Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: Own vs. rent?
Old 07-06-2006, 07:03 PM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,914
Re: Own vs. rent?

It seems that OP has two issues: pipes breaking and property taxes.* As another poster has mentioned the broken pipe risk can be taken care of by turning off the water I would add wraping pipes with heat tape.* Property taxes are directly related to property value and, usually, community services (including schools).* Downsizing in the same community is an option.* I would not move to rental housing.

Now, I will throw out an off-the-wall suggestion: consider co-housing.* IMHO they are great for a widdow.* Not a retirement community, per se, but a condo-type neighborhood.* I can't find any in PA but there are a number on the west coast.* The new group in Eugene, OR* has tax abatement; Davis, CA also has one (both have moderate climates and are cities in Forbes list of inexpensive university communities).* If you are considering a move out of your area that type of housing is worthy of consideration.* You need to know that I am a charter member of the hippy generation so co-housing is right up my age-alley, but not all of them are organic gardens and Birkenstock shoes.* http://abrahampaiss.com/ElderCohousi...ommunities.htm
http://www.cohousing.org/default.aspx

__________________

__________________
Duck bjorn.
Brat is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Own vs. rent?
Old 07-06-2006, 07:25 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,649
Re: Own vs. rent?

Quote:
Originally Posted by Brat
You need to know that I am a charter member of the hippy generation so co-housing is right up my age-alley, but not all of them are organic gardens and Birkenstock shoes.
Me too. The idea appeals but DW will have none of it. She is 4 years younger and missed the earlier formative years of the sixties
__________________

__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is online now   Reply With Quote
Re: Own vs. rent?
Old 07-06-2006, 07:44 PM   #23
gone traveling
 
Join Date: May 2006
Posts: 1,036
Re: Own vs. rent?

As a landlord I require in the lease to be notified of any absence over 7 days.* I would NOT want a tenant that had prolonged absences.* A vacant unit deteriorates more than normal wear and tear.* I would sell only if you needed the money,* think about what rents were only 10 years ago. Think what they might be 10 years from now.*

My plan when I retire is to travel 5-7 months a year and Condo Swap my place.* Not sure how that will work out but if it doesn't I'll let family* and friends use it, have house sitters or short term renters.* I would not want to leave it empty for long.* Of course it helps that it's two blocks from Waikiki Beach.
__________________
honobob is offline   Reply With Quote
Re: Own vs. rent?
Old 07-06-2006, 07:49 PM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,914
Re: Own vs. rent?

Donheff: Me and thee should swap spouses, but I suspect our kids would find it odd. My mate is a bit older. * * Ah well, little do they know what fun they missed. *

Now if I could find a Ma Cass CD for our 2-year old Gandson there is hope for the next generation.
__________________
Duck bjorn.
Brat is offline   Reply With Quote
Re: Own vs. rent?
Old 07-06-2006, 08:33 PM   #25
Recycles dryer sheets
 
Join Date: Jun 2006
Posts: 322
Re: Own vs. rent?

They have lots of adult resort communities in Florida
I am not sure what some of them have beyond a pool and the fact that they only let in a small % of peoples under 55.

I would get a house sitter .
Finally something me and Martha agree on. Rents will be going up.
I cant see downsizing your condo as paying off. The costs to sell and buy and then you would have the new issues to deal with. Sounds expensive . Maybe when you travel you will find a place that you like better ...
__________________
spideyrdpd is offline   Reply With Quote
Re: Own vs. rent?
Old 07-06-2006, 08:47 PM   #26
Recycles dryer sheets
 
Join Date: Oct 2003
Posts: 452
Re: Own vs. rent?

Martha,
hope you're right about rents going up and house prices going down.
Here in the Pittsburgh area, we did not participate in the housing boom,
so homes are reasonably priced. I don't see them going down here, so maybe the rest of the country will "catch up" by having their prices go down, if you know what I mean.
Maybe a blessing in disguise that home price increases are moderate here beause we have so many badly managed school districts. By that, I mean that school boards have a license to steal; all they want to do is build new schools and raise taxes sky high here in Allegheny County. Had home prices skyrocketed, our assessments would have skyrocketed and taxes the same.
__________________
renferme is offline   Reply With Quote
Re: Own vs. rent?
Old 07-06-2006, 09:01 PM   #27
Full time employment: Posting here.
 
Join Date: Feb 2004
Location: Okanagan Valley
Posts: 805
Re: Own vs. rent?

Quote:
It's a townhouse-type.* It's a two-story duplex, connected to only one neighbor, and that's along the garage.* I have a great neighbor now, but who's to say how long that would last, as she is also having thoughts about down-sizing.* Thanks for your input.
That is almost like a stand alone house without the exterior maintenance. Think I'd consider downsizing to a denser condo development (but not a high rise which tend to attract high condo fees for interior hall and elevator maintenance).* Would provide peace of mind while you are away.* But it might be worth your while to stay where you are for the first year of retirement and see how it feels.* Nothing says you can't decide to downsize any time you want to thereafter.

P.S. DW and I just retired a few months ago. In the space of 10 years, we have downsized from a large executive 2 storey with all the costs and maintenance (Canada) to a patio home (half the size and a bungalow in Texas) to our retirement 'villa' in Canada which is really a fancy name for a side-by-side duplex - not dissimilar to what you have now. That works for now as we are not big into long term travelling, but if we go that way, we would likely go to a condo townhouse, e.g. 4 units or so to a building (several of those developments around).
__________________
AltaRed is offline   Reply With Quote
Re: Own vs. rent?
Old 07-06-2006, 11:37 PM   #28
Dryer sheet aficionado
 
Join Date: Mar 2005
Posts: 48
Re: Own vs. rent?

"Anybody know any more details about the Kaderlis' home in the US?* Are there similar properties in other parts of the country?* What type of housing accomodation is it?* I've seen it described as "adult resort community" - but what?* a condo in one of these places?* A "condotel"?* Can anyone provide links to similar places for sale now?* Curious about the costs and typical amenities provided."

The Kaderli's have a 5th wheel trailer in a park near Phoenix. I believe they rent the space on a year-round basis, so it's available to them whenever they use it and they can leave it whenever they want. I seem to remember from pricing a few years ago that fees of $400 a month or so were possible on longer-term leases, but I could be far off on that.

I believe most of the big places near Phoenix cater to retirees (permanent residents and snowbirds) and have pools, recreation areas, craft rooms, libraries, etc.

You might check with them to ask. I believe they're back in the US now.

Richard
__________________
sparkee is offline   Reply With Quote
Re: Own vs. rent?
Old 07-07-2006, 06:38 AM   #29
Recycles dryer sheets
 
Join Date: Oct 2003
Posts: 175
Re: Own vs. rent?

no closets could be a mold thing in a lot of places
__________________
vic is offline   Reply With Quote
Re: Own vs. rent?
Old 07-07-2006, 07:56 AM   #30
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2003
Location: Kansas City
Posts: 7,409
Re: Own vs. rent?

Sam (AF double dipper) used to keep a small light bulb on in closets in Florida to combat humidity - I'm asuming old style closets.

We kept the closet doors removed. Had open mesh wicker for the bathroom towels. LA swamp - fish camp over water.

heh heh heh
__________________
unclemick is online now   Reply With Quote
Re: Own vs. rent?
Old 07-07-2006, 09:19 AM   #31
Thinks s/he gets paid by the post
 
Join Date: Jun 2003
Location: Historic Florida
Posts: 1,647
Re: Own vs. rent?

Quote:
Originally Posted by vic
As a landlord I am always making sure I don't end up with people that plan for the shortest time possible. Tenants sometimes forget that a landlord can kick them out without any reason with a 30 day notice on a month-to-month contract. My month-to-month tenant got on my nerves and I served her the 30 day notice. Oops a little unexpected for her since she had all her fun trips planned during that time.

You may want to check they types of leases customary in your area. The standard realtor's contract that I use makes my tenants liable for yard maintenance, frozen pipes, pest control (except WDI), plugged drains etc.. As an apartment renter you never know what crazy transient lives next to/above/below you. I would consider rentiing an apartment it if the finances were right though.

Vicky
Vicky, with all due respect I would not rent from you. My wife and I are excellent renters. We owned our own home for 20 years and sold it for close to $1m 2 years ago. We keep the rental home in top notch condition. So much so, our landlady agreed to a 90 day temination clause both ways. I think if you are a savvy renter and a excellent risk, and the landlord/lady is reasonable, it works well. We also get preferred rent when I compare in the area. She does not use a broker and the home is in better condition than when she rented it to us. We are not liable for anything except phone in our rental. Now if the toilets break, I fix them, if the washer breaks, I fix it, I change the AC Filters, have the carpets cleaned regularly, do not smoke, I make sure the painters do not miss spots and manage any home related issues for her etc., all at no cost to her.

If a tennant gets on your nerves, you simply chose the wrong tennant. We also pay 3 months in advance in cash and are never late, in fact I pride myself on being 2 weeks early evey quarter. We started Quarter to Quarter and now have been here over a year. We did not even have to pay a security deposit.

I believe in having a good relationship with our landlord/lady. If I did not like renting I would buy. I certainly could NOT buy the property I am in for what I rent it for. No Taxes, No Utilities, No Condo Fees, No Internet fees, No Cable Fees, No Worries. I will keep the deal until she sells the place.

If I rent another place, I will do the same thing. Offer to pay multiple months in advance. I actually prefer paying a lot in advance then I don't have to deal with the monthly bill. The money it cost me in interest is worth every penny. I do NOT use brokers at any cost. They are all crooks in my opinion. I tried it. In my experience they would rather get a crappy tennant for $50 more a month than a reputable one. They are also ignorant and a pain to deal with from a renters perspective. They treat everyone like Trailor trash. In my experience at least. I do NOT like being treated like nothing by anyone, I simply take my business to a place I like to deal.

SWR
__________________
"Arguing with an Engineer is like rolling in the mud with a pig. Just remember that the pig likes it."
ShokWaveRider is offline   Reply With Quote
Re: Own vs. rent?
Old 07-07-2006, 11:40 AM   #32
Full time employment: Posting here.
shiny's Avatar
 
Join Date: Jun 2005
Posts: 673
Re: Own vs. rent?


Amen brother SWR!

We rent too, it works out much better for us financially and logistically (we like the freedom of being able to move) We are responsible people who expect the landlords to be responsible as well. They respect us and we respect their property.

We are in an apartment building, so its a little different maintenance wise. We do leave for up to a month at a time, but have a neighbor keep tabs to make sure nothing is amiss.
__________________
I'm made of atoms, you're made of atoms, and we're all in this together. Ben Lee
shiny is offline   Reply With Quote
Re: Own vs. rent?
Old 07-07-2006, 12:24 PM   #33
Recycles dryer sheets
 
Join Date: Jun 2006
Posts: 92
Re: Own vs. rent?

Thanks, everyone, for your kind responses. It's given me a lot to think about. Since I have a year to decide (and also see where the real estate market goes), I have time to think this out. Also, I guess it would be wise to hold off on selling until after I've traveled a bit, just to see how things work out. I would LOVE the RV lifestyle (my husband & I did a lot of that while he was alive), but I don't think that's a wise thing for a woman to try alone.
__________________
FIREd on 12/31/2006
linkerbink is offline   Reply With Quote
Re: Own vs. rent?
Old 07-07-2006, 01:20 PM   #34
Full time employment: Posting here.
 
Join Date: May 2004
Location: Worldwide
Posts: 913
Re: Own vs. rent?

Justin:
Quote:
Anybody know any more details about the Kaderlis' home in the US? Are there similar properties in other parts of the country? What type of housing accomodation is it? I've seen it described as "adult resort community" - but what? a condo in one of these places? A "condotel"? Can anyone provide links to similar places for sale now? Curious about the costs and typical amenities provided.
Hi Justin,
We have been getting lots of email on this subject lately, and Billy saw your post the other day. I looked up the following links due to all the mail we were getting. Check them out. Some places you lease the land, some places offer you the option to buy the land. It is a personal preference. Many of the same amenities are offered whether you buy or lease the land.

Swimming pool and spa, tennis courts, computer room, work out room, free Wi-Fi, manicured gardens, social activities, transportation offered to shopping, etc.
Palm Harbor homes, Florida communities
http://www.palmharbor.com/phhcom/
http://www.manufacturedhousing.org/default.asp
modular homes http://homebuying.about.com/cs/modulareducation/a/modularhomes.htm communities
http://www.mhchomes.com/DBMHC/MHCMai...nWDSRIR-4PLPAM
Florida
http://www.mhchomes.com/dbmhc/MHCCmn...Q?OpenDocument
select a state
http://www.mhchomes.com/DBMHC/MHCMain.nsf/vwPages/MHCLifestyleMainWDJMIA-4PZN2P

Cal Am Homes
http://www.cal-am.com/home.html
Greenfield Village: http://www.greenfieldvillage.com/ Park Model listings include the ground, unless otherwise indicated.

Linkerbink:
Quote:
I would LOVE the RV lifestyle (my husband & I did a lot of that while he was alive), but I don't think that's a wise thing for a woman to try alone.
Hi Linkerbink,

We RV for a couple of years when we returned from Nevis and South America. It is a fabulous lifestyle, one we cover in our book in Chapter 16 (Table of Contents http://www.retireearlylifestyle.com/...f_contents.htm)

That being said, we have a friend who is 66. She recently sold her home and all her stuff, bought an RV and is currently touring the US alone and loves it. We spoke with her last week. She said she would* never own a home again, and that: “If it were not for you, I probably would not have the courage to do this, so I thank you much."
Gin (Traveling the US in an RV)
See our Testimonial page: http://retireearlylifestyle.com/testimonials.htm

She stays mostly in State Parks where she feels secure or other parks which offer security. Sooo…..* I understand and respect the fear you have, and I suppose it is simply personal timing for someone who wants to travel alone.

Best,
Akaisha
Author, The Adventurer’s Guide to Early Retirement
__________________
In 1991 Billy and Akaisha Kaderli retired at the age of 38. They have lived over 2 decades of this financially independent lifestyle, traveling the globe.
Billy is offline   Reply With Quote
Re: Own vs. rent?
Old 07-07-2006, 01:39 PM   #35
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: Own vs. rent?

Akaisha,

Thanks, now I see the type of communities you're talking about. I guess they are all over in one form or another. Thinking back, I used to own a condo in Chapel Hill, NC in a place that some might consider similar to these all inclusive communities - pool, clubhouse, tennis court, basketball court, laundry, on a free bus route, etc. Very spacious and under $100k in a nice little college town not too far from a major international airport.

__________________
justin is offline   Reply With Quote
Re: Own vs. rent?
Old 07-07-2006, 04:08 PM   #36
Full time employment: Posting here.
 
Join Date: May 2004
Location: Worldwide
Posts: 913
Re: Own vs. rent?

Yes, ..*
We find the ease, simplicity, affordability and high quality living style here in these communities to support our tastes very well. We are able to 'turn the key' and leave without much worry at all. Most of these communities have some sort of security patrol plus the neighbors are so nosey concerned for their neighbor's welfare, that if anything unusual goes on, it hits the local 'coconut telegraph' very quickly!

I must tell you this quick story:
This last April, we were due home from Asia and some friends of ours were coming in from Mexico on their way to Canada to meet up with us (and others they know in the community) on their way home. Well... we got caught up in Phuket and Bangkok, and didn't make it back in time to see them.

No problem, they had the party without us and at 'our' place! They sent us an invitation via email and said they were going to auction off a certain make and style of vehicle, and they would like us to RSVP as soon as possible so they knew how many cocktails to make, and food to prepare, etc..!

Even though our place was buttoned up tight (no problem), they utilized our outside area for their happy hour. They decorated our place with balloons and crepe paper,* took photos and sent them to us via email. Our other neighbors who drove by the party said to themselves... 'Heeeeyyyyy.... I didn't think Billy and Akaisha were due home yet -- they told me they would be back in May..." and promply emailed us a note so we knew what was going on!

Everyone had a good laugh, and the photos were outstanding... so much fun!* BTW, the vehicle they were going to auction off was ours! heh heh... So... within a matter of minutes, thanks to the internet, we knew what was going on, we had local 'surveillance' notify us, and we had photos to 'prove' they had fun without us! imagine that!! * *8)* **

All in good taste, and in good fun...

Best,
Akaisha
Author, The Adventurer's Guide to Early Retirement
__________________
In 1991 Billy and Akaisha Kaderli retired at the age of 38. They have lived over 2 decades of this financially independent lifestyle, traveling the globe.
Billy is offline   Reply With Quote
Re: Own vs. rent?
Old 07-07-2006, 04:42 PM   #37
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,739
Send a message via Skype™ to kcowan
Re: Own vs. rent?

We downsized from an estate in 1997 - acreage, pool, 5000 sq.ft. and invested the money. We rent a penthouse (3300 sq.ft.) and do home swaps. We have enhanced the place by installing a pergola, garden boxes, a fountain, four trees, and the landlord loves us.

We spend four months travelling and if our "swappers" have any needs, they just call the super. We have been able to have an asset-balanced portfolio with some real estate assets but we can shift our equity on short notice when a particular segment gets superheated while there are still plenty of buyers around.

It costs us a little in tax advantage but the actual maintenance costs are much lower than a condo so there is a tradeoff. Plus we could not replace the current property for under $2 million.

It does go against the grain and many people feel sorry for "us renters" until they actually see the place...
__________________
For the fun of it...Keith
kcowan is offline   Reply With Quote
Re: Own vs. rent?
Old 07-12-2006, 11:24 AM   #38
Full time employment: Posting here.
 
Join Date: May 2004
Location: Worldwide
Posts: 913
Re: Own vs. rent?

Quote:
It does go against the grain and many people feel sorry for "us renters" until they actually see the place...
I know what you mean, about the attitude of 'feeling sorry' for those who choose other housing alternatives . We are very programmed in the States to be owners of property.

There are lots of other choices, like living aboard a sailboat for instance. Some people do this so there are no property taxes and it keeps their 'stuff' to a minimum. Some simply want to travel and this affords them that luxury.

We know people who are choosing the 'rolling condo' option of having a sumptuous RV with 3 side outs, leather furniture, marble countertops, etc. as a way to have a 'second home'. They can put that second home anywhere for much cheaper than purchasing a whole other property with its intrinsic expenses. With all the digital options for communication now, there are less problems with things like email, phone calls to the grandkids, newsletters, financial info, news, etc.

Others, like you, do the house swapping -- which is another great idea.

Then there is the Active Adult Communities in which you can purchase the land or not. And you can have any home size from teeny to huge-O ($5,000 to $1Million+) depending on your wants and still have all the amenities, entertainment selections and manicured gardens.

IMO, those who look down on renters simply haven't looked at other ways of living. It's great to own a home. We've done it. It's great to be free of it. We've done that too. It's fabulous to have the flexibility to choose.*

Best,
Akaisha
Author, The Adventurer's Guide to Early Retirement
__________________
In 1991 Billy and Akaisha Kaderli retired at the age of 38. They have lived over 2 decades of this financially independent lifestyle, traveling the globe.
Billy is offline   Reply With Quote
Re: Own vs. rent?
Old 07-12-2006, 11:31 AM   #39
Thinks s/he gets paid by the post
 
Join Date: Jun 2003
Location: Historic Florida
Posts: 1,647
Re: Own vs. rent?

We rent because it is convenient at this moment in time for US to do so. The fact we have a great landlord adds to the mix. Le me make it perfectly clear, we rent for OUR benefit NOT the landlord's, we (as most FIRED folk) can purchase a home outright, but simply choose not to do so. When that changes we will buy. Until then NO MAINTENACE, No Taxes, No lawn, no worries. (No Capital appreciation, but as long as that is less than 6% for the next year....) No worries.

SWR
__________________
"Arguing with an Engineer is like rolling in the mud with a pig. Just remember that the pig likes it."
ShokWaveRider is offline   Reply With Quote
Re: Own vs. rent?
Old 07-12-2006, 12:10 PM   #40
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,739
Send a message via Skype™ to kcowan
Re: Own vs. rent?

We also made the choice to rent after owning for 30 years. What surprised us was the burden that was removed. Now some of this is from downsizing from an estate to an apartment. But we know people who also downsized to a condo and they often encounter problems with their condo council. In fact, they are often amazed at what we can do that their condo council prohibits.

For more on the increasing desirability of renting, have a look at this article: Outlook for rentals improving

For the fun of it ... Keith
__________________

__________________
For the fun of it...Keith
kcowan is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
long term housing..rent or buy ambition187 Young Dreamers 53 05-18-2007 02:39 PM
A trip to pay the rent... Lancelot Life after FIRE 12 05-04-2006 09:59 PM
rent stabalization and rent control mathjak107 Other topics 2 04-10-2006 05:56 PM
Rental property rent raises Toejam Other topics 12 03-09-2005 05:48 AM
Housing: Rent vs. Buy BigMoneyJim Young Dreamers 45 01-19-2005 01:54 AM

 

 
All times are GMT -6. The time now is 03:36 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.