Home ownership v. apartment -- opinions?

[Courtesy Flush]

I'm 53 years old and have owned my own homes since I was 23 (bought a mobile home with my fiance in college, now we've been married 29 years and have owned a big Victorian house for 20 years), and I'd like some input from renters.

We're retired now, and my wife has health problems. Financially we're doing fine, and the house isn't going to break us, but it's a lot of upkeep. We're no flippers. We've put our blood, sweat and tears into this house, and it's our home. Keeping it up is not impossible, and it actually keeps me active, and I freaking love the place.

But I worry that it will become a burden over the years, and wonder if I should sell it while it's in top condition and move into an apartment complex.

So apartment dwellers: Is it worthwhile to have a pool, gym room, and wifi, and not have to mow grass and make your own repairs, or would you prefer to live in the big house, and have things to keep you occupied? Both have their merits, but I've only been on one side of the equation for the last 30 years.

[OriginalGeek]

1. Well I've lived in apartments

but never been good ones - mostly shit-holes when I was younger. I've been in this house with my wife for 26+ years. It's pretty small and old but I can get loud if I wanna.

I wouldn't want to trade out for another shit-hole apartment in a sketchy neighborhood like I had before I got married however I have driven past the condos in the downtown high-rises and wondered if that might not be fun someday. Walking distance to most all the entertainment that I go to now (movies, food, concerts, drinking) and if you're high enough up you get a cool view. A lot of them have more square feet than my current home and a lot of other amenities.


So that is in the back of my mind...it's an intriguing idea to me. And I know the reason for that is because when I was a kid I always that it was really cool how Bob Newhart lived in that high-rise in Chicago. (I don't live in Chicago by the way - our downtown is maybe 10 square blocks lol)

[elleng]

2. I'd say, yes.

I'm out of my house (under duress,) 67, and live in an apartment where landlady takes care of everything, and I also spend time w friend in townhouse community; he owns, and they take care of essential upkeep. Means a lot to me to NOT have to think about/worry about all the things that go wrong with houses.

[Gidney N Cloyd]

3. I'm about your age, have a single family home, and I could never share walls again.

[Honeycombe8]

4. It's really personal preference. Is your house paid for?

If it is, you might be swapping house repair cost for rent.

I own my own home, in late 50s. What I love most about my house is that I have a yard. Yes, it's a lot of trouble, and I pay someone to mow it. But like it was said in Gone With The Wind....it's all about land. To own a piece of earth is a wonderful feeling. To plant a tree I want, or a garden. Critical to my happiness. My dogs need a yard, too, IMO.

I lived in apts for years. The noisy neighbors, the rent increases...not so good. Not as much privacy. Parking issues. But like you say, repairs are taken care of. Still, not much to break in an apt.

Freedom, control, privacy, yard.....all good reasons to own a home, esp one you love, as you say. No repairs, probably cheaper in the long run, more time to do other things because you don't do the upkeep....all good reasons to rent.

[CaliforniaPeggy]

5. Apartments can be nice, but...

Think about your privacy. How thin are the walls?

Parking? Is there enough space to park your vehicles?

Homeowner association rules....they can be awful.

Some things to consider.

Good luck!

[Lars39]

6. Some houses are just easier to live in than others, even when in good health.

Questions off the top of my head.....How hard is it going to be to get into and out of the house if health problems worsen? Is the washer and dryer in the basement or on the second floor or anywhere unhandy? Even a short flight of stairs can look like Mt Everest if you're sick. How hard would it be to navigate a wheel chair or walker if needed? Are repairs and upkeep do-able and affordable now mostly because you do them yourself? What if you had to start paying for someone else to do them?

Scaling down and moving somewhere is a huge change, but can also be very invigorating. You would then have time to explore other interests.

My husband and I are contemplating one of these life-changing moves and it takes a lot of planning and talking it through to make sure we're both on the same page.

[mrmpa]

8. I bought a condo when I was 46..........

I had previously owned a one bedroom home in an urban community. I knew I was going to have my mom move with me. She had been in a 3 bedroom, 3 story home, with 20 steps up a hill to the front door.

I bought a 2 bedroom, 2 bath, 1200 sq. foot condo with a 17 foot long porch with an extraordinary view. I always tell myself that I bought this place to age into. An elevator to our floor, all maintenance taken care of. We've both used walkers after joint replacements, the only place a wheelchair can't maneuver is through the bathroom doors, they're about 24". It's been good for mom too.

When I lived out of state for one year the people on our floor got her out for events and shopping. Though I do still kid one neighbor about getting her drunk one afternoon.

As for noise, it's minimal. I've had 17 people over for the holidays and you don't know anyone is in my apartment until you open the door.

[Chan790]

7. I'll never buy a house.

I like that when my sink breaks, someone else fixes it. When the roof leaks, not my problem. Someone else mows the lawn. I don't pay property taxes. I have no mortgage. All that's worth $650/mo...and they let me sleep here too!

[mnhtnbb]

9. We have friends who sold their big house--and yard to care for--bought into a condo

building--top floor--with an elevator. They LOVE it. They are in an area
with walking/biking paths, close to grocery/pharmacy/liquor store/restaurants, gym, etc.
and on the busline (although they both still have cars and drive and are in good health in
their early 70's (I believe). They don't have a porch/deck/terrace (which I would miss).

We finally decided to rebuild (after our house burned down in 2007) and we built with
the idea of aging in place. I do NOT want to go to assisted living. We built all one
level (except for a lower level suite with separate entrance and its own bath) and figure
that eventually we might have live-in help (reduced rent in exchange for assistance with
driving or cooking, etc.) We do live walking distance to UNC Chapel Hill, so I imagine it
might not be difficult for us to find a nursing student or someone who likes older people
and would be willing to help us out in exchange for the room. We also have a garage
studio apartment that rents in a flash to students--so we could potentially have two
helpers available to give us assistance. For now, only the garage apartment is rented
because we wish to maintain our privacy at this point in our lives...and we still have
a 'guest' room other than the lower level 'suite' that was used by our college son for a few
months after we first moved into the house in 2011.

[Digit]

10. Well, it all depends on you actually

With an apartment, it is owned by someone else and they can tell you when it is time to move on or raise the rent so high that you will WANT to move on. As an example my daughter rents an apartment and was fine there until her lease was up and they wanted to raise the rent from $930 to $1300! That is a huge increase for a tenant who always pays on time with no problems. Her apartment complex has numerous vacancies so you would think they would want to keep a good tenant, but you never know.
So basically with an apartment, you may not have stability and you will have to decide if that is important to you.

Buying a condo with the amenities you like at least gives you stability but you do have the condo rules and fees which go with the property. For some, that is no problem, for others it is an issue.

As for staying where you are besides the issues of upkeep, would you be able to get around the home if you or your spouse became disabled in some way?

As for myself? I have rented and owned and prefer owning. I am older than you and now partially disabled and planning on moving to a smaller ranch home all on one level.

It really is a personal decision as it should be for you and your spouse. Since her health is an issue, of course you need to take her desires into account.

I wish you well in your decision.

[riderinthestorm]

11. Wow! You're only 53 and retired?!

I was going to suggest looking into a Del Webb apartment but you're too young for that. My dad owned for decades but decided to move into a Del Webb apartment when he was 70 and he LOVES it. The community is designed around mobility, golf carts are welcome so even if you get so you can't pass a driver's license test you can still get around. The grocery story/pharmacy, a few restaurants, dry cleaner and more are just across the street and more than a few of them just ride their golf carts or scooters over there to shop.

The different groups are amazing from pinochle to tap dancers, there's so much to do - and yes it has all the usuals like free wi fi, pool, gym, golf course, tennis courts but it also has things like a full woodworking shop, dance studios, music studios, theater, meeting rooms, hair salon, and so, so much more. I want to live there!! The grounds are incredibly beautiful with lakes, prairies (well where we are in Northern Illinois), beautiful gardens with miles of paths and trails for biking or walking (or scootering).

Best of all, the apartments aren't full of kids. They're quiet seniors so you don't have to worry about "bad neighbors". And edited to add that pets are welcome! (pets are tricky items if you're going to be a renter you'd soon discover).

Its really the best of all worlds if you ask me. But I do think you have to be 55 to move into a Del Webb community.

Its great you're thinking ahead though. Best of luck with your decision. My own personal experience is living on large farms so I don't have any advice...

[LynneSin]

12. I would suggest switching to a Condo instead of renting

I rented for almost 20 years. And although I liked the idea of someone else taking care of the lawn and fixing what is broken, the apartments were never that nice.

Going with a condo or even a townhome in a community, you can at least have someone that will take care of the lawn and other outside maintenence issues. Your upkeep would be inside the walls only.

[lastlib]

13. my grandfather said paying rent is like buying a dead horse....

I think he's right. You get no equity to show for the money, just whatever the landlord gives you. You can never make it your own. Renting, you're very much at the mercy of your landlord--that's a cost in itself, in my book. I'd have to be pretty desperate to rent.

[ElboRuum]

14. How about just owning a smaller house?

I still think home ownership is the way to go. Equity or some other borrowing base is always nice to have.

Personally, I'd sell the big house, buy the smaller house on the sale, and throw any leftover cash from the sale into something interest bearing.

[Throd]

15. I enjoy the personal freedom that comes with owning. The financial freedom, not so much.

I own six cars and like to play the electric guitar. Such things would be problematic in an apartment.