Moving to Rental

[Idnar7]

Anyone sold their home and moved to a rental - apt or townhome? Almost 70.
Health problems making two level home hard to endure. With what we could make from selling our home we could probably pay rent for at least 10 years. No upkeep, no maintenance, no home left to out of state heirs to get rid of. Smaller size but less to clean. Not sure if we would want a +55 place for quiet. Realistically any new place we would buy would cost more than our current house unless we went rural. That means we would have to take a chunk out of our retirement savings. I only lived in an apt for 6 months. It was fine but sometimes noisy. Just curious about others experiences.

 

[bloom2708]

Many do this. You don't have to wait until 70 to consider renting.

The benefit of a 55+ is no kids and perhaps less noise.

Are you thinking of a geographical move or staying in the same area?

I would start looking at what is out there. Get an idea of what you can get, the size, the locations, the availability.

Having little maintenance, yard, shoveling, lock and go when traveling. Certainly doesn't hurt to look and kick the tires. Maybe you decide to buy a one level or stay where you are.

 

[Sunset]

One other benefit of renting, is you are not locked in.
So you can rent and if it turns out to be bad, you can move after a year. Unlike buying a house where the closing and selling costs would eat a big chunk of change.

The other option for a 2 level home is the stair chairs.

 

[bolt]

Anyone sold their home and moved to a rental - apt or townhome? Almost 70.
Health problems making two level home hard to endure. With what we could make from selling our home we could probably pay rent for at least 10 years. No upkeep, no maintenance, no home left to out of state heirs to get rid of. Smaller size but less to clean. Not sure if we would want a +55 place for quiet. Realistically any new place we would buy would cost more than our current house unless we went rural. That means we would have to take a chunk out of our retirement savings. I only lived in an apt for 6 months. It was fine but sometimes noisy. Just curious about others experiences.

Health problems as you suggest w/your age over 70 and SS or SSDI offer federal .gov subsidized rental units in designated elderly and disabled apartment complexes. Federal, not state. Your analysis of it is paramount.

You can keep your assets in a trust.
A social worker & proper type atty. are advised.
Best wishes.......

 

[travelover]

We lived in an apartment complex for 6 months and in a rented house for a year after we sold our home. I have to say that I hated it. After enjoying the autonomy of ownership, it was hard for me to adjust to playing "mother may I" over every little thing. Even just having a dog was a major deal.

In the apartment, the neighbors' even casual noise was always present and being retired, we were always there to hear it. The house was better, but even there, it wasn't ours and anything we wanted to change required permission. And we were not about to put money into a place that we didn't own, so a number of things we just settled for like quality appliances and kitchen features.

We do love our single level home - steps were an inconvenience all my life and not having to worry about slipping on them as we age is a real plus. Even the dog is happy to be done with them.

 

[Sarah S]

I moved from a multi level house to a one level apartment. I was forced to because of stairs but am very happy. No stairs, no maintenance , much smaller.

I do not live in senior housing. I hear occasional noise from people in the hallway and in summer outside ( I keep windows open). It is not bothersome to me but if you are exceptionally noise sensitive it would be. You would obviously wish to pick your location very carefully but of course when you rent moving is easier.

If it more expensive than my paid for house? Yes but I have the money from the sale of my home.

 

[brett]

We rented for four years after downsizing, selling our home, and travelling.

After years of home ownership we very much enjoyed renting our condo. No strings, no worries.

Plus, it was financially advantageous for us to do this. Our condo building was small, quiet, and faced a golf course. Good transit near by. So much so that we gave away one of our cars.

The fridge started to go, loosing cold. Called the owner. A replacement fridge was delivered the next day.

 

[Spock]

You can always rent a single family home and not an apartment if the noise is going to be a concern... then its a matter of how close the neighbor is. There wouldn't be any shared walls/floors/ceilings.

 

[misshathaway]

I did, 6 months ago. Moved from New England to Florida. I'm 62.

I love it, though some morning winter temps were an unpleasant surprise. But the apartment living part is a joy. I live in a beautiful area maintained by an HOA. There are always guys outside doing something to keep up the landscapes.

I got rid of everything before the move so, if anything, my 1 bed/1 bath is too big for me. The surfaces are uncluttered and easy to clean. Housework is nothing compared to what I had in a 3 bed / 2 1/2 bath house with a full basement. I have a garage and washer and dryer. It's all on one floor.

I have one neighbor above and one on the side. The people above are a family of 4 but the only time I hear anything is if they drop something heavy. I don't hear the neighbor on the side ever. I lucked out. When I read of other people's experiences with rental apartment living on this site the problems seem to be mostly about neighbors.

 

[Midpack]

The benefit of a 55+ is no kids and perhaps less noise.

There will almost certainly be grandkids, with some restrictions - limited overnights, pool/clubhouse, loose noise/play guidelines.

We already moved to a one story SFH proactively, very deliberately avoided 55+ communities. But I wouldn't rule out a rental one day. However, unless it's an expensive rental, renters tend to be more transient and less worried about respecting neighbors. They probably won't be like the neighbors where you are now...

 

[LARS]

Rented for ten glorious years while I waited out the housing bubble. Some of the best years of my life. We're in the process of trying to replicate it though I think we will look to a condo. Not an outright rental.

Problem with rental is you have rent inflation exposure, which may, or may not, bite you in the butt. Our timing was such that the rent never went up; and, indeed, we were able to negotiate it down. But that was 2003 to 2012.

 

[badatmath]

If you go look at any apartments try to talk to a current resident. You are bound to see someone out walking and most people will speak for a minute if you are friendly.

 

[Scuba]

If you’re accustomed to your own home, I think renting a home or condo in a nice HOA where grounds and exterior maintenance are taken care of would be a good next step. An apartment might be too drastic of a change.

 

[Sanstar]

We made the change 3 months ago when we decided our priority was to be near new 2 grand babies. Without property taxes, heating/cooling a large house and watering an acre in Texas, home repairs and upgrades, it’s close to budget neutral. There is an on-site fitness center, multiple pools and business center so no need for $300/ year gym membership x 2. We still have our Airstream for travel and it gives me some reassurance that with it, we do still own a roof over our heads.

DH mentions, at least weekly, how much he enjoys living here. Doesn’t miss the yard work at all. That particular itch gets scratched by working with DS and DD at their homes. Apartment cleaning is maybe an hour weekly for 2 BR/2 bath/2patios.

Other pros: did allow the first wave of “Death Cleaning”. Gave us a chunk of funds to invest (still working on this due to current market craziness). Biggest pro is being available to spend time with family, now while the boys are so young (under 2). Finding our favorite Friday night CW cantina, exploring lots of new local places.

Cons for us: neighbors tend to keep to themselves, there is the occasional walking noise from above us. Some concern about rising rent but if it is an issue, we’ll move to another apartment or buy.

Doubt we’ll ever go back to traditional home ownership. Perhaps an adult community with assisted living option. Hopefully, in 20 years or so.

Lesson learned: change is good.

 

[tulak]

I rented an apartment last year and didn’t care for it. This was after living in a sfh for 20 years. I bought a townhouse a few months ago, which is much better, but lots of stairs and I can still hear my neighbors occasionally.

I’m in my 40s, but I suspect that once I retire, I’ll look for a small, one story home on a small lot. I’ll pay somebody for yard maintenance.

 

[Idnar7]

Thanks for all the great and varied comments.

 

[Ed_The_Gypsy]

It is attractive to us. We can live with a little rent inflation over time. Must be careful about the neighborhood, though. If we move overseas eventually, we most certainly will rent.

When we were young, we lived in apartments. When I was working as a contractor, I lived in rooms, basements, hotel rooms and rented apartments. Nothing new for me.

 

[BarbWire]

I am debating this as well. I travel a lot, and in the past I haven't enjoyed renting. I don't like being answerable to someone else.

Solo, no kids. Comfortably, not lavishly, ER'd. Sold my home in 2009, moved and rented/telecommuted near my elderly parents 2009-2013. Nice complex but very mixed experience not to be in charge of everything (fortunately my dog passed away shortly before my apartment move). Took ER, and moved to parents' house as caregiver 2014/15, inherited their house and sold it in 2016.

I've been traveling internationally and in my Class B RV since then, but feel the need of a home base/nest. The goods I kept are in a 10x10 storage unit near Austin (ugh). I still don't know where to perch. I'm house-sitting (token rent paid) now for 4 months in Santa Fe, which has its advantages (figured out this is probably not where I want to live) but I feel trapped here for 4 months and beholden to the homeowner (friend of friend) as I am looking after their property.

Given how much travel I want to do, I like the idea of a lock-and-leave situation. Possible locations are TX (current mail-service "domicile) and FL (best pre-medicare insurance options). Or NJ where friends/and family live but everything about NJ sets off financial alarm bells for me. I could handle rent-creep within reason.

My other concern as a renting retiree is that the couple of complexes I have explored request (if not employed by someone else) a copy of your tax return and several months of bank statements. I had no issues in 2009 providing a pay stub -- important info redacted -- but I don't want to hand over my tax return!

 

[misshathaway]

My other concern as a renting retiree is that the couple of complexes I have explored request (if not employed by someone else) a copy of your tax return and several months of bank statements. I had no issues in 2009 providing a pay stub -- important info redacted -- but I don't want to hand over my tax return!

I visited 6 or 7 in central FL and asked about what I needed to prove finances. All of them said a bank statement if not employed and your own word on annual income. The one I ended up renting from - that's all they wanted too. Plus a criminal background check which took a week to come back.

 

[BarbWire]

Thanks -- so maybe asking for a tax return is a Texas thing, and I am eager to leave TX.

Ideally -- because I travel a lot -- I'd find a gated community where I could park my van, where an HOA took care of all exterior, and I could have a "bungalow" with a garage.

And a grill. I understand why apartment buildings and condos ban bbqs and grills, but that's my preferred way to cook!

Maybe I really should explore central FL... and flee during the summer. Or explore New England and flee during the winter!

 

[misshathaway]

And a grill. I understand why apartment buildings and condos ban bbqs and grills, but that's my preferred way to cook!

My FL lease has a stipulation of no grills or candles! even. You can probably grill in New England during the 5 minutes of summer - minimal risk.

 

[gretah]

Renting a single family house is a nightmare. If owners don't use a property management company, they do repairs themselves. They take forever and replacement appliances are junk.

If the owner uses a property management company, the experience is even worse. (Except for toilet repair - they get on that right away.) PropMgmt companies want to push paper to get their fees. They know owners hate to be charged for repairs.

If you plan to rent, get a townhouse or apartment in a complex that is professionally run with management and maintenance staff on site. 55+ complexes are definitely much quieter. Top floor means less noise from above. Concrete walls, floors, and ceilings are heaven for sound quality. Rent from a complex with elevators: the cheap complexes won't spring for the cost.

 

[brett]

We rented a condo for several years. After our first few months we started looking to buy a unit in the multi complex building.

Eight months later the last place we were considering was our rental complex of buildings. We loved the unit, the location, everything. Quiet, mostly professional retired or single couples lived in the area.

Why. After getting to know several owners they mentioned to us the assessments and the upcoming assessments (big). We also noticed owners trying to sell, and then to rent. Not to mention some of the litigation against the builders/developers that had been going on for a few years.

 

[Arizona1]

I think it’s a good move. We each made a list of the reasons we never wanted a house again when we sold our house many years ago. All the reasons still apply.
The beach house vacation home we had would have had a longer list if we’d have thought to make one.