# Too late to buy a house?



## silverback5

I'm 67 years old and I've been a renter my whole life. I've never owned my own home and I've never wanted to. However, I have recently started seeing a new special lady in my life and she wants to buy a house with me. My fear is that I'm just too old. With my current financial situation, I would have to get a 25 year fixed mortgage which means I wouldn't have it paid off until I'm 92. Has anyone else on the forum had experience buying a new home later in life?


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## Allin

I haven't had an experience with buying a house for myself later in life, but I do believe you are never too old to afford a house. If you can afford a nice home for yourself, I say go for it, but take everything into consideration first, including cleaning and maintaining your property. Good luck!


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## Buster'sGrandad

If your mortgage is going to be less than your rent, it's a great way to park some capital and experience growth. Do you have kids? Would you be buying the house yourself or listing your new special lady as co-owner?


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## adrian

Its never to late to buy a house! You need to have somewhere to perminantly so you feel like you own something, it might seem strangebut its good.


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## AlbertC

I'd be a bit cautious about this too. I currently live in a condominium, and I own it, which I think is an excellent arrangement, but I'm happy to pay my condo fees at the end of the month instead of dealing with all the headaches of the maintainance of a detached home. 

I certainly agree that paying money on a mortgage building your own capital is a better way to preserve your equity for future generations, but I'll tell ya, I'm retired! That means I'm never mucking out another evestrough in my life!


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## ccohoe

I currently live in a condo. I would recommend it to any of my friends. Its nice to have a shovelled walk and underground parking. It is very worry free way of owning your own place. Most condo fees are very reasonable as well. Its also never to late to start saving money in house equity. Go for it!


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## AlbertC

Absolutely agree. The shovelled walk, underground parking and building ammenities are worth every penny of condo fees I have paid. It really works out to a similar amount, or less, than what you would spend on upkeep of a large detached home. 

I've owned many homes in my life and probably spent enough money on paint and siding to buy an entire house. Glad to be done with that now!


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## deemac80

Perhaps if you were to buy a house, you could buy one that has a basement apartment. This way you could have your house and the rent that you take in could go towards paying your house off early. Also you can choose the option of a townhouse or a duplex. This way you would not be responsible for the yard work, repairs and other things that may be too expensive to consider. You can also choose the option if condo living and live in a townhouse. This way you have all the joys of your own home without extra expense.


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## valerie

Seems to me there is a lot of maintenance involved with a house when you buy it, renting means it is not your job to repair the leaky tap etc. But even though I am a renter I always wonder if the landlord would end the contract when I am 80 and I will be faced with moving then which is a horrible thought.


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## Mr Sandtoes

Very good advice from all here. The maintenance of a home can claim all of your time and money if you do not buy wisely. A condo may be a good idea, but for someone like me who likes to garden, it is not an option. A low maintenance home in a 55 plus community will often come with maintenance fees but leaves your back ache free. A 15 year mortgage is an option that is not as costly as you may think.


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## Steve

We retired in 1997 from Montreal and we moved up to Northern Ontario to Elliot Lake which is a retirement city.. 
We rented there for 8 years and then got totally fed-up with all the rules and regulations that would change every other day..
We then looked at buying a house and we looked around with different agents in different areas till we found a suitable house in Massey..
We bought an "A" Frame house on acreage of land and it was built in 1988 which means it is a rather modern house and it is well built..
We took a 15 year mortgage and we pay an additional $150.00 per month of capital on the mortgage to reduce the time frame..
This turned out to be the same monthly cost as we were paying in an apartment..

We bought the house for $45,000 and it is now worth somewhere around the $175,000 mark as prices have gone up drastically..
We also looked for a situation house which means we got it cheaper than market value..

Bottom line..... If you can see your way to buy something, by all means go for it ..
Also remember................... "buyer be ware" .......... Don't jump into something without doing your homework...


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## Lena51

That is what I would say also, buy you a home if you want and you are never to old to do it.  It is the same as renting except it's your and you get all the benefits, not the landlord.  Just be very careful and don't let no one play tricks on you just because you are a senior.  A lot of seniors have gotten taken and I feel so sorry for them because con artist are everywhere and hope that they get what's coming to them.


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## TICA

Perhaps one alternative to buying and older home and having unexpected repairs, is to build.  There are lots of companies that have "pre-fab" homes.  Built in a factory and then delivered to the homestead. At least that way, you can design it the way you want, put a full basement in for a possible rental suite and shouldn't have any major repairs for quite some time.   That is what I am planning to do and I'd much prefer to hire a local person to plow the driveway or take care of the yard (when I can no longer handle it), than pay condo fees.   Just a thought.....


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## TICA

That is awesome!  Your barn is so far away though.... mine will be closer to the house and I have a ton of trees that will need to be moved, but what a lovely spread you have there.

To the OP, seriously think of getting a modular home.  I have compared prices and agree with TWHRider, the cost is usually cheaper and the house is backed by
a reputable company.  Do your homework though, but I'd say "go for it"!!


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## geedaddy

Previous posts have touched on most of the pros and cons that I can think of.  Buying a home is one of the biggest investments a person can make.  I suggest you take as much time as you need to determine what it is you need and want for the rest of your life and see if home ownership fits in based on the information you have.  Unless your friend's need for homeownership can be fulfilled by purchasing a townhouse or condo with most or all maintenance provided, your lifestyle could change significantly since you have always rented.  That could take a whole of getting used to.  Be selfish and think about yourself first. Think about two broad questions in the context of what others have said: 

Will owning a house be fulfilling for you--"the American Dream"?
As you age would you prefer to fix the toilet, stove, etc. yourself or make a phone call without having to worry about paying a repair company lots of $ to fix it.
If you decide to do it, be prepared for a big challenge.  If you want it bad enough, you might discover a whole new world that's not only challenging but fun!  Best of luck and you might try the link below for more discussion.  The first person to respond seems to be quite experienced and even invites readers to give her a call.  Best of luck.
Geedaddy

http://www.trulia.com/voices/Home_B...ears_old_-262239?answerId=947680#left_content


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## Bill Newsom

I'm 71 and just bought a nice house in Austin with a pool and large back yard nestled against a greenbelt.  I have a 30-year mortgage and will only be 100 or so when the house is paid for.  In the meantime, I have a dream home that will keep me active and, I hope, healthy for some more years.  The house project has energized me.  I share the house with a younger woman friend who helps with cooking, cleaning, and yard maintenance, and who will be available if I have any special health needs.  It's working fine for me so far.


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## That Guy

"It's not a house, it's a home" -- Bob Dylan


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## rkunsaw

I'm also 71 and shudder to think about making house payments again. Or car payments or anything else payments.

But, it seems to be working for you and that's all that matters.


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## Happyflowerlady

View attachment 1983We found a place to live as a caretaker, and that is working really well for us at this time. The place was pretty much an old abandoned trailer on a large property, and the landlord lives just through the meadow from where we live. 
The last tenants had left junk all over, and it took us several months of cleaning just to make the place inhabitable, and there is still a lot of things that need work, and we do those a bit at a time, as we can afford it.

We now have the outside cleared and cleaned and keep it mowed, and it is almost like living in a park. The landlord says it has never looked this good that they can remember, so he is happy having us here. 

It is a very simple lifestyle, but takes care of the necessities, and is about the cheapest place that we could live. We have a little garden area, I have been planting flowers , and Mr.HFL enjoys running around the yard on the riding mower to keep the yard groomed.


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## Archer

If you don't want to buy a normal type house and have all the maintenance and other worries, buy into a retirement style village..ours is being built at the moment.
It's a stand alone house, a bit bigger than what we have now...two bathrooms, three bedrooms, lounge, dining, etc, etc. Also has a double garage as we don't want to get rid of either of our cars (especially mine...LOL)
Has a wonderful community centre with heated pool, spa, library, function hall, bowling club, doctor, hair dresser, etc.
With my disability, I can no longer do the maintenance so I'll let someone else worry about that.


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## That Guy




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## Jillaroo

_That's a lovely home TG who was the builder?_


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## That Guy

Jillaroo said:


> _That's a lovely home TG who was the builder?_



I believe it's the ever popular do-it-yourself . . .


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## Rainee

Ahh That Guy a holiday every day in your little abode.. we have a relocatable home as had a home 
on acres.. a nice home with a swimming pool and room for a pony but they got too much for Hubby 
to look after so we sold, banked the money .. went on overseas holidays all over the place.. 
came home and bought ourselves a relocatable home.. not much upkeep. low ground rent each fortnight, 
there is a swimming pool in the complex also a laundry with commercial dryers, and washers if we need them, 
which I don`t as have my own laundry.. drs over the road,. transport at the door. and major shopping
mall just up the road 5 min away.. so thats all we need.. after travelling for 10 yrs I am happy to settle 
down and enjoy life and take it easy.. as easy as it can be any way.. as we know Life wasn`t meant to be easy..
so the original poster its not too late to buy a home if you can afford it and keep up the upkeep and 
maintenance to it.. otherwise.. take the easier road and buy into a combo or what ever your communities have..


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## rkunsaw

Archer said:


> If you don't want to buy a normal type house and have all the maintenance and other worries, buy into a retirement style village..ours is being built at the moment.
> It's a stand alone house, a bit bigger than what we have now...two bathrooms, three bedrooms, lounge, dining, etc, etc. Also has a double garage as we don't want to get rid of either of our cars (especially mine...LOL)
> Has a wonderful community centre with heated pool, spa, library, function hall, bowling club, doctor, hair dresser, etc.
> With my disability, I can no longer do the maintenance so I'll let someone else worry about that.
> 
> View attachment 1984
> 
> View attachment 1985



That sounds like the ideal place. If we get to the point taking care of this place becomes too much, I'll look for something like this.


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## Jillaroo

_This looks like a lovely home, it's a skip bin._


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## GreenEyedMare

GreenEyedMare here...
oooh, a closer picture of your place!  Hubby likes the greener grass in February!!


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## GDAD

It would be hard to buy a house or semi-detached house here in Sydney Australia, at the age of 67.
The cheapest would be around $300,000 to $400.000. It would be Nigh impossible to obtain a loan
over 15 years. If you put $100.000 deposit down you would be up for $1667 a month plus interest.:banghead:


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## Happyflowerlady

There are actually quite a few places here in America where a person can find a caretaking situation, similar to what we are doing. Some of them require different responsibilities, or abilities, than others do, but if you look at some of the websites online that offer caretaker jobs, eventually you can find one that suits your needs and abilities, I think.

I found this one just looking on Craigslist . The landlord was tired of fixing up his rentals, just to have the renter trash them; so he offered two years free rent for fixing up the property and house, and then under $200 rent after that, which could be worked off by helping him . 
We live on his large acreage, and have permission to fish in the ponds  and share the fruit and berries , yet are not in sight of any other houses, so it is totally private here.

It is not the same as owning ones own property, but it is working great for us,and we enjoy seeing the deer when they are in the back yard, and feeding the cardinals and wrens.


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## Jillaroo

_*You realise that the skip bin also has airconditioning Di, all one needs to do is lift the lid up a small way, also good for when one has been dining on baked beans, and to make some money it could be a Hotdog stand at night.*_


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## MICSENIOR

*The real question is "which would better for your (and your lady's) life style".*

Consider the possible responsibilities involved with home ownership.  Do you enjoy yard maintenance, Etc?  Any physical limitations that you might have?  How will you feel about it 10 years from now.  Age doesn't matter as far as getting a mortgage is concerned.  And, I would be willing to bet that only a small percentage of mortgages are ever paid off any more.  We have become a very mobile society.  Many neighborhoods have an annual turnover rate of 20 - 25%.


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## jrfromafar

silverback5 said:


> I'm 67 years old and I've been a renter my whole life. I've never owned my own home and I've never wanted to. However, I have recently started seeing a new special lady in my life and she wants to buy a house with me. My fear is that I'm just too old. With my current financial situation, I would have to get a 25 year fixed mortgage which means I wouldn't have it paid off until I'm 92. Has anyone else on the forum had experience buying a new home later in life?



don't think in terms of paying the house off or when the house is paid off - think in terms of monthly outlay. If you rent, you'll pay anyway - so what's the difference? If she's more comfortable with as a home owner, make her happy!


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## LogicsHere

I myself would not want to buy a house with someone other than my spouse. What if the relationship turns rocky, you're stuck. And I'm not sure a bank would give you a 30 year loan now but I could be mistaken.  Harder to divide in the case of death, what if one of you gets sick and I mean seriously ill, such as the big C or A? Do you want the hassles of having to decide who gets what if something happens to either one of you.


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## RedRibbons

If you want to buy a house, then I say go for it. But, I would make sure my name was on the Deed, and if you are not married to a person you are buying a house with, make sure if you die before them, your ownership in the house goes to whom you want it to go to.  I bought my house in my 20's and it has long been paid for. The thing about owing a house is having your own yard. And to me, that is priceless. Sure you have to pay for repairs once in a while, just like you have to do when you own a car. But, you don't have to answer to a landlord, or have your money going down the drain each month paying rent.


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## Manatee

We bought a _townhouse_ condo in 1987, I gave away the lawn mower and haven't missed it yet.
Maintenance doesn't get any easier as you age.  Moving doesn't get easier either, choose carefully.


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## AZ Jim

This is a very old thread, it doesn't really have much relevance three years later.


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## Kadee

I was curious what a condo was ,:shrug:So I asked Mr Google they appear to be what we call units


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## Lara

Manatee, welcome to Senior Forums. I see it's your first day  Your comment is very relevant today and I think you can use an old thread whenever you want. I haven't found a rule against that here. We have so many and it's nice to consolidate. I just did it from a 2013 thread. A few made mention of using an old thread there too but then they joined in and commented quite effectively for 50 more posts and still counting (not that I'm counting). And I didn't have to cloud the archives with a another similar thread. Maybe I'm wrong because I've been a new member for less than 2 months but I see no harm.

It was nice to get your perspective. I agree with you that, at our age, simplify, unless you have money to pay cash in full, because one should not begin accruing mortgage debt at our age. The idea is to go into retirement with little to no debt. I own and am staying for awhile because it's paid off and I've been here 15 yrs. Moving itself is expensive. But owning has continued expenses…property taxes, maintenance, insurance, etc. so renting and leaving all the expenses and headaches to the landlord makes sense….unless, like I said, one has money to burn.

Kadee, pretty photo of you. Condo is short for condominium.


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## applecruncher

Manatee, welcome! 
btw Lara is correct.  Feel free to read and comment in any thread.


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## AZ Jim

Manatee, I see some didn't grasp my meaning in the statement " it doesn't really have much relevance three years later" to somehow suggest one shouldn't reply to the old posts.  I hope you understood that since the thread is about real estate and since that market changes rapidly the information contained wouldn't shed much light on todays real estate condition.  I hope you understood my meaning.  Enjoy the forum.


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## mschrief

silverback5 said:


> I'm 67 years old and I've been a renter my whole life. I've never owned my own home and I've never wanted to. However, I have recently started seeing a new special lady in my life and she wants to buy a house with me. My fear is that I'm just too old. With my current financial situation, I would have to get a 25 year fixed mortgage which means I wouldn't have it paid off until I'm 92. Has anyone else on the forum had experience buying a new home later in life?



My husband and I are closing on a home in 17 days. He is 69 and I'm 59 and will retire in 8 months.  We have been renting for years and are eager for more space and our OWN home.


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## Waterlilly

It also depends on where you are thinking of buying. Do your homework as to property taxes, homeowners insurance, do you need flood insurance. Write down the pros and cons and take your time. Depending on your area it could be a buyers market and ripe for the picking. Best of luck. This could be fun!


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## Vedaarya

I grew up in a big house with a big garden, but after getting married I moved to an apartment near the town centre, which was convenient with children - close to the institutions and public transport. But I still missed my old living in own house, so when my children left home, we had a little house built in the suburbs. The house was built well to keep the maintanance expenses down (my husband looked to it) and it's worked so far. But I agree, there's always some work around the house and you must like to do it and be able to do it (or pay for it) to be as happy in it as I am.


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## Myquest55

Kadee46 said:


> I was curious what a condo was ,:shrug:So I asked Mr Google they appear to be what we call units



This is a good point.  If you have not moved around or ever bought property before there are some things to consider.  These terms have different meanings plus, different tax rules and fee rules apply to different kinds of property. (different states have different rules too)

Single family home
Farm
Duplex
Multi-family
Co-Op
Condominium
Townhome or townhouse

Make sure your Realtor explains your responsibilities before you purchase and do some homework on your own - never "assume."

Also remember - there is ALWAYS a deal!!  If the first homeowner's don't want to play ball with your budget- walk away. There will be a better one down the road.  Do not be bullied beyond your limit - either by the mortgage company or the home seller.  (While buying our 3rd home, the mortgage representative told us we qualified for an amount 3 times what we were asking for and I laughed.  Told him that I knew exactly what I wanted to pay every month and to keep the total where is was.  We ended up with a fantastic place, just perfect for us and the boys and as government funding started to go away, the husband's pay dropped.  We were still easily able to make the payments.)

Good luck to all!


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## Manatee

A condominium is NOT a type of building, it is a type of ownership.  In AZ we had a one story townhouse that was a condo, In Treasure Island FL we had a townhouse condo.  Down the street was a condo that consisted of one house and a duplex next to each other.  We are now in a 3 story building that is an apartment type condo, where each unit is on a single floor.
There are also condo business offices, shops and boat facilities.


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## Myquest55

Manatee said:


> A condominium is NOT a type of building, it is a type of ownership.




Thank you, Manatee, for that clarification.  You are correct.  I did not mean to imply they were all types of building but, as you said, they are unique types of ownership.


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