[dewilson58]

Originally Posted by Randall55

When you purchase a home you have tax issues in the form of property taxes and bond. No one is going to escape taxes. Renting is not for everyone but it does have many advantages when interest rates are high.

Renting is extremely more expense than my debt free home.

Included in your rent number are all the taxes, interest & a ROI for the owner.

I'm not paying for a ROI..............I'm earning the ROI.

[Randall55]

Originally Posted by dewilson58

Renting is extremely more expense than my debt free home.

Included in your rent number are all the taxes, interest & a ROI for the owner.

I'm not paying for a ROI..............I'm earning the ROI.

We sold our home for double the amount we paid. We KNOW that was nothing but a stroke of luck. At this time, we are not willing to spend our money in real estate because we believe home prices will continue to fall. Everyone chooses what they believe is best for them. We are enjoying a maintenance free life and travelling. We will have no regrets no matter which way home prices go.

[dewilson58]

Originally Posted by Randall55

We sold our home for double the amount we paid. We KNOW that was nothing but a stroke of luck. At this time, we are not willing to spend our money in real estate because we believe home prices will continue to fall. Everyone chooses what they believe is best for them. We are enjoying a maintenance free life and travelling. We will have no regrets no matter which way home prices go.

My point was............we have all of that & more.
More than doubled, maint. free, travelling, & not paying someone's ROI.

[Randall55]

Originally Posted by dewilson58

My point was............we have all of that & more.
More than doubled, maint. free, travelling, & not paying someone's ROI.

Our last home was not maintenance free. Required lots of work.Taxes were high. Now I understand where you are coming from. Not concerned with what the landlord does with our rent. We feel we are doing what is in our best interest and that is all that matters.

[Normal]

Originally Posted by Randall55

Our last home was not maintenance free. Required lots of work.Taxes were high. Now I understand where you are coming from. Not concerned with what the landlord does with our rent. We feel we are doing what is in our best interest and that is all that matters.

We own, but there are some great rental deals out there right now. The owner pays utilities, taxes etc. You just need to shop around. There is/was a large supply of rentals to choose from this past season. We had friends that had everything covered for 2 months for 2200 a month. They seem to be getting competitive with great prices and perks.

[Randall55]

Originally Posted by Normal

We own, but there are some great rental deals out there right now. The owner pays utilities, taxes etc. You just need to shop around. There is/was a large supply of rentals to choose from this past season. They seem to be getting competitive .

The exact reason why we chose to rent a home. Not expensive at all.

[Normal]

Originally Posted by Randall55

The exact reason why we chose to rent a home. Not expensive at all.

I don’t know how long I could take a CYV, but things are fairly affordable if you go that route.

[Randall55]

Originally Posted by Normal

I don’t know how long I could take a CYV, but things are fairly affordable if you go that route.

We are taking our time in buying another home. Preowned homes are sitting on the market for MONTHS. Plus, there is an abundance on the market. To us, this is a sure sign home prices will continue to fall.

The quality of construction with new homes is diminishing. Bonds are ridiculously high. Lots are smaller and homes are squeezed in tight. An abundance of patio villas makes us believe there will be many short term rentals. We are not enthusiastic with the planning of the Eastport area. Simply not our cup of tea. It seems it is going to be very crowded.

For now, renting is where we feel most comfortable.

[Shipping up to Boston]

Originally Posted by Randall55

Our last home was not maintenance free. Required lots of work.Taxes were high. Now I understand where you are coming from. Not concerned with what the landlord does with our rent. We feel we are doing what is in our best interest and that is all that matters.

Exactly. You can own outright and it still costs a couple grand to turn the key given what you described. A homeowner always has to do something. I’ve been on both sides of it. The difference down here is when an Ian or the like wipes out the rented property, you just grab your stuff and move on to the next rental. In my book that’s maintenance free living in this demo. Owning later in life isn’t as big a deal as when you’re younger. There is no one size fits all way to live. Different needs, lifestyles and considerations...for different people

[Boomer]

Originally Posted by Shipping up to Boston

Exactly. You can own outright and it still costs a couple grand to turn the key given what you described. A homeowner always has to do something. I’ve been on both sides of it. The difference down here is when an Ian or the like wipes out the rented property, you just grab your stuff and move on to the next rental. In my book that’s maintenance free living in this demo. Owning later in life isn’t as big a deal as when you’re younger. There is no one size fits all way to live. Different needs, lifestyles and considerations...for different people

Exactly right.

Both sides of the Own v. Rent thing are completely valid.

I also agree with you that it is a much bigger deal for a younger person to be able to get that first house. Mine was at age 25. That was ten houses ago and now here I am, still owning and living in a hard asset. But that does not mean that smart renting is not a good choice for some.

I also acknowledge the fact that, in general, it was easier for the Boomers to get started in homeownership than it is for the millennials.

Boomer

[Kenswing]

I dream of 8% interest rates.

[eyc234]

Originally Posted by Normal

3 days ago Jamie Dimon stated 8% rates are in our near future. Most cannot argue this because national debt is climbing well past GDP. How will this affect life here in the Villages?

Jamie Dimon—Head Of U.S.’ Largest Bank—Warns Of 8% Interest Rates Along With Recession

Easy solution, do not live on credit, live below your means and save, save, save!

[Laker14]

The question asked in the OP is "how will this affect life in The Villages", to which my answer is "not much". I will still get up, enjoy the nice weather, engage in my activities etc etc.

The questions addressed in most replies is "how will this affect the housing market?", and "how will this affect my own decision to buy vs. rent" and responses that essentially convey the message that "I made a different choice for my own personal reasons and circumstances and I'm smarter than you"...

The decision to rent vs. buy does not come down entirely to dollars. I crunched the numbers for nearly 20 years, and had made the decision, while I was still working and living in NY, that renting made more sense. However, after renting for a few years, I discovered that I'd rather own than rent. I won't list the advantages and disadvantages of the renting vs. owning equation. We all know them.

When I made my decision prices hadn't taken the spike up they took a few years ago, and I was given a 2.75% mortgage, and I wasn't looking at it as a vehicle to make money. Those were MY circumstances THEN. Given today's mortgager rates and housing market I might make a different decision, or not, I don't know. Doesn't matter.

For anyone on the fence about buying vs. renting, I wouldn't be in a hurry to fall off of that fence, in any circumstance. Take your time. What you may lose in having missed the "ideal" moment financially, you'll likely more than recover in a better knowledge and understanding of this place, and your place in it.

[JRcorvette]

The reckless way our Government is spending and wasting money our dollar will be devalued and will no longer be the world’s currency. We spend money on so many stupid things and have not had a Budget since I can’t remember. You all better be out of debt in your personal life if you want to survive what’s going to happen!

[gorillarick]

"The big and important difference now is that buyers have to actually qualify for mortgages."

Yeah, but they're back to doing 100% and here have some cash mortgages.
Yikes again.