Quality of Life in 04105>Question Details

Joanna, Home Buyer in 04105

At 66 years of age, should I consider purchasing a home or renting? I am a widowed retired school teacher.

Asked by Joanna, 04105 Wed Aug 12, 2009

I have been living in maine for 2.5 yrs. and have lived in the Dallas-Ft.Worth area prior. I am thinking of moving to Amarillo, Tx. in the about a month.

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11
Dallas Texas’ answer
Why rent make a landlord richer? Lease amounts can change over next 40 years vs. locked in rate for a mortgage with increase in value... I would purchase than lease any time. Besides you receive annual tax benefits.

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0 votes Thank Flag Link Wed Aug 12, 2009
As Linda indicated, this is a life style choice.
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.
0 votes Thank Flag Link Mon Mar 17, 2014
66 is hardly old, you could easily live another 25 years so buying makes more sense than renting to me.
0 votes Thank Flag Link Mon Mar 17, 2014
I would advise buying if the market is conducive to this. In your situation you should take your time, hire a Buyer Agent in your desired area and weigh your options.
0 votes Thank Flag Link Mon Mar 17, 2014
I would advise buying if the market is conducive to this. In your situation you should take your time, hire a Buyer Agent in your desired area and weigh your options.
0 votes Thank Flag Link Mon Mar 17, 2014
Put all your money in gold. After the rapture in December 2012, gold is the old currency Jesus will allow to remain.
0 votes Thank Flag Link Sun Aug 30, 2009
There hasn't been a better time to consider buying in a long time......research indicates that it is a better financial move to buy a home as opposed to renting but the decision comes down to your personal desire.

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.

Good luck
0 votes Thank Flag Link Thu Aug 13, 2009
Hi Joanna
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!!!
0 votes Thank Flag Link Thu Aug 13, 2009
Joanna,

Buy only if you plan on staying in Amarillo for a long period of time. The yearly house appreciation is not there yet. If you decide to move again in a year or two you may not get back what you have put into it.
0 votes Thank Flag Link Wed Aug 12, 2009
Joanna,

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.

Good Luck!
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0 votes Thank Flag Link Wed Aug 12, 2009
You could rent for 6 months to 1 year to check things in Amarillo, TX. Imagine that you don’t like it and you are stuck with a house. Now, if you don’t like it and you are renting, you just wait until the end if the lease or get an agreement and move on.

You won’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!
0 votes Thank Flag Link Wed Aug 12, 2009
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