Iam 66years old is it to late in life to buy a home or should I just rent

Asked by Bigitaly, Wimauma, FL Fri Feb 26, 2010

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Diana Marsha…, Agent, Tampa, FL
Fri Jun 22, 2012
It is not to late, but do consider what are your goals? It's a great time to buy with low rates. I can't say enough about renovation financing, where you buy a distress property and fix after closing with one loan and a repair escrow. One strategy you can use is to buy, fix and sell every two years, pocketing the profits or taking them to another property. This little known government program requires owner to occupy for at least one year and two years if you want to avoid capital gains taxes.
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Mark LeMenag…, Agent, Lake Nona Orlando, FL
Sat Feb 27, 2010
Italy! I love your country. Best food in the world. The answer all depends on 2 factors -- your health and your finances. Assuming they are boith good, WHY NOT!
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Don McBride, Agent, Cape Coral, FL
Sat Feb 27, 2010
Not a chance that it is too late to buy a home. You live in Flrida where you can find a fantastic value on a home, and you may also benefit form the first time home buyers tax credit.

Now go out there and find your self a house.
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NA, , Bradenton, FL
Sat Feb 27, 2010
Have you ever owned a home? If not it is a great time to buy. You would be able to take advantage of the tax credit and possibly be able to find a value in this market.

I am located in Sun City and if you would like to review homes that would meet your needs and in your price range, please feel free to contact me. You have until April 30th to take advantage of the first time home buyer tax credit!

Best Regards,
Michelle Niemczyk, Realtor
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Bill Eckler, Agent, Venice, FL
Sat Feb 27, 2010
If the situation is right for you.....it's never too late!

But as others have said, it's important to view your financial situation and be certain that you will be able to afford your property.

There are opportunities out there that are so good that buyers are actually saving money by buying as opposed to renting. Remember that renting brings with is a whole new set of responsibilities in the form of supporting and maintaining it.

Remember, it's never too late but be ertain it's right for you!

Good luck,
The Eckler Team
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Don Tepper, Agent, Burke, VA
Fri Feb 26, 2010
As the others say, it's certainly not too late.

Dan makes a good point, though. Make sure that you can afford it now and into the future. And certainly do a rent-versus-buy analysis to determine whether financially it's the best decision. Then make sure you get a good value.

But if everything else checks out, then go for it.

Hope that helps.
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Cristina Alz…, , Florida
Fri Feb 26, 2010
Age is nothing but a number......I know many folks that are 66years young. If the age is the issue, it's never too late to do anything. There are many things to take into consideration when answering your question. I would suggest that you contact an accountant to review your financial situation and to see which path would fare you better in the end based on your situation.

Best of luck....and think young.

Cristina Alzugaray
Realtor/Mortgage Broker
Exit Realty Premier
Palm Beach County
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greg, , Boston, MA
Fri Feb 26, 2010
It is never to late. I currently have a buyer client who is in her 90s
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Dan Chase, Home Buyer, Texas City, TX
Fri Feb 26, 2010
Age discrimination is illegal. A bank can not refuse to give you a loan just because you are past 18.

The biggest thing to worry about is your income. Make sure that you can comfortably pay for any mortgage (with taxes and that horribly expensive wind insurance) and still be well off financially. You may have some repairs come up soon, you will have some repairs come up later. Make sure you can afford to pay when they do happen.

Florida has 48% or mortgages underwater now. That means almost half of those who have a mortgage owe more than the house is worth. That is a prescription for more foreclosures to come (through 2012) brining lower prices. Depending on your price point buying now and getting the free $8k (up to 10% of purchase price of the house) and low interest around 5% (at 6% or 7% you lose 11.9% and 23.9% of buying power) buying now may be your best bet. Waiting may be. If you decide to buy now know that the house must be under contract by april 30.

Maybe the best question for you to ask is does renting make more financial sense than buying does.
That does not say which way to go. It only shows you how to honestly look at the numbers and decide.

One thing I would look for would be single story living. Wide doors would be a big help if in a few years you need to get around with a walker.

I have several blogs below that relate to buying a house. They cover everything from saving up for a down payment, to the steps involved in buying a house, to things to watch out for when buying a house. 12 blogs all told and all but 2 are worth reading for someone trying to (or wanting to) buy a house.
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Melina Tomson, Agent, Salem, OR
Fri Feb 26, 2010
I agree with Anna. Some folks choose to give up home ownership at your age to rent because they don't want to maintain the property anymore. You need to do whatever fits your lifestyle the best.
Web Reference:  http://www.tomsonburnham.com
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Anna M Brocco, Agent, Williston Park, NY
Fri Feb 26, 2010
You can buy whenever, whatever you wish that suits your lifestyle and finances--consider-- Costs—financing v. moving-in, mortgage v. rent, repairs v. upkeep. Lifestyle—stability v. mobility, predictability v. flexibility, equity v. freedom from debt. It used to be all about equity. Now, there are other variables to consider in the balancing of the buy/rent equation. The decision to buy or rent is entirely yours, do what suits you best.
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Nadine Mauro, Agent, Lake Worth, FL
Fri Feb 26, 2010
Hi Bigitaly,

It might just be the perfect time to buy. Depending on what you are looking for, you might find that a mortgage payment might cost less than rent for a similar size home.

Nadine Mauro
Realty Hub, Inc.
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Team Real Es…, Agent, STATEN ISLAND, NY
Fri Feb 26, 2010
Dear Bigitaly,

It is never too late to buy a home, it is never too late for anything. Plus 46 is the new 66, is it not? Lol :)
Anyhow, if you have a good downpayment and you qualifyand a bank is willing to give you a mortgage then I don't see why not. Good Luck, I hope you go for it.
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