M'gosh I'm sure there are multi-millions who had a nice retirement without ever owning a home. My father, for one - never made a lot of money, never owned a home, and had a very happy retirement.
a similar question might be 'how many have retired with no equity in their home' since in the past people have used the equity to downsize and feather their nest egg with the house sale proceeds.
We've been home owners for 20 years (4 different houses) and when we retire there will be almost no equity in our house.
This can mean they bought a home and could be 'underwater'?
Do you think you would have been better off without any of those houses?
Did anyone retire without ever owning a Home? Is this a good idea?
What do you think of millionaires who never owned a home?
Let's say you don't have any kids and don't plan to have any.
How about you?
Do you own a home?
Do you plan to own a home?
Why or why not?
If so, do you plan to downsize at some point, and when?
Do you plan to pay off your mortgage?
What are your thoughts on these matters?
I'd be interested in seeing some contribution to the thread from you, as well. Thanks.
Why not?Never owned a home. I am not sure if it will be worth it to own one for investment purposes?
Why $125 and not $150?If I did buy a home, it would be around the $125K ballpark price.
Why 50% and not 40% or 60%?I would like to pay down 50% of that amount and then pay the rest off in 10 years or less.
Is it worth it to who, the buyer? The seller?Is is worth it to be like 50% down?
Never owned a home. I am not sure if it will be worth it to own one for investment purposes?
If I did buy a home, it would be around the $125K ballpark price.
I would like to pay down 50% of that amount and then pay the rest off in 10 years or less.
Downsize for what?
Is is worth it to be like 50% down?
Why not?
Why $125 and not $150?
Why 50% and not 40% or 60%?
Why 10 years and not 15?
Is it worth it to who, the buyer? The seller?
Your thoughts on this make sense to me. To me, a home is not an investment so much as a place to live. I bought an inexpensive home too, and paid it off in 4 years, much as you are suggesting. It's nice to have no mortgage payments or rent in retirement, but owning a home makes it much more difficult to move elsewhere if there are problems selling.
It depends. I think own vs. rent is mostly a lifestyle decision. It can also be a simple choice based on which is cheaper. When I bought my condo in '98, it was a lot cheaper than renting. The house in '02 was about break-even. When we bought this year it is again cheaper than renting.
If you buy, put down the min to get the most favorable rate (20 or 25%). /you will still have the extra cash, so you can de-lever at any time and at current mortgage rates it is a cheap option.
You have to consider other costs also not just the price of home. 20% down is minimum? 20-25% interest rate?
I did consider all the costs at each juncture. 20 to 25% down is what you need to qualify for the best rates. 30 year fixed mortages are going for a bit over 4% at the moment,
Anyway to get like 5 years no interest? I heard people are getting 2.99%.
Suggest that you think of as home as a place to live and not as an investment, particularly in these times. I don't see 2.99% in our area, but a 30 year fixed at 4% is doable. Some of the decision depends on your time horizon as well and the degree of flexibility you need. It is a lot easier to move somewhere else if you rent than to sell.
Compare your costs of principal and interest, property taxes, insurance, maintenance and the lost earnings on your downpayment to what you would pay for rent in making the decision, but don't forget that mortgage interest and property taxes are tax deductible (for now). Best of luck.
Of course people have retired without owning homes - many of them. Owning a home is not a prerequisite for retiring.Did anyone retire without ever owning a Home? Is this a good idea?
What do you think of millionaires who never owned a home?
Let's say you don't have any kids and don't plan to have any.
Both could be bad decision but you still need a place to live.
The goal for me is to throw away less money in choosing the two overall.
If I continue to rent then the rent will be a lot cheaper and I can continue to use the saved money into my retirements accounts and after-tax brokerage accounts.
I thought the interest rates are based on individual credit not location?
C'mon, guys, I almost snorted pizza out my nose!I like Alan Turing. Do you?
Of course people have retired without owning homes - many of them. Owning a home is not a prerequisite for retiring.
What do I think of millionaires who never owned a home? I don't quite get the question. They are millionaires who never owned a home - that's all I know about them at this point.
Sorry to be so trite, but to be brief - if your goal is to retire without ever owning a home, that is a very reachable goal.
I like Alan Turing. Do you?