5 Advantages to Rent vs Own a Home in Retirement

Рет қаралды 6,699

Күн бұрын

Пікірлер: 32

@RADS8781 Жыл бұрын

Thanks for the video! I retired a year ago, after selling my home and a rental I had. I don’t regret a second having done so!

@retirementcrusaders Жыл бұрын

Great job! May I ask, what part of this decision has most surprised you (for the better)?

@jo-annmacneill6454 3 ай бұрын

i still have mortgage not paid off. rents are so high plus all the surprise rent increases

@KaiSosceles 9 ай бұрын

Great tips. Most I had never considered and well worth considering. Thanks for putting this together.

@retirementcrusaders 9 ай бұрын

Our pleasure!

@marciasalmon9410 Ай бұрын

This is very informative and confirms what I have been thinking.

@debbiewechter9718 6 ай бұрын

My home has been paid off for years. I could probably list it for $850,000.00. We pay $11,000.00 a year in property tax. We have gas, electric, water, cable, insurance. We found a place to rent $2800.00 a month. But we didn’t think renting was smart since our home has no mortgage. I just had to replace my air conditioner. $5,300.00. We retired Dec. 2023.

@roareward 2 ай бұрын

If you own a home or sell a home and buy a home for no debt. Renting introduces one big problem I can see. The monthly cost of owning a home is repair cost .01%/year + taxes + hoa(maybe and controllable by where you purchase). Rent is rent, although it will go up, usually it is close to inflation rate. The problem is the housing cost tend to be significantly less year over year. If you rent you increase your income and probably your taxes, since now you have increased your income by the yearly rent rate - (housing costs). Even if that $$ amount doesn't matter so much in the scope of your income, lets just low ball it and say you rent a house that is 2k diff from cost of owning that is 24k extra income you have to pull from retirement, I would still rather spend that 24k on something else. Yes there is opportunity cost of reinvestment, but every time I try to run the numbers the big difference still comes down to what I want to spend my withdrawal money on. So unless plan to nomad it when you are retired, it just doesn't make sense to me. Unless the $$ don't really matter and you just want the flexibility to move. (ie: non money decision)

@searchersearcher8286 2 ай бұрын

Retirement is not the time to be anchored to property. Its is time to be unburdened.

@JC-id7dj 3 ай бұрын

I’m thinking about selling my home and taking the proceeds of 180,00-200,000 thousand retire now at age 60, pay off my 60,000 debt, invest the remaining and relocate close to my 2 kids in another state. And live on my current pension income by renting an apartment home. It’s just me so I will have peace and tranquillity. No more worries about maintenance, home improvements, etc. I lost my husband 5 years ago so I’m drained and burned out from continuing this by myself. I want mental and financial freedom. Some people will think this would be a bad move but, everyone situation is different due to individual circumstances. I like your take on renting which may work for me. I just have to look into treasury bills. Thanks for this interesting video.

@hcp0scratch 2 ай бұрын

I am on your side regarding renting, and your video was great. But...theoretically one DOES earn on home equity, as it is an investment just like the stock market, etc. I feel it is an inferior investment, but certainly not money under the mattress as you implied.

@bk4of4 Ай бұрын

Love this vid. I'm 66 and about to retire. My condo is paid off, but with HoA, Taxes, Insurance & Maintenance & Repairs...I'd be happier renting. 95% of people I talk to think it crazy to seel a home to rent, but in reality, Equity is not real as I age far from the kids home ownership feels scary.

@derbywinner6316 Ай бұрын

Agreed with you. I decided not to buy a home and focus on cash flow and investing

@tecomaman Жыл бұрын

i live in my fathers house which is sold and need to decide to rent or buy an apartment between now and 6 weeks ,if I buy I will spend half my money ,I am 72 ,I could live anywhere in the future even overseas ,but a permanent bass could be good

@retirementcrusaders 9 ай бұрын

Sounds like you have a good approach.

@tecomaman 9 ай бұрын

@@retirementcrusaders I can buy an apartment for $250 K in a hotel rather than $450k as was thinking

@user-hq5oy8dk2o 9 ай бұрын

I disagree with several points in this video; To each its own!! I retired and sold my home in an over inflated area relocated, took the profits, and purchased a smaller home cash !! No monthly payments, and it makes sense...🤔

@retirementcrusaders 9 ай бұрын

Sounds like you failed to watch the video all the way through. We make that EXACT point. Please see me after class!

@user-hq5oy8dk2o 9 ай бұрын

@retirementcrusaders Seems like you failed reading 📚 comprehension or understanding how to verbalize your own thoughts!! I wouldn't waste time seeing you after class or anywhere else. This video seems to be 👀 seeking self validation!! SMH

@Green-jl9yh 6 ай бұрын

It really depends on person I sold my house and get income to Pay for 55 plus apartment with No headache and great amenity and The most important There’s always Something to do somebody to talk I don’t want to spend my retire time Sitting on house alone and What am I going to do today and just wait for die

@Heart4KidsNonProfit 21 күн бұрын

I think there is a difference between buying a house in retirement versus someone who has owned a house for decades before retirement. Would you please do a video specifically for people who are now entering retirement and do now own a home. Would buying a home at retirement make sense? or is it better to continue renting? Please share the pros and cons. Thank you for the informative video.

@dee4435 6 ай бұрын

Living in a condo, I pay almost $400 in HOA monthly fees. So that chunk of change can go towards my rent when I retire in 2 years.

@Seniorleads 6 ай бұрын

you also do not pay property taxes as a renter and renters insurance is less expensive than homeowners insurance

@jjoutback Ай бұрын

The statistics referenced are ludicrous.

@terryregan5772 Жыл бұрын

I really enjoyed your video and am concerned about the comment you made near the end. Where my wife and I live rent is about double out current mortgage. What do you think?

@retirementcrusaders 9 ай бұрын

With rates so much higher today than when we created this, it does make sense to reconsider. I'd have to know more about your situation to make a recommendation.

@DLFfitness1 9 ай бұрын

Most people retire too early with no plan. Unless you have money for repairs and upkeep, your home can quickly become a dump. Taxes and home insurance also increase. There is no scenario that avoids change. With climate change, you may have some major repairs in your future.

@retirementcrusaders 9 ай бұрын

Good point.

@jjoutback Ай бұрын

Where else will you live more efficiently than in a paid off home ? Rent is variable and unless you want to be a migrant moving every other year when your rent doubles.....owning a home is the WIN.

@tbd6963 Ай бұрын

If this is true, then why would young people buy now while it is so expensive. I’m very confident the market won’t go up in the next 40 years the same way it went up the last 40 years.