Quote:
Originally Posted by Bill Tasker
This is a good question. I have often wondered the same thing. My spouse will have a small pension, hopefully enough to cover medical coverage. We will both have SS (hopefully) and I have a 401K. Buy a house out right or keep the cash has always been a quandry for me. When we looked at the historic side, most of them required a lot of updating. The realto rwe spoke with advised that TV will be completed 2015 and prices are moving up up and away. :-(
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It is wise for you to consider the money you "might" have to sink into an older home. We've always bought older homes in Vermont as there wasn't much of any choice nor new builds.......everything moves at a snails pace up here, including home building. Mostly singly built homes by owner. Not a development type situation like in N.J. or Fl.
Which leads me to: Even on social security alone, people would have to remember to have an emergency fund.
After years of noticeable climate change up here in Vermont with warmer winters and the typical January thaw coming in November......and the snow being RAIN....with saturated ground and sometimes rain on frozen ground......people started getting minor flooding in their lower levels and basements.........like soggy carpeting........
After years of thinking it would "change back" to the old climate, which did not happen........and more winters of ice jams and ice dams on the roof (which was new).........we had to put in French Drains all around the perimeter of the home.......dug out deep and then pipes put on gravel, etc. and they WORK GREAT......especially this year with two months of steady heavy rains up here..........VERY ODD WEATHER, TO SAY THE LEAST.
We also replaced our fairly new roof with another new roof with special "something or other" under the shingles and "ice glides" on the edges so that the snow and ice on the roof will gently fall off and not accumulate and go under the roof shingles..........
Just guessing, but in an older Florida home..........the airconditioning might go and that is as important as our oil furnace is up north......so even on S.S. keep in mind (the original poster) to keep an emergency fund for home repairs..............one never knows.