[Robojo]

Originally Posted by Villager1234

Yesterday I read about the lady who is having problems with house closing
There are alternatives to purchasing. I moved here 2 years ago, finally found a yearly rental
I closed on my house up north last month. Instead of buying a house I am seriously considering renting permanently. A 5% cd pays all of my bills and don’t have to worry about any maintenance,water bills,sprinklers Many of my friends miss activities to meet repairmen. I am a retired tradesman and don’t care if I ever pick up a tool again

I also rent yearly here in TV. My house owner is an investor with at least 5 homes and is the main reson i didnt buy. He snatched up the houses i could afford before I could get a loan.

So now I rent the house I thought I wanted to own.

I am very happy as a renter. My rent is extremely affordable and I have zero risk.

Good luck navigating home owners insurance. Thats whats stopping me from buying in this state.

I'm with the poster on this one. I would rather have a buttload in savings than to own another home.

[retiredguy123]

Originally Posted by Bradley60

If you move money from an annuity to a T-bill or CD, do you have to pay taxes on the money when you move it?

Lots of variables. But, generally, if you funded the annuity with non-tax deferred money, when you cash out the annuity, you will owe income tax on the earnings you made, but not the principal that you deposited. Moving it to a T-bill or CD doesn't change anything. If you funded the annuity with tax deferred money (401K or IRA), you can transfer the money into another tax deferred account and delay the tax.

[coleprice]

Your rent will go up most years, while your mortgage remains unchanged. Although insurance and taxes will go up a little each year, they are relatively small and will not escalate at the pace of rents.

[Sandy and Ed]

Originally Posted by Villager1234

I think I can survive on my pension and social security. If I can’t I can get a NYC address and get a free EBT card, cell phone, and $1000 for rent

I don’t understand……..wouldn’t you first need to cross over the southern border, no??

[roadrnnr]

I have been mulling over this also.

I am going to have a $550k Cash on my house sale an would have probably 20K a year, after taxes and fees I am assuming.

That would get me a decent rental.

[merrymini]

Being a renter is not worry free. What if you have a lousy landlord and they drag their feet getting the fridge fixed? They kick you out because they want to sell the house? No thanks. My home is an investment and under my control, as far as we control such things. I can live here as long as I want and it appreciates over time. I control how and where I live. Ownership is for me.

[Randall55]

Originally Posted by coleprice

Your rent will go up most years, while your mortgage remains unchanged. Although insurance and taxes will go up a little each year, they are relatively small and will not escalate at the pace of rents.

Renters have no maintenance costs and do not pay for repairs. Zero time is spent attending to these needs. If a landlord decides to sell the home, many more rentals are available or you can pull your funds from your savings and buy a home. The decision to own or rent is give and take. Honestly, we are LOVING renting. Hassle-free and more time to enjoy our retirement.

[Cliff Fr]

Originally Posted by jimbomaybe

Taxes on the income, write off on mortgage interest, of course there are many things that only the future will reveal, home ownership has always been a reasonably good investment in the longer term, at least in the past

If a person already sold their house when they were retirement age a long term investment in a house may not be realistic

[Cliff Fr]

Originally Posted by roadrnnr

I have been mulling over this also.

I am going to have a $550k Cash on my house sale an would have probably 20K a year, after taxes and fees I am assuming.

That would get me a decent rental.

Will you be paying income tax on the sale proceeds if you don't reinvest in another house?

[cjrjck]

As someone who rented in TV for five years before buying I can tell you there are advantages and disadvantages. The advantages have been mentioned such as no maintenance costs. I will cover some of the disadvantages. For one, it is sometimes not as easy as you would think to find a suitable home in the area you are wanting to live for the time period you need. Much depends on the time of year your current lease ends if you are having to find another home. I lost a number of potential rentals because my lease ended at a time the rentals were not available or the owner was not willing to wait until my lease ended. Also, if you are renting long term while searching for the perfect home to "pounce on" better hope that it is near the end of your long term lease or you will have to carry two house payments for some time or pay a considerable severance penalty if that is an option. We finally chose to buy because we concluded that we will be here long enough to recoup our investment in a home and likely make money. If you have the funds to purchase a home, the time you think you will be in TV could be an important factor.

[Randall55]

Originally Posted by cjrjck

As someone who rented in TV for five years before buying I can tell you there are advantages and disadvantages. The advantages have been mentioned such as no maintenance costs. I will cover some of the disadvantages. For one, it is sometimes not as easy as you would think to find a suitable home in the area you are wanting to live for the time period you need. Much depends on the time of year your current lease ends if you having to find another home. I lost a number of potential rentals because my lease ended at a time the rentals were not available or the owner was not willing to wait until my lease ended. Also, if you are renting long term while searching for the perfect home to "pounce on" better hope that it is near the end of your long term lease or you will have to carry two house payments for some time or pay a considerable severance penalty if that is an option. We finally chose to buy because we concluded that we will be here long enough to recoup our investment in a home and likely make money. If you have the funds to purchase a home, the time you think you will be in TV could be an important factor.

We do not have a long term lease. We negotiated with the owner on a month to month basis. If he decides to pull the rug under us, we will try to find a similar arrangement or rent off Villages property. We travel often. Our rental is just a place to return. No sweat off our back if we lose it. For now, the landlord likes the arrangements. His home sits empty frequently with very little wear and tear.

[JMintzer]

Originally Posted by Pat2015

50% of all the purchases in the southern areas of TV are not rentals. What’s the basis of your comment?

I was questioning to same 50% that you were questioning...

Don't know why you quoted my post...

[JMintzer]

Originally Posted by Robojo

I also rent yearly here in TV. My house owner is an investor with at least 5 homes and is the main reson i didnt buy. He snatched up the houses i could afford before I could get a loan.

So now I rent the house I thought I wanted to own.

I am very happy as a renter. My rent is extremely affordable and I have zero risk.

Good luck navigating home owners insurance. Thats whats stopping me from buying in this state.

I'm with the poster on this one. I would rather have a buttload in savings than to own another home.

And as insurance rates continue to rise, what do you think will happen to your rent?

[JMintzer]

Originally Posted by Randall55

Renters have no maintenance costs and do not pay for repairs. Zero time is spent attending to these needs. If a landlord decides to sell the home, many more rentals are available or you can pull your funds from your savings and buy a home. The decision to own or rent is give and take. Honestly, we are LOVING renting. Hassle-free and more time to enjoy our retirement.

Glad it works for you...

Our dog sitter and her husband are on their 3 (or is it 4th?) long term rental. Their landlords keep selling the houses, forcing them to move once a year...

Unfortunately, they can afford to rent, but they cannot afford to buy...

[JMintzer]

Originally Posted by Cliff Fr

Will you be paying income tax on the sale proceeds if you don't reinvest in another house?

Not on $550K, you won't...

You can make $500K PROFIT on selling your home before paing capital gains taxes...