Should I buy or rent a home if I am 67 years old and retired?

I am 67 years old and I have $300,000 in savings. I am retired and receive Social Security benefits. I would like to buy a home. Should I buy or rent?

Banking, Retirement, Social Security, Real Estate
Answers
Sort By:
Most Helpful
1 week ago
100% of people found this answer helpful

I would say that you should continue renting as long as you are happy in your current home.  The problem is that in retirement you ought to have your assets be liquid and spendable, and home equity most assuredly is not.  Besides, it's very hard to get a mortgage if you don't have income besides dividends and SS.

You would tie up a lot of money in the down payment and then assume the extra costs of mortgage, property taxes, insurance, maintenance, etc.  Don't saddle yourself with that responsibility.  You would reduce your available savings and simultaneously increase your monthly obligations.  I think you would hate yourself for having done that.

Besides, as you age, you're going to need less space and not more, right?

1 week ago
1 week ago
2 weeks ago
2 weeks ago