Renting at 80 rather than owning a home

[Rob]

Hi-
After spending the majority of my life overseas (40 years) as a teacher in quite a few countries, I returned to the States in 2013 at the age of 67. I bought a house in NW Washington state, and now it's been almost 13 years in this house. When I first moved in, the stairs were fine, but now I'd prefer one floor. I'm single, and while I love my neighborhood, the heavy yard work is becoming an activity I do not enjoy as much. I have visited some rental apartments for 55 and over and some not 55 and over, both with lots of activities. I'm tempted to escape the yard work and the responsibility of home ownership by renting. I'm wondering if some of you have, or have had, similar desires after owning a home, I appreciate hearing if you are now happy as a renter, or maybe you miss home ownership. Thank you.

 

[Lewis Clark]

I know of many retirees that sold their homes to become satisfied renters. They are glad to offload the maintenance responsibility.

 

[Dtail]

We are in our mid 60's and still enjoy home ownership, but have discussed going to a rental around the age 80 mark.

 

[razztazz]

I am currently in the same situation. I'm only 69 but heart problems have likely shortened my ultimate ride into the final sunset. I am anticipating moving out of the house and into one of those "Over 62" apartment deals in the next, probably, two years. It will cost more of course, but I think I am at the point in my life where I don't really have to consider that. I can afford it so it's not a problem. ( I have been informed that I can't take it with me but they were short on details.) And I will be buying convenience, enhanced old-age logistics, some amount of community and increased supervision in case something happens.

I'd like to hang around the house as long as I feel well enough to but that can change in a flash and I don't want to be 73-75-77... and no longer be able to handle the tribulations of owning a house and maybe don't have the physical or mental energy to deal with a sale and a move. I think an apartment, especially one that is already designed for seniors, will aid with aging-in-place too.

 

[jazz4cash]

The chores and yard work help keep you young and movin’-until they don’t. Every year I dial back on DIY and hire more help. This year I hired lawn mowing which was a low exertion chore that I actually enjoy.

I looked at downsizing but buying a smaller home with included maintenance but cost seems exorbitant. I think your plan is better

 

[joesxm3]

My one worry about renting is the idea that I might have to move again for some reason if they sell the place or something happens.

 

[RetiredHappy]

My one worry about renting is the idea that I might have to move again for some reason if they sell the place or something happens.

Not if you are renting one of those senior living places, where they have senior apartments, assisted living and progression on the skilled nursing facility.

 

[Markola]

Not if you are renting one of those senior living places, where they have senior apartments, assisted living and progression on the skilled nursing facility.

DM rents happily at 86 in one of those. She’s in the Independent Living Community but will someday likely need the Assisted Living Community and a different apartment. One wrinkle in that set up is, her mailbox downstairs, i.e. her mailing address, doesn’t follow her to the next apartment. She’ll have to change everything to a new address, which is a pain in the rear, and seems needless to me. Not a deal-breaker but such moves are harder when pushing 90. But owning her own place at 86 is inconceivable. DF, also 86, owns his condo in a 55+ community, but the HOA makes it much like a rental.

 

[AudiDudi]

I have a good friend in his mid/late 70's that sold his house about 4 yrs ago and the moved into a 55+ complex in NW Washington. Sold the house for mid 600k and is now paying close to $3k/mo for rent - 2 bd with a den. I suspect the $600k+ invested for dividends is covering his rent with a bit left over. I doubt he ever moves again.

 

[Dtail]

DM sold her house at 86 and moved into her current rental.

 

[Midpack]

My one worry about renting is the idea that I might have to move again for some reason if they sell the place or something happens.

Not if you are renting one of those senior living places, where they have senior apartments, assisted living and progression on the skilled nursing facility.

May well be true but the OP said "I have visited some rental apartments for 55 and over and some not 55 and over..."

A condo might be an alternative to renting an apartment as well, though not entirely maintenance free. While HOA fees would likely increase, so would apartment rents.

 

[RetiredHappy]

Have you looking out at hiring people to do your yard work? We do not do anything related to the house, yard guy to handle our yard, pool guy to take care of our pool and housekeeping service to clean our home. There is not a need for us to move as we age.

 

[savory]

We have been renting for many years. It’s a feeling of freedom for us. When we moved from ownership to renting, we also reevaluated out household goods, like furniture. They are nice but no question they will go straight to Goodwtll.

We take care of our rental like we own it. But we do not worry about it. For example, when we travel, sometimes a month or more, we lock the door and have little concern. We tell our landlord to keep an eye out and fix what might be needed in an emergency.

As for payback, it’s not a concern for me. I really never purchased a home having done a payback analysis and really did not keep track of costs to know if my house was a good investment. For the people I’ve discussed tracking actual house investment payback, they did not keep track either.

It sounds like your health is creating a need for a one floor residence. Buying vs renting is a factor but I think your evaluation should be based on your ability to build relationships/friendships in a new community. DW and I are fairly good at that so we feel we have good flexibility. My SIL moved about an hour away from her long term home into a 55+ community where everyone needed a new friend. She has built a nice network there.

 

[ncbill]

Could purchase a home where you can live on one-level as well.

That's what an older relative did recently after selling her (and late husband's) large home of 40 years.

It required extensive outdoor maintenance...she had to use a commercial deck mower for all the grass!

And she had always said she'd sell when she couldn't DIY the yard anymore.

If I make it to 80 I expect I'll be in an ALF.

Not too optimistic about that since most males in my family die in their early 70s.

 

[MichaelB]

Owning vs renting and SFH vs condo are separate choices. You can rent or own the condo. Not wanting to spend time or energy maintaining a home is a legitimate lifestyle choice.

A townhouse is also an option, sort of the best of both worlds, although units with the master bedroom on the ground floor are less common.

Condos can have structural or maintenance issues, just make sure the reserves are in place and the HOA is on top of maintenance matters.

 

[Sarah S]

I moved from my house to an apartment because of stairs primarily although I was also tired of dealing with maintenance and repairs. I live in a new building with elevators that is general use - not a senior residence. I am very happy with it and it is nice to have someone else responsible for everything. Consider location and transit options in case you end up unable to drive

 

[Lewis Clark]

DM rents happily at 86 in one of those. She’s in the Independent Living Community but will someday likely need the Assisted Living Community and a different apartment. One wrinkle in that set up is, her mailbox downstairs, i.e. her mailing address, doesn’t follow her to the next apartment. She’ll have to change everything to a new address, which is a pain in the rear, and seems needless to me. Not a deal-breaker but such moves are harder when pushing 90. But owning her own place at 86 is inconceivable. DF, also 86, owns his condo in a 55+ community, but the HOA makes it much like a rental.

We have a new retirement community near me that doesn't make people change apartments as they move from independant living to assisted living. The resident stays in place and the additional care goes to where they are.

I like this model.

They also have memory care (which requires moving) but no skilled nursing ability.

 

[pb4uski]

After recently watching the travails of some aunts and uncles in their early 90s, my plan is to simplify and sell my house and move into assisted living in my mid 80s and totally remove the responsibilities and worries of home ownership from my life.

Until then, we'll do the home maintenance and yard work that we like and hire out the rest. A few months ago, we hired out inside painting for the first time in our adult lives and it was money well spent.

DM lived in a one floor SFH in her 70s and just hired out all the yard work as do my 90 yo aunt and uncle. But eventually, the bigger life hassle becomes cooking and cleaning. I've had some family that thrived in assisted living. One uncle and his buds had breakfast every morning together in the dining room, solved the world's problems over breakfast and then each went about their day.

Sounds good to me at this point.

 

[folivier]

When we bought our condo requirements were NO stairs, gated, grocery etc. close by. Found a great place with all single story units and surprisingly to us most of the residents here are our age or older. We only have inside maintenance, cleaning, painting, air conditioner, etc. But that is easy to farm out when we want to. Easy to turn off the water and leave for an extended trip. Not worried about having to sell since we don't intend to move again. That'll be for our trustee to do.

 

[disneysteve]

My mom sold her house and moved to a senior apartment building almost 20 years ago. She’s 95 now. Renting has saved her tens of thousands of dollars. Her monthly expenses dropped immediately and she was no longer responsible for maintenance and repairs. Plus smaller space so much lower utility costs (and water included with rent). Also the building has plenty of activities. Going from owner to renter was a great move for her.

 

[Rob]

I enjoyed reading all of your replies. I appreciate your perspectives. I will move on to renting sometime in the next year. There are some very nice apartment complexes both over 55 and for all ages. I just need to be sure that the complex has a good reputation and will have no chance of being sold. Thank you again for your replies.

 

[disneysteve]

I just need to be sure that the complex has a good reputation and will have no chance of being sold.

I'm not sure how you could possibly ensure that it won't be sold (unless you buy it yourself ).

 

[Chuckanut]

I have considered renting but that would mean selling my place. If I do that I want to move to my final home near my children. But, the children are making noises that indicate they may not stay in their current location for more than a few years. So, I take the easy way out, and stay where I am.

 

[Markola]

DM’s was sold recently to a private equity company. We’re waiting to see if there’s a difference.

 

[Rob]

When I decide to rent in an apartment complex, I think it's important to do extensive research on it. If the complex were to ever be sold, that would not bother me so much. The thing nice about downsizing is it's easy to move. Renting affords that opportunity to move after your lease expires, That would be fine.

I think if you want to stay in your house when you are in your 80's, that's a personal choice. However, hiring people to do my yard work is something I do not want to do.