Posted on 09/05/2025 7:55:36 PM PDT by SeekAndFind
In Hawaii, so many properties have an “ohana” building with small square footage — supposedly for family to live in. (”Ohana” means family.) But most of them are rented out to anyone.
We’ve met people while cruising who live on cruise ships. They say it’s cheaper than most alternatives on land. Some stay put on one ship, but most move from ship to ship depending on itinerary, cost, etc. Have heard there are ships for this sole purpose, but don’t know about that for sure.
Size matters.
When I bought my brick home thirty-five years ago as a single, I wanted a home that I could live in through retirement.
I “downsized” to 1200 sq ft then.
No regrets.
It seems, less is usually more.
Same here. No rent or mortgage for 35 years. At my age I do have to have people come in and do some work for me. Bought a vandalized wreck of a home in 1989, rebuilt it. NO PAYMENTS for 35 years.
Ultimately, we’re all just renting.
I like that “year in advance”. A relief for both, indicative of the long-term understanding.
Agree! As a long-term mortgage professional owning your own home is the single best way for the middle class American to build wealth. Renting is pretty much for those who cannot afford to buy a home. In an apartment complex you cannot pick your neighbors and they are practically in your lap. If you can manage to own your own home do it.
“Oh, no, my parents aren’t going to maximize my inheritance! Please advise pronto!”
Yes, I don’t want my husband shovelling snow, etc.
Where I am there are all sorts of ways to get out into Nature; we’re never bored. The only things I’d miss would be a flower/herb garden but I can do that on a balcony. I onee thought I’d like to have chickens but mucking out, especially in Summer, seems more miserable the older I get...
I owned for 40 years and now I rent and love it. No down payment money tied up, half the monthly expense, no maintenance, and I can easily move. I put my money in stocks and reaped the benefits ... Bigly.
I vote owning your home if you bought it while young and in the right state.
We bought our in 1985 in California. California has Prop 13 with limits how much property taxes can go up each year, every home in a neighborhood could be paying different amount of property tax depending on when they bought it. (note - when sold the property base becomes the new purchase price)
Our home has been paid off for years. So all we owe for the home is property tax and home insurance which pro-rated monthly is a little over $250 a month. Try renting anything for $250 a month.
As for maintenance. Leading up to retirement we began replacing appliances and things like the water heater and air conditioner. We also had a new roof put on and the house painted. So once retired we have had no maintenance issues.
So we can live on Social Security if we had to (we don’t so we don’t).
Cons to renting
.Hope one of the renters don’t’ burn down the joint
.Your car has sign on it parts 4 you
.Noise and lots of it and often
.Maintenance when sober or not stined
.All the renters want’s to be your friend knocks on door often
I haven’t had any of those problems as a renter for over 20 years.
Not all apartment complexes are the same. You have to do research and be ready to pay for what you want.
“In Florida it’s possible to have a “mother-in-law Suite” that’s a free-standing home on your property. “
A MIL suite is part of the original house.
An ADU is a fre-standing residence.
That’s up in the air with many people. Please explain your thoughts.
wy69
Retired 3 months ago. I can’t imagine my kids getting involved in decisions like this.
I’m enjoying my first year without a mortgage. It is awesome.
It's all about the money with you, isn't it? Where I live, there are no million dollar homes.
You have to do research
Not many options on California unless your willing to pay $3.500 plus a month and they are not much better.
In my experience, modern apartment buildings are being built much better than old ones - in some ways.
New buildings are much safer, with sprinkler systems, much quieter (we never hear a peep out of neighbors). and often have secure garages. The down side is that they tend to have small rooms, and no cross ventilation. (I hate the latter because I prefer fresh air and good circulation to air conditioning.)
Of course, you do have to pay a lot for the benefits. it all comes down to what is important to you and worth the cost.
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