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View Poll Results: Do you rent or own?
I am retired and I own 97 58.43%
I am retired and I rent 13 7.83%
I am not retired and I own 45 27.11%
I am not retired and I rent 11 6.63%
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Old 10-18-2015, 09:35 AM   #21
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We downsized in 1995 and rented a penthouse that is on First Nations Land. So it has a 99 years lease that cannot be passed on. So we are renting at about 60% of market value ans still cannot justify any change. Our house proceeds were invested and have been doing very well thank you.

In 2007, we purchased our snowbird condo that we inhabit for 6 months and leave empty the rest of the year. We do rent our penthouse for the 6 months we are away. After 7 years, we have it down.

Last year we tried to buy a place in Vancouver but we were reminded why we liked renting. It is true that we lose some tax advantages but we find they do not compensate for the market advantage that we still have.

Why do you ask? It seems that there are so many extenuating circumstances, it is impossible to reach any conclusions.
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Old 10-18-2015, 09:42 AM   #22
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I own my home free and clear, and intend to never move again in my life if I can help it. With any luck I will stay here for the duration. Moving into this home last summer was much harder (physically) than I had remembered moves could be so I'd prefer to never move again. Besides, I love my Dream House and want to stay put.

I get a lot of satisfaction out of owning a nice home that is just exactly what I desire, want, and need, with everything just the way I like it. But more importantly, I love knowing that I can stay here in this lovely and oh-so-convenient home forever if I want to, barring the unforeseen. I am someone who seeks roots, not travel, as you all know, so my desire to own my home should be no surprise to anyone here. I can afford to own my own home free and clear, and for someone like me this is the best use of my money. YMMV and for many does. That's great! But I have to go with what works for me.

I don't do any maintenance at all and haven't since I retired. No excuses; I am sort of old (67), and I have never been any good with manual labor anyway so why not leave it to those who are? My solution is to hire people to do all the same stuff that an apartment manager would hire somebody to do. It's not been a problem and it hasn't been expensive either since nearly everyone in this area seems to want these small jobs. However I do have to actually take the initiative to call someone to get the work done. That is the primary downside of maintenance AFAIK.

Interesting poll results!
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Old 10-18-2015, 12:08 PM   #23
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I own my home free and clear, and intend to never move again in my life if I can help it. With any luck I will stay here for the duration. Moving into this home last summer was much harder (physically) than I had remembered moves could be so I'd prefer to never move again. Besides, I love my Dream House and want to stay put.
Like you, I found the physical side of moving harder than the prior move six years ago. It was an extremely hot summer in Central Florida (moved from Tampa Bay to Orlando area, hot to hotter) which I think was a contributing factor. I also found the mental toll greater which I think was related to moving from an apartment (no responsibility for the upkeep) to a house filled with things that break and grounds that must be maintained (including the pool). It added a huge amount of stress which is now dissipating after 5 months as I get comfortable with the house and its needs.

Being in the house during the summer's torrential rain storms was very nerve wracking and brought out my hurricane PTSD from 2004 when we got pounded by 3 hurricanes while living in Lakeland.
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Old 10-18-2015, 12:47 PM   #24
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I know situations differ, but I cannot understand retiring without owning your own home. And I mean owning free and clear. I is just a security issue for me, my backstop should all else fail. After owning your home, then travel, rent from time to time, do what you want, but you always have your own home. Not owning a home is just living too close to the edge for me.
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Old 10-18-2015, 01:00 PM   #25
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I own a house. We had planned to move to a smaller house next spring/summer to reduce maintenance costs but now that looks like it is off for a few years.

Renting looks very attractive because I could escape from house maintenance costs and hassles. Maybe "the other side of the fence looks greener" syndrome ...
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Old 10-18-2015, 01:39 PM   #26
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I currently rent and it works for me. I find the place I want to rent and the place I want to buy are not the same. The house I rent is on the water with a great view but its not a "show place", old and could use some repair. It fits how I live. Low maintenance. If I were to buy I would want a house more inland, newer and larger. Owning means at some point I would want to sell and have some thought to ROI.

My dream is to be able to jump on a plane and spend a month or two in Paris, Rome, London, ect. and not worry about a house. That will be the Landlords job.
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Old 10-18-2015, 02:05 PM   #27
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We rent. We are still in our early 40s and I don't think we have found a suitable location to settle down for good yet. When we do, I won't mind owning again - although it will have to be something easy to maintain like a condo. I am done with houses with big yards.
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Old 10-18-2015, 02:11 PM   #28
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We own. We sometimes feel that the square footage is more than we need, but after 35+ years of marriage we finally have a music room that is large enough for all of the instruments AND can have people in for a jam session AND can have seating for non-players. Don't think we will be downsizing until some health issue requires selling/giving away the musical instruments.
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Old 10-18-2015, 02:26 PM   #29
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We own, and it's paid off. In another five years or so the plan is to move to a CCRC and after the hefty admission fee it will be a rental but overall housing expenses will be roughly the same since we won't have to think about maintenance issues like the $3,400 water line replacement or the $3,500 A/C in the last couple of years.
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Old 10-18-2015, 02:28 PM   #30
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We own. We sometimes feel that the square footage is more than we need, but after 35+ years of marriage we finally have a music room that is large enough for all of the instruments AND can have people in for a jam session AND can have seating for non-players. Don't think we will be downsizing until some health issue requires selling/giving away the musical instruments.
If you play and practice instruments, no matter how mellifluous the music, you will annoy neighbours in a condo or apartment building unless it is exceptionally well soundproofed. A SFH is best for musicians, I think.
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Old 10-18-2015, 02:44 PM   #31
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Like you, I found the physical side of moving harder than the prior move six years ago. It was an extremely hot summer in Central Florida (moved from Tampa Bay to Orlando area, hot to hotter) which I think was a contributing factor. I also found the mental toll greater which I think was related to moving from an apartment (no responsibility for the upkeep) to a house filled with things that break and grounds that must be maintained (including the pool). It added a huge amount of stress which is now dissipating after 5 months as I get comfortable with the house and its needs.
I am so glad to read that it is dissipating for you now and that gives me some encouragement. Thanks. Now that I have had some R&R to cut back on the exhaustion, and also have better eyesight due to my recent cataract surgeries, maybe I'll stop running into things, breaking toes, having bad falls, and so on. I love my house so much, and it was worth it, but also I never want to move again if I can help it.

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Being in the house during the summer's torrential rain storms was very nerve wracking and brought out my hurricane PTSD from 2004 when we got pounded by 3 hurricanes while living in Lakeland.
That's awful and I know first hand how bad hurricane PTSD can be. My sincere sympathies and I wish nothing but the best for you in extricating yourself from that awful mindset. I was incredibly lucky when moving because we didn't have any hurricanes or tropical storms threatening New Orleans this summer. I was pretty worried because the insurance companies won't write new policies when there is a hurricane in the Gulf, but it turned out that was not an issue for me either in buying or selling this summer. I was also worried about owning two fully paid off homes in New Orleans during hurricane season but that was over quickly as well, thank goodness.
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Old 10-18-2015, 03:00 PM   #32
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We sold the big house in 2004 and moved into a luxury apartment. We have moved another 4 times since then, across State lines twice, and since retiring have spent 6 years doing extensive travel. Renting has worked out perfect for us, and the money from the house sale, which we had owned free and clear, has grown very nicely this past 11 years.

In April next year we'll be setting up a permanent home in England and expect to rent the first year or 2 but then probably buy a house.
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Old 10-18-2015, 03:22 PM   #33
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I know situations differ, but I cannot understand retiring without owning your own home. And I mean owning free and clear. I is just a security issue for me, my backstop should all else fail. After owning your home, then travel, rent from time to time, do what you want, but you always have your own home. Not owning a home is just living too close to the edge for me.
? Why? serious question. what do you mean "living too close to the edge"?

If something catastrophic happens, what will owning do?? I owned my home in NJ, lol. My property taxes were still 1000 a month so if I was living close to the edge and lost my job, I would still have been SOL.

I do hear your sentiment often, and always try to understand. I'm retiring early next year (hopefully), I'll still have a mortgage, I don't feel any less secure, I guess than if it was paid off.

Just curious
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Old 10-18-2015, 03:33 PM   #34
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I have a neighbor that saw it as his duty to convince me to buy a house. He would bring me the house listings of the neighborhood, I would tell him that I'm happy renting. Over and over this would happen. I finally asked him,"what part of I don't want to buy a house don't you understand ?". He finally stopped.

I do admit it feels slightly "un-American" to not want to own a house.
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Old 10-18-2015, 03:37 PM   #35
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? Why? serious question. what do you mean "living too close to the edge"?

If something catastrophic happens, what will owning do?? I owned my home in NJ, lol. My property taxes were still 1000 a month so if I was living close to the edge and lost my job, I would still have been SOL.
Wow, parts of New Jersey are indeed beautiful, but to me, owning a home there sounds almost like renting it from the state. $1000/month? That sounds insanely high from here.

Here, for example, my property taxes at the old house were $79/month (except we pay them yearly). Many here pay no property taxes since we have a $75K homestead exemption. But anyway, my guess is that $79/month would be a lot easier to come by than $1000/month if one loses one's steady income. Not only that, but if over 65 and with a moderate income, one's assessment is frozen for life.

Also I'm not sure but I think I read somewhere that the elderly here who do not pay their property taxes just have them extracted from their estate upon death, rather than the house being seized for delinquent taxes.

Not that this is a tax heaven; they get their pound of flesh from sales taxes which add up to 8.75% in my parish.
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Old 10-18-2015, 05:51 PM   #36
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What did it for us other than the desire to lock and go plus not be bothered with home mtce issues?

We realized that our house was empty and we were not using it. 3700 sq feet yet the only rooms we used were the kitchen, family room,office, and bedroom. Five other bedrooms, three other bathrooms, two living rooms, a dining room, and an indoor hot tub that we never used.

There seem little point in paying the taxes, mowing the lawn, clearing the snow, heating the house etc. Best thing we ever did was sell-emotionally, physically, and most of all financially. We are much further ahead, not because of the proceeds but because we realized a significant gain on sale over a relatively short period and did very well on the invested home equity. This move actually served to make our retirement even more financially secure.

We may buy. But prices where we live are oil dependent. Home prices and rents are going down...and will be going down more over the next six months or more.
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Old 10-18-2015, 06:00 PM   #37
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Best thing we ever did was sell-emotionally, physically, and most of all financially. We are much further ahead, not because of the proceeds but because we realized a significant gain on sale over a relatively short period and did very well on the invested home equity. This move actually served to make our retirement even more financially secure.
Plus, there were no taxes on capital gains on the sale of your principal residence!
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Old 10-18-2015, 06:47 PM   #38
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Retired and own our place.

At the time we purchased, the rent was higher than the payments on a 20 year P+I mortgage and the interest rate was below the local rate of inflation. It was an easy decision and, financially, it has been the right one. We also used home equity to finance partnership capital (which was cheaper than either borrowing through another facility offered or selling other investments) so saved some money there as well. With 6 years to go before the mortgage is paid off, I am much happier owning than renting. Even without the significant price appreciation, owning has been the better decision financially and we have no plans to sell.

Given where prices are now, I am not sure if we would make the same decision today.

Longer term, if there is a downturn in the local property market, we could use home equity to buy another investment property.
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Old 10-18-2015, 07:07 PM   #39
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In CA (LA area), if I purchased a 3 or 4 bedroom home, just better than a starter home, it would be about $1,000 a month in property taxes. LA county sales tax is range from 9% to 9.5%. I guess I'll enjoy the weather when I can.



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Wow, parts of New Jersey are indeed beautiful, but to me, owning a home there sounds almost like renting it from the state. $1000/month? That sounds insanely high from here.

Here, for example, my property taxes at the old house were $79/month (except we pay them yearly). Many here pay no property taxes since we have a $75K homestead exemption. But anyway, my guess is that $79/month would be a lot easier to come by than $1000/month if one loses one's steady income. Not only that, but if over 65 and with a moderate income, one's assessment is frozen for life.

Also I'm not sure but I think I read somewhere that the elderly here who do not pay their property taxes just have them extracted from their estate upon death, rather than the house being seized for delinquent taxes.

Not that this is a tax heaven; they get their pound of flesh from sales taxes which add up to 8.75% in my parish.
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Old 10-18-2015, 07:55 PM   #40
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If you play and practice instruments, no matter how mellifluous the music, you will annoy neighbours in a condo or apartment building unless it is exceptionally well soundproofed. A SFH is best for musicians, I think.

+1

We will never be able to rent. I don't want to downsize the house, just the stuff. Piano, vibes, xylophone, drum set, synthesizers, amps, they take a huge amount of space. My piccolo fits in a pocket, but you wouldn't want to be nearby when I work in the high stuff (I wear earplugs).


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