3 Replies Latest reply on Feb 28, 2011 12:56 PM by PhilMc

    Rent vs Own

      I am 68 years old and still working.  I own a condo on the 2nd floor.  The stairs are getting to be too much.  What do I do now?  Do I sell and purchase a one-level small home, or do I rent an apartment and sell my condo unit?  I could possibly purchase a ground level condo unit where I live now, but I hate paying $240 in association fees each month, plus Special Assessments.  All suggestions will be appreciated
        • Re: Rent vs Own
          There are too many unknowns for anyone to give you reasonable advice.   For example:  If you are someone whose style is to call a super or a contractor for even minor maintenance then you definitely should rent.   If you're reasonably handy and enjoy home projects then owning has distinct possibilities.

          Likewise, you need to look at your finances -- particularly during the transition.  Would buying a new place while your current condo lingers in the market put you in financial trouble?   If you need cash for future years, then renting makes sense since the sale of the existing condo will replenish your funds.

          • Re: Rent vs Own
            Do you want to shovel snow, rake leaves, trim bushes, as would be required in a small house???
              • Re: Rent vs Own

                Is the question one of financial fitness or physical fitness?

                Exercise is the reason I have a second floor apt and my sister is keeping her two-story house.  Climbing stairs is good exercise.
                If you find the climb a problem, perhaps regular visits to a gym will help you get back in shape.

                If the joys of home ownership are the big problem, I'd hold off moving until your present home is sold.  In the interim, search for an apartment community you like and put yourself on it's waiting list, a rolling list, if possible.  That way, you just might be able to walk out your old door and into your new one on the same day.