Hi-
I recently retired early at the young age of 66. I'm single. I have a pretty good monthly retirement income of $5000+ (including social security). It's a secure income, and rises a little every year. I also have about $250,000 in additional investments, including my bank account.
In addition to all that, I purchased a house in Washington state, and put 2/3 of the cost down, so my monthly payment (including mortgage, taxes and insurance) is $560.
Here is my question: I may have made a mistake in buying my house. I am finding that the yard work might become more than I can handle in the future. Also, I want to travel, and closing a house for months at a time might be foolish.
I'm actually contemplating buying a condo or townhouse in a nearby small city of Bellingham. It would be small, and the cost might be as much as $200,000. I could put 2/3 of the cost down. or even buy it outright. My reasons for doing this is that eventually I would want to live in it full time, but perhaps could rent it out in the meantime. I would eventually sell my house, but not be in a hurry.
Do you believe that this is risky? Is it any more risky to have my money in the stocks and bonds I currently have? Many of you have far more expertise in this that I have.
Regards,
Rob
I recently retired early at the young age of 66. I'm single. I have a pretty good monthly retirement income of $5000+ (including social security). It's a secure income, and rises a little every year. I also have about $250,000 in additional investments, including my bank account.
In addition to all that, I purchased a house in Washington state, and put 2/3 of the cost down, so my monthly payment (including mortgage, taxes and insurance) is $560.
Here is my question: I may have made a mistake in buying my house. I am finding that the yard work might become more than I can handle in the future. Also, I want to travel, and closing a house for months at a time might be foolish.
I'm actually contemplating buying a condo or townhouse in a nearby small city of Bellingham. It would be small, and the cost might be as much as $200,000. I could put 2/3 of the cost down. or even buy it outright. My reasons for doing this is that eventually I would want to live in it full time, but perhaps could rent it out in the meantime. I would eventually sell my house, but not be in a hurry.
Do you believe that this is risky? Is it any more risky to have my money in the stocks and bonds I currently have? Many of you have far more expertise in this that I have.
Regards,
Rob