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we are thinking of renting forever too, just because it is so-so affordable comparatively here. houses here cost a fortune. well, in wellington anyway, and they are a mess, in need of a lot of repairs. so, no real point in buying a broke-down $850k house that needs about $150k of repairs, kwim?
unless, like, you're peter jackson and you own 1/3 of the peninsula. :D
we are thinking of renting forever too, just because it is so-so affordable comparatively here. houses here cost a fortune. well, in wellington anyway, and they are a mess, in need of a lot of repairs. so, no real point in buying a broke-down $850k house that needs about $150k of repairs, kwim?
unless, like, you're peter jackson and you own 1/3 of the peninsula. :D
We live in a first ring suburb in a very large city and it is the only way I could be comfortable here. Kind of like living in a small town since everything we do is within a few miles radius. Yesterday I had to venture beyond for an errand and was absolutely blown away by the massive amounts of speeding traffic, ribbons of overpasses, ugly sprawling development, etc. I couldn't wait to get back to my little hood.Quote:
First ring suburbs are the best, in my book.
First ring suburbs can offer the best of both worlds in my opinion. I like the outer boroughs of NYC for that reason.
I'm torn between putting down roots and buying a small place in order to have a hub and the carefree living of renting. Both have their own redeeming qualities.
I saw a very cool house, kind of cabin-y looking and rustic but cozy for rent recently on an acre of pretty land within walking distance to a lake for $575/month. But we own a house currently so could not entertain renting it...but thinking about the cost of repairs/maintenance/insurance and property taxes on our current house, this rental seems, at first blush, to be a great deal...as we move along the age continuum, renting just might make a lot of sense...
Though we own our house "free and clear," the cost of repairs and etc. make it not so free after all.
Ditto on kally's post (we live in the same town). Some folks think that being one the far end of a ferry run - no road access - is a problem that needs to be fixed, but I see it as a feature, not a bug!
I think in the long term buying is probably always more financially better but renting does give you the freedom to just up and move as well as freedom from all the possible work and repairs and those expenses. Also you can often afford to live in an area of the country (world) that would otherwise be too expensive to buy in. This is especially true if you are flexible and are free to move often or can live somewhere seasonally. I've been looking online at areas I thought I'd like to hole up in later this sping when I am free to travel (i.e. house sold) and many very expensive areas like Aspen, Colo are really inexpensive in late spring and early fall. The ski season is still going but not great so the vacation houses are availible at a GREATLY reduced price (like 75% or more off the prices in winter) if it's on a monthly basis. It's also a fun way to check out areas you'd maybe want to live in permanently without having to make the big move. While I don't know if I'd like doing the endless vacation house rental thing year after year, always moving someplace different - although I guess you could always go back to the same place each time - but it seems like a fun way to combine travel and regular living in cool places without the financial burden or hardship of ownership - or even permanent rentals. I like the vacation rental places mainly because it ISN'T long term (although most can be if you want) and the places are completely furnished with everything you need and includes utilities. No hassles at all, and no need to "move" stuff each time. Just pack up my vehicle with my clothes and go. Once I'm older I may want to settle down in one place - maybe even own again - but I don't think so. I'm defienetly leaning towards permanently renting.Quote:
Originally Posted by Zoebird
This has been an interesting thread to follow. We're both in our 40's and nowhere near ready to retire financially so I hesitate to think what I will want at that point. After all, I certainly had different desires 20 years ago, and in 20 years when we're actually retiring goodness only knows what'll matter to us.
Currently we live in san francisco in one of the outer, more suburban older neighborhoods (if anything within SF city limits could be called suburban). We have amazing transit, plenty of decent, basic restaurants, etc, nearby, safeway across the street, plus a 20 minute lightrail ride into downtown. If price wasn't an issue I could see living in this city forever. But unless I win lotto price is definitely an issue as far as retirement goes. And I'd probably want to live in a sunnier neighborhood, which would be even more expensive. Part of the reason I don't mind living on the west side of town is that I leave the fog every morning to work downtown in a much more sunny neighborhood.
All that said I'm pretty sure I will want to retire to an urbanish environment. I grew up in a house with a yard but have never lived in one in adulthood. And frankly, I don't miss yard work and all the work that went with living in a house. Nor do I want to have to get in the car to get a gallon of milk or go out for a quick dinner when we're both too lazy to cook. And I love the world class library SF has. Pretty much any book I read about anywhere is/will soon be owned by the library so I just add it to my request list and constantly have a supply of interesting books delivered to the library a few blocks from us, free of charge. It was the same in NYC where we lived before. I've never bought a lot of books, and consider a good library to be one of the most worthwhile assets a city can have of which I will take advantage.
So, to answer the question, I have no idea where we'll end up. There are lots of good possibilities. We're not wedded to any particular place because of family or anything, so I expect the decision will get made closer to the time we actually plan to retire, but most likely it'll be somewhere that has an active street life, is not insanely expensive, and has apartment-type housing so that we don't have to spend much of our life's energy taking care of stuff like a house.
While I am against Association living be it condo or homeowner, when we retire, my wife and I will likely sell our house in Orange County and buy a small Condo or house in Palm Springs. We will have it set up so that we can just close the door and leave for a few months which is why a condo is a possibility. We will probably opt for a small house with a pool as we so enjoy being pool side like a chicken.....NUDE! Can't do that in most condo pools. Small condos and homes in Palm Springs are 1/3 the price of our house so that even with increased utility costs, ownership will be much cheaper than current. Our children will likely be within 2 hours so they could keep an eye on the place on weekends when we are away
Lol Sam Onofre Guy. Nude is fine in your own backyard, but from my experience, you have to be wary of your interested neighbour's windows.
I have considered a condo for retirement simply for the ease of locking up and walking away as needed, but I can't stand those condo fees. I guess you can't have it both ways. I think a townhouse might be a good example. Easier to leave than a single family home, but not as maintenance heavy.
Those of us who like to go nude don't give a hoot about people looking at us, from windows or otherwise. When you have a shared pool in a condo association you have to live by their rules