Quote:
Originally Posted by ilovetv
And as always, a person would be wise to buy a home of value they can afford to lose in case of an unforeseen event for which they do not have insurance or cannot get it.
I think many are buying far more house than they need and might be able to afford in the future. I'd err on the side of smaller and more affordable and fixed up really nicely, just for the eventuality of sudden skyrocketing inflation or other economic disaster that could make all the wheels fall off at once.
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I certainly agree. We bought, paid for, gutted, renovated and professionally decorated a CYV. Our primary residence is elsewhere. If this place were swallowed up by a sinkhole, we'd be upset but it wouldn't break the bank. We're big believers in not living beyond your means. I seriously doubt a lot of these retirees are living within their means or actually own their homes. If disaster strikes, many will be hard pressed to recover.