golftrek
Recycles dryer sheets
We sold our primary residence about 6 months ago. Our plan was to downsize to a something smaller. We had always owned but this time our house sold so quickly (2 weeks) that we did not have time to buy anything so we rented a condo. Surprisingly we are enjoying renting--one fixed payment each month, no maintenance costs, etc. When something breaks, we just call the landlord and let him handle it. We have a one year lease on the place we are in and we had assumed we would buy at the end of the term but now we are thinking we may continue renting.
The real estate taxes are fairly high where we live and when we look at the cost of ownership (taxes, insurance, HOA dues, maintenance, etc), it looks like renting may be more cost effective. We have the proceeds of the sale of our last home invested in fixed income--not earning much but it is safe. Of course, by renting we are giving up the opportunity for appreciation on the real estate (of course real estate can depreciate too).
We like the idea that if we want to move and try living in another area it will be easier to do if we are renting. We have downsized so much that we don't have a lot of stuff to move.
We are in our 60s and have our name on the waiting list for a nice Continiung Care Community (that has independent living, assisted living, nursing home). We figure we will move to the CCC within the next 10 years or so. So we need to either rent or buy for the next 10 years or so.
Any advice on the rent versus own issue?
The real estate taxes are fairly high where we live and when we look at the cost of ownership (taxes, insurance, HOA dues, maintenance, etc), it looks like renting may be more cost effective. We have the proceeds of the sale of our last home invested in fixed income--not earning much but it is safe. Of course, by renting we are giving up the opportunity for appreciation on the real estate (of course real estate can depreciate too).
We like the idea that if we want to move and try living in another area it will be easier to do if we are renting. We have downsized so much that we don't have a lot of stuff to move.
We are in our 60s and have our name on the waiting list for a nice Continiung Care Community (that has independent living, assisted living, nursing home). We figure we will move to the CCC within the next 10 years or so. So we need to either rent or buy for the next 10 years or so.
Any advice on the rent versus own issue?