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Best way to use your house in retirement?
Posted on 3/26/25 at 2:42 pm
Posted on 3/26/25 at 2:42 pm
Been thinking long and hard about this. Homes are money pits (repairs, updates, insurance, property taxes, etc.). Is it smart if you own your home to sell it, invest that money, and rent from there on out?
Otherwise it’s just a 500k asset that’s costing you more than it’s worth to you. Would like to hear thoughts on best ways to maximize a home during retirement?
Otherwise it’s just a 500k asset that’s costing you more than it’s worth to you. Would like to hear thoughts on best ways to maximize a home during retirement?
15
Posted on 3/26/25 at 2:49 pm to BabyTac
We are tlking about splitting 50/50 between the US and Spain when we retire.
There's a chance we will purchase a property in Spain and rent in the US. Mortgage rates are much lower there as is the price of real estate. Just a thought right now but it may have legs.
There's a chance we will purchase a property in Spain and rent in the US. Mortgage rates are much lower there as is the price of real estate. Just a thought right now but it may have legs.
Posted on 3/26/25 at 2:57 pm to BabyTac
maintaining a house is usually much cheaper than renting.
Posted on 3/26/25 at 3:00 pm to BabyTac
quote:i'm considering as a brothel. Low overhead but a boucoup liability. What's your thoughts?
Best way to use your house in retirement?
Posted on 3/26/25 at 3:02 pm to BabyTac
It’s not Tom Selleck’s first rodeo, and boy does he have an offer for you!
Posted on 3/26/25 at 3:06 pm to BabyTac
It was many years after college before I was finally able to buy a house.
After renting for all those years, there is NO WAY I will ever share walls again, not to mention a whole lot of other things.
After renting for all those years, there is NO WAY I will ever share walls again, not to mention a whole lot of other things.
Posted on 3/26/25 at 3:37 pm to BabyTac
quote:
Would like to hear thoughts on best ways to maximize a home during retirement
One advantage of keeping a home is that it can be used as long term care insurance for one spouse. When the time comes for the last spouse to leave the house, it can be sold and the proceeds can cover years of long term care.
Posted on 3/26/25 at 5:00 pm to BabyTac
If I rent an apartment, where would I put my wife's 15 cats?
My house isn't worth anywhere near 500k (200k max)
My house isn't worth anywhere near 500k (200k max)
Posted on 3/26/25 at 5:13 pm to SuperSaint
quote:
i'm considering as a brothel. Low overhead but a boucoup liability. What's your thoughts?
My thoughts, PM your address and phone number once in business.
Posted on 3/26/25 at 5:54 pm to BabyTac
quote:
Otherwise it’s just a 500k asset that’s costing you more than it’s worth to you. Would like to hear thoughts on best ways to maximize a home during retirement?
Renting is an option until the landlord wants to sell and you're forced to move again. The last thing I'll want to do in my 70's is some guy selling his house and forcing me into a move.
The biggest reason for me to own is to have full autonomy of where I'll be.
Posted on 3/26/25 at 9:02 pm to Billy Blanks
quote:
The biggest reason for me to own is to have full autonomy of where I'll be.
Ehh.
On one hand, yes, you don't have a landlord.
on the other hand, you are tethered to an immovable asset that may be difficult or costly to get out of should the need arise (environmental damage/risk, economic downturn, etc)
If you rent, you can walk away easy peasy with no extra skin off your back at least yearly if not more often.
If you're not inclined or have no reason to maintain and pass a "family" home, then I can see the flexibility and lidquidity of renting being attractive.
Posted on 3/26/25 at 10:38 pm to JohnnyKilroy
quote:
on the other hand, you are tethered to an immovable asset that may be difficult or costly to get out of should the need arise (environmental damage/risk, economic downturn, etc)
Can have a house sold in 30-45 days. Easy to get out of.
Posted on 3/26/25 at 10:54 pm to Billy Blanks
I retired about 9 years ago. We purchased a unique home and enjoyed it and did a whole house refurbish over the first 5 years. With my new consulting job, we do a lot of traveling, and I always had friends who asked why I didn't rent out my home. So, 2 years ago, we listed it on AIRBNB / VRBO, etc. and now the home basically pays for its own mortgage(55k), utilities(13K) and (~25K) extra.
We block it out the entire winter from Thanksgiving until April 1 & we simply block out any periods we want to stay in the house for ourselves. Otherwise, we are traveling or camping.
It's got to be a unique home and not just another rental just like all the others. We have 3 real comp for Seattle +/- 60 miles.
We block it out the entire winter from Thanksgiving until April 1 & we simply block out any periods we want to stay in the house for ourselves. Otherwise, we are traveling or camping.
It's got to be a unique home and not just another rental just like all the others. We have 3 real comp for Seattle +/- 60 miles.
Posted on 3/27/25 at 6:58 am to JohnnyKilroy
quote:
If you rent, you can walk away easy peasy with no extra skin off your back at least yearly if not more often.
except the cost of moving because at that age you wont be able to move yourself. So figure an extra $3k-5k per year for every move.
Posted on 3/27/25 at 7:20 am to BabyTac
Reverse Mortgage the second i turn 62
Posted on 3/27/25 at 7:46 am to SDVTiger
quote:
Reverse Mortgage the second i turn 62
I’ve actually been looking into this as what seems like a great option. The wife and I have no kids so no reason to save the value post death.
Posted on 3/27/25 at 7:53 am to SDVTiger
quote:
Reverse Mortgage the second i turn 62
Is this your opinion regardless of assets, cash flow, income needs, etc?
Posted on 3/27/25 at 8:48 am to BabyTac
quote:
I’ve actually been looking into this as what seems like a great option. The wife and I have no kids so no reason to save the value post death.
Best loan ever created for this sceanrio
How much do you owe and whats the value
Posted on 3/27/25 at 8:50 am to SDVTiger
quote:
How much do you owe and whats the value
Value around $500,000 and own outright.
Posted on 3/27/25 at 8:53 am to BabyTac
Thats a must then
Get that credit line and enjoy the 8% growth rate until you need a draw
Get that credit line and enjoy the 8% growth rate until you need a draw
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