National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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At 66 years of age it is possible you want to enjoy your new freedoms and be available to travel more and spend extended time in place like Juneau or San Juan or even a stint in Key West.
Consult with your financial adviser to determine the best use of your resources that will align with your short and long term goals.
A rule of thumb would be if you are staying longer that 5 years, you should buy. Purchase methods and local economy can skew that time line.
Our recommendation is to at least consider looking at homes before making a decision. The best decisions are made when people have take the time to collect information and weigh their options.
Bottom line, it's a personal lifestyle decision. Homeownership has definite tax benefits, BUT you need to ask yourself how long you plan on living in an area. In appreciating markets I always told homebuyers to plan on living in a property 2 years to "break even" from their investment and selling costs. While this was a very conservative estimate in many markets I'd rather a homeowner/seller be happy with a profit that fraught with despair at not being able to sell or losing equity. In today's market a buyer/homeowner needs to really analyze the market and determine how long they believe they will be in an area.
Do you enjoy being responsible for your own property? Do you plan on traveling and possibly moving around? What is the draw to the Amarillo, TX area? Do you have family there? There are all sorts of options from condos to cluster homes in many areas and only you can determine what you are most comfortable with. There may even be lease options available that would put you in line to move forward with a purchase if that is what you ultimately determine is best for your future lifestyle.
Connect with a Realtor in the Amarillo, TX area and have these discussions while researching the market then make the decision that is best for you! Good luck and follow your dreams. We had a client in our office that always wanted to live in Hawaii....you know what...when she retired she did just that!!!
I would encourage you to buy, but I would also encourage you to know where you want to go for sure. Look the markets over carefully in the areas you are interested in. I wouldn't jump the gun though, as some areas are still declining in price.
You wonâ€™t be less rich or poorer because of renting but you will have your freedom.
Test the city first, once you find the neighborhood you want to live for at least 2 to 3 years, buy!