I’m too old to own a home

[Anonymous]

The “buy vs. rent” decision involves several concerns (investment, security, establishing “roots”, etc.) It is easy to get overwhelmed by all of them. Lots of good advice here about the issues.

Regarding the OP: I think sometimes the concern about not actually “owning” the home can be overemphasized.

IANAL, but I do know that homeowners do technically, “own” their house even if there is a huge mortgage on it. Maybe this is just semantics, but I think it is important to remember that the bank does not “own the house” as is often said. (BTW: I seem to recall that scardeycat is a lawyer, or at least went to law school…so feel free to tell me if I’m talking nonsense…)

Yes, a mortgage is a big liability, and it can be intimidating. From a financial accounting perspective, this liability is not always a bad thing, as the liability is offset by an asset. It all comes down to cash flow, which is likely about the same these days when considering rent vs. buy. Although this may seem a bit academic, I find it helps keep things in perspective.

I have a mortgage on my house. It is likely that I will be able to pay it down in my lifetime, so I am fortunate in that regard. It will be nice to have a little extra cash flow when I do, but I’m not stressing much in the meantime. Paying off a house can be an overrated goal.

[patientrenter]

scaredycat, I am very cautious like you. I’ve concluded that I will only buy if it’s a relatively small % of my wealth (and cash only). If I choose to live somewhere cheap, then I can do that right away. If I want to live near the coast on So Cal, then I will be renting. Right now, I live in very expensive places, near my work. That may change when I retire.

There’s no point in agonizing endlessly, trying to convince yourself to buy beyond your price comfort level. First decide how much risk you’re comfortable with = the maximum price you’d pay. Then decide where you want to live, and how you want to live, including the owner vs renter choice.

[patientrenter]

scaredycat, I am very cautious like you. I’ve concluded that I will only buy if it’s a relatively small % of my wealth (and cash only). If I choose to live somewhere cheap, then I can do that right away. If I want to live near the coast on So Cal, then I will be renting. Right now, I live in very expensive places, near my work. That may change when I retire.

There’s no point in agonizing endlessly, trying to convince yourself to buy beyond your price comfort level. First decide how much risk you’re comfortable with = the maximum price you’d pay. Then decide where you want to live, and how you want to live, including the owner vs renter choice.

[patientrenter]

scaredycat, I am very cautious like you. I’ve concluded that I will only buy if it’s a relatively small % of my wealth (and cash only). If I choose to live somewhere cheap, then I can do that right away. If I want to live near the coast on So Cal, then I will be renting. Right now, I live in very expensive places, near my work. That may change when I retire.

There’s no point in agonizing endlessly, trying to convince yourself to buy beyond your price comfort level. First decide how much risk you’re comfortable with = the maximum price you’d pay. Then decide where you want to live, and how you want to live, including the owner vs renter choice.

[patientrenter]

scaredycat, I am very cautious like you. I’ve concluded that I will only buy if it’s a relatively small % of my wealth (and cash only). If I choose to live somewhere cheap, then I can do that right away. If I want to live near the coast on So Cal, then I will be renting. Right now, I live in very expensive places, near my work. That may change when I retire.

There’s no point in agonizing endlessly, trying to convince yourself to buy beyond your price comfort level. First decide how much risk you’re comfortable with = the maximum price you’d pay. Then decide where you want to live, and how you want to live, including the owner vs renter choice.

[patientrenter]

scaredycat, I am very cautious like you. I’ve concluded that I will only buy if it’s a relatively small % of my wealth (and cash only). If I choose to live somewhere cheap, then I can do that right away. If I want to live near the coast on So Cal, then I will be renting. Right now, I live in very expensive places, near my work. That may change when I retire.

There’s no point in agonizing endlessly, trying to convince yourself to buy beyond your price comfort level. First decide how much risk you’re comfortable with = the maximum price you’d pay. Then decide where you want to live, and how you want to live, including the owner vs renter choice.

[scaredyclassic]

but…im married. i dont get to decide anything.

[scaredyclassic]

but…im married. i dont get to decide anything.

[scaredyclassic]

but…im married. i dont get to decide anything.

[scaredyclassic]

but…im married. i dont get to decide anything.

[scaredyclassic]

but…im married. i dont get to decide anything.

[CBad]

[quote=scaredycat]but…im married. i dont get to decide anything.[/quote]

Cute ;), I hope it’s a joke and not really true for your sake.

TG, I DO have an older sister and she is hawt but sorry she is technically married too. I say technically because she is just holding on until her oldest is 18 and then she is out. I’ll give you her phone number at that point! She is a sucker for a funny guy just like me.

Owning a home seems to mean different things to different people here. I can’t say anyone has described my feelings so far but admittedly my view of owning a home is skewed due to witnessing my family growing up lose everything including the house. And that was back when it was very uncool to go through foreclosure…not like now.

[CBad]

[quote=scaredycat]but…im married. i dont get to decide anything.[/quote]

Cute ;), I hope it’s a joke and not really true for your sake.

TG, I DO have an older sister and she is hawt but sorry she is technically married too. I say technically because she is just holding on until her oldest is 18 and then she is out. I’ll give you her phone number at that point! She is a sucker for a funny guy just like me.

Owning a home seems to mean different things to different people here. I can’t say anyone has described my feelings so far but admittedly my view of owning a home is skewed due to witnessing my family growing up lose everything including the house. And that was back when it was very uncool to go through foreclosure…not like now.

[CBad]

[quote=scaredycat]but…im married. i dont get to decide anything.[/quote]

Cute ;), I hope it’s a joke and not really true for your sake.

TG, I DO have an older sister and she is hawt but sorry she is technically married too. I say technically because she is just holding on until her oldest is 18 and then she is out. I’ll give you her phone number at that point! She is a sucker for a funny guy just like me.

Owning a home seems to mean different things to different people here. I can’t say anyone has described my feelings so far but admittedly my view of owning a home is skewed due to witnessing my family growing up lose everything including the house. And that was back when it was very uncool to go through foreclosure…not like now.

[CBad]

[quote=scaredycat]but…im married. i dont get to decide anything.[/quote]

Cute ;), I hope it’s a joke and not really true for your sake.

TG, I DO have an older sister and she is hawt but sorry she is technically married too. I say technically because she is just holding on until her oldest is 18 and then she is out. I’ll give you her phone number at that point! She is a sucker for a funny guy just like me.

Owning a home seems to mean different things to different people here. I can’t say anyone has described my feelings so far but admittedly my view of owning a home is skewed due to witnessing my family growing up lose everything including the house. And that was back when it was very uncool to go through foreclosure…not like now.

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