbors can be a blessing or a curse no matter where you live.


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## Gardenlover (Feb 12, 2020)

Even if you own the tax man still comes around.


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## Butterfly (Feb 12, 2020)

squatting dog said:


> Something else to watch for. Like there aren't enough snakes and bottom feeders around.   This actually happened to a woman where she paid the contractor for the roofing materials, but, he didn't pay for the materials on his end. She discovered a lien had been placed on her house by a lumber yard.
> 
> edit... turns out there is more than one example of this.
> 
> ...



This happens a lot more often than people think.  This can be a real nightmare if the contractor goes out of business or bankrupt and you can find yourself really holding the bag.


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## SeaBreeze (Feb 12, 2020)

We own our own home and paid off our mortgage before taking early retirement, over ten years ago.  We both plan to live in our home, either together or alone if one of us passes on, for as long as possible, preferably until we die.  Can't tell the future, just hope for the best.  The only time we rented was when we were young, before we married.


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## Gardenlover (Feb 12, 2020)

I'm thankful that we were able to pay the house off around the age of 40, but sadly still feel the taxman's grasp.


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## SeaBreeze (Feb 12, 2020)

Gardenlover said:


> I'm thankful that we were able to pay the house off around the age of 40, but sadly still feel the taxman's grasp.


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## Linda (Feb 13, 2020)

We own.


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## Ruthanne (Feb 13, 2020)

Linda said:


> We own.


I rent a large one bedroom apartment.  All maintenance is taken care of by the management.  We have good security and packages are delivered to my door.  My rent is incredibly low.  

I've been happy here for 7 and 1/2 years with my dog and birds.


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## terry123 (Feb 13, 2020)

Own my condo with no mortgage.


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## Buckeye (Feb 13, 2020)

None of the above


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## Lee (Feb 13, 2020)

Owned a home, sold it and then found out it was impossible to get a decent apartment. So went into an indecent apartment because the cat decided that sleeping in the truck for the winter was not an option.

So bought a mobile home, rent the land but the home is mine and the banks....small mortgage and a lot cheaper than renting even factoring in the cost of upgrades. 

 I cannot imagine not having a yard, must haves are flowers and a barbq and little veggie plot.


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## retiredtraveler (Feb 13, 2020)

katlupe said:


> I knew I didn't want to live in my own house forever. I like apartment living!


We've been in our house for 38 years. We're also looking to rent an apartment in the next few years. We figure it makes no sense to be in our 70's and continue to have to do maintenance to house and yard, or worse, try to find someone to do maintenance. We also figure that we only have so much time left and don't want to 'stick it' to spouse, or other family members, to clean up the house if something happens to us. Downsize and rent while you're physically/mentally able.
   Also, selling the house gives us years of rent money, especially adding in taxes and cost of maintenance. We get to use all that equity.


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## Liberty (Feb 13, 2020)

SeaBreeze said:


> We own our own home and paid off our mortgage before taking early retirement, over ten years ago.  We both plan to live in our home, either together or alone if one of us passes on, for as long as possible, preferably until we die.  Can't tell the future, just hope for the best.  The only time we rented was when we were young, before we married.


Ditto for us, Sea...hub built this big joint, and having the privacy of the land its on makes it "priceless" to us.  So fine to love where you live, isn't it!


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## Aunt Bea (Feb 13, 2020)

I rent for many reasons.

Financially it is much cheaper than owning a similar-sized home in this area.

I also believe that it is safer for me to live in an apartment complex and blend in with the herd than it would be to go it alone in a single-family house.

I suppose that we can all make a case in support of our individual choices and for me renting just feels right at this point in my life.


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## Butterfly (Feb 13, 2020)

I own my now mortgage free home; however, there are times when I seriously consider renting an apartment and not having to worry about maintenance, etc.  I've looked off and on for a couple of years not, but rents have gone up so much here that it really isn't financially feasible for me right now.  Also, I'd have to find a rental that would allow me to have a good sized dog because I can't imagine living without a doggie companion.


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## Liberty (Feb 14, 2020)

Aunt Bea said:


> I rent for many reasons.
> 
> Financially it is much cheaper than owning a similar-sized home in this area.
> 
> ...


Yep, its what feels best for each of us at the given time, huh!


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## Liberty (Feb 14, 2020)

Butterfly said:


> I own my now mortgage free home; however, there are times when I seriously consider renting an apartment and not having to worry about maintenance, etc.  I've looked off and on for a couple of years not, but rents have gone up so much here that it really isn't financially feasible for me right now.  Also, I'd have to find a rental that would allow me to have a good sized dog because I can't imagine living without a doggie companion.


Butterfly, thinking that probably every single woman feels that way about living solo in a house.  Like momma used to say "daugher, everthing in life has pro's and con's."  Just what suit of clothes fits you best overall, huh.


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## old medic (Feb 15, 2020)

We own both our homes free and clear. My brother has lived in the one 15 years before we bought it 3 years ago, and continues to rent it from us...
But we doubled his rent.... $100 a month but pay the power...LOL.. he also does alot around here.
The other is next door and totally remodeling it into our retirement home.


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## Leann (Feb 15, 2020)

I find myself thinking about this very topic quite often. I have a sweet little house that I own in a lovely rural area and I'm happy here. However, there will come a point when I may have to move because advancing age, declining finances and limited mobility will converge and an apartment or senior residential community will be the better option. I'm not to that point yet but it's on the horizon.


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## RuthW54 (Feb 18, 2020)

Ruth n Jersey said:


> We own our own home and have no mortgage. I'd love to stay here although it is getting harder and harder to maintain. We had the house built in the early 1980s and it is showing its age as well as the property. We need extensive tree work done and work on the foundation. Time will tell.


I've owned my small home for 30 years and couldn't agree more. It's getting too difficult (and expensive) to handle for me as I approach retirement. I need some predictability in my monthly expenses. Really thinking about selling my home and renting to reduce headaches and burden on my kids...


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## JustBonee (Feb 18, 2020)

RuthW54 said:


> I've owned my small home for 30 years and couldn't agree more. It's getting too difficult (and expensive) to handle for me as I approach retirement. I need some predictability in my monthly expenses. Really thinking about selling my home and renting to reduce headaches and burden on my kids...



I sold our family home of 40 years after my husband died.  The large house/yard/swimming pool was not something an old widow should be saddled with ...  and like your words  the 'predictability of monthly expenses'  is most important.    I just didn't want to deal with  taxes, insurance,  maintenance and home repairs  and the  sales people who take advantage every chance they get.

I moved to a senior apartment community two years ago and I haven't looked back.   ..  the stress is gone.


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## charry (Feb 18, 2020)

Lee said:


> Owned a home, sold it and then found out it was impossible to get a decent apartment. So went into an indecent apartment because the cat decided that sleeping in the truck for the winter was not an option.
> 
> So bought a mobile home, rent the land but the home is mine and the banks....small mortgage and a lot cheaper than renting even factoring in the cost of upgrades.
> 
> I cannot imagine not having a yard, must haves are flowers and a barbq and little veggie plot.




sounds  good lee.....


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## treeguy64 (Feb 18, 2020)

Own. 

Can't see paying rent, as, to me, it's like flushing your hard-earned cash down the toilet.  I'll buy another house, hopefully in the next year, in a cooler climate that has seasons, after I sell the one I've been living in for thirty years.  If things get too tough to manage, in the coming years, then I'll consider buying a small unit in a senior community.  Time will tell........


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## peppermint (Feb 18, 2020)

We have 2 homes....Own!

They are not Huge homes,, they are comfortable for us....


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## Liberty (Feb 19, 2020)

We are very fortunate through the hub's hard work.  The home we have is big and open... uniquely built to say the least, for energy efficiency and requires little maintenance. Over the years, we've kept up on what we thought would need to be done to make it a great retirement place and it gives us pleasure and tremendous privacy every day.  The big home owner's  insurance company said they had insured a house like ours and sent an appraiser to review it.  That was 35 years ago!  Because of that, our home insurance is low.

Have about 8 of the 12 acres mowed (we don't do the mowing) and the rest is in the bottom land by the creek.  Nice to keep it for the deer and other wildlife to enjoy it the natural way.  The hawks and owls do like the mowed grass...easier to find moles and other goodies.
Its nice to love where you live, isn't it!


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