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Rent vs Buy in Garrison : Real Estate Advice

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Wed Nov 5, 2014
Kathy Burgreen answered:
I'm a retired realtor & 60 yrs. so I know what you're dealing with. Here's some information & advice:
1. Your current home - if you own your home (no mortgage or very little left), hire an appraisor & ask for a realistic value of your home. Also hire a home inspector & get a thorough inspection. If there's any major issues from the home inspection - get them fixed. It's far cheaper to fix repairs than a buyer who will subtract thousands of dollars because of a home inspection issue. If your home doesn't have modern appliances or an updated bathroom, buyers will subtract money to upgrade it.
2. The issue with renting at 62 yrs. is factoring the number of years you intend to rent & the net difference between paying rent vs. paying property taxes + homeowners insurance + maintenance. If you rent for 10 yrs. then decide on assisted living, it would be worth it. However, if you end up renting for 20+ yrs., then it would pay to buy a condo in an elevator building or a ranch home. At 62 yrs., try to avoid housing with steps.
3. Analyze current rentals vs. buying a condo or ranch home. Don't forget to include future medical expenses. You can't postpone a property tax payment because of unexpected medical bills. And Medicare doesn't pay 100% of all medical expenses.
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