Retiree Poll: Do you own your primary residence?

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
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Retiree Poll: Do you own your primary residence?

Yes
84
86%
No
14
14%
 
Total votes: 98

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tennisplyr
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Joined: Tue Jan 28, 2014 1:53 pm
Location: Sarasota, FL

Retiree Poll: Do you own your primary residence?

Post by tennisplyr » Sat Sep 13, 2014 4:14 pm

I know for many of us retirees owning your own place was a big deal "back then". Was wondering if you own now and what your thoughts are on why you do or don't at this stage in life?
Those who move forward with a happy spirit will find that things always work out.

tacster
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Joined: Sat Apr 09, 2011 11:08 am
Location: Limbo.

Re: Retiree Poll: Do you own your primary residence?

Post by tacster » Sat Sep 13, 2014 4:52 pm

Not yet but I just retired a few months ago. My mortgage rate and payments are so low I haven't bothered to pay it off. Suppose I'll go ahead and do that one of these days. :beer
INSERT PITHY QUOTE HERE

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Jazztonight
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Location: Lake Merritt

Re: Retiree Poll: Do you own your primary residence?

Post by Jazztonight » Sat Sep 13, 2014 4:56 pm

DW and I paid off home mortgage in 2000 when I semi-retired. She retired a few years later.

We sold home four years ago and downsized to a co-op apartment, which we own.
"What does not destroy me, makes me stronger." Nietzsche

replyguy
Posts: 20
Joined: Thu May 29, 2014 7:21 pm

Re: Retiree Poll: Do you own your primary residence?

Post by replyguy » Sat Sep 13, 2014 5:22 pm

I am retiring in a few weeks and moving from a 2 bedroom condo I own in the city to a 4 bedroom
house about an hour away, also owned. I had planned on staying in the condo but cost wise it didn't make sense
due to the condo fees, special assessments and taxes. Plus, deep down, I just have never felt like a
successful adult without my own land.

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Jake46
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Location: Fort Collins, Colorado

Re: Retiree Poll: Do you own your primary residence?

Post by Jake46 » Sat Sep 13, 2014 6:04 pm

Own our primary residence & a condo my brother lives in. No mortgage on either property.
Last edited by Jake46 on Sat Sep 13, 2014 9:46 pm, edited 1 time in total.

john94549
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Joined: Tue Jul 26, 2011 8:50 pm

Re: Retiree Poll: Do you own your primary residence?

Post by john94549 » Sat Sep 13, 2014 6:18 pm

The prospective capital gains tax bite (even after the exclusion) and Prop 13 are anchors. We'll probably leave the house to the kids.

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BTDT
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Location: Grand Lake OK

Re: Retiree Poll: Do you own your primary residence?

Post by BTDT » Sat Sep 13, 2014 6:52 pm

I assume you meant by 'own' that it is mortgage free ownership versus the 'bank owning' your home? :oops:
If past history was all that is needed to play the game of money, the richest people would be librarians.

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Sally
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Re: Retiree Poll: Do you own your primary residence?

Post by Sally » Sat Sep 13, 2014 7:00 pm

Yes, and have for many years. But now the ultimate goal is not to own anything other than index funds and my Honda Element. So hopefully not for long....

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celia
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Location: SoCal

Re: Retiree Poll: Do you own your primary residence?

Post by celia » Sat Sep 13, 2014 7:08 pm

Why own your primary residence in retirement?
Duh!

A mortgage is usually the biggest long term expense one has. It is one less thing to worry about in retirement if you get it paid off. The rest of the expenses are minor in comparison.
A dollar in Roth is worth more than a dollar in a taxable account. A dollar in taxable is worth more than a dollar in a tax-deferred account.

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Steelersfan
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Re: Retiree Poll: Do you own your primary residence?

Post by Steelersfan » Sat Sep 13, 2014 8:39 pm

Condo unit with a paid off mortgage.

No mortgage payment.

The sidewalks and driveway get the snow shoveled. The grass gets cut and the shrubs trimmed. But not by me.

Life's good!

jginseattle
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Joined: Fri Jul 01, 2011 7:33 pm

Re: Retiree Poll: Do you own your primary residence?

Post by jginseattle » Sat Sep 13, 2014 8:47 pm

Steelersfan wrote:Condo unit with a paid off mortgage.

No mortgage payment.

The sidewalks and driveway get the snow shoveled. The grass gets cut and the shrubs trimmed. But not by me.

Life's good!

+1!

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joe8d
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Joined: Tue Feb 20, 2007 8:27 pm
Location: Buffalo,NY

Re: Retiree Poll: Do you own your primary residence?

Post by joe8d » Sat Sep 13, 2014 9:29 pm

Steelersfan wrote:Condo unit with a paid off mortgage.

No mortgage payment.

The sidewalks and driveway get the snow shoveled. The grass gets cut and the shrubs trimmed. But not by me.

Life's good!
Same here. Paid cash my condo 17 years ago.
All the Best, | Joe

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plannerman
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Joined: Wed Feb 21, 2007 10:42 pm
Location: NC Mountains

Re: Retiree Poll: Do you own your primary residence?

Post by plannerman » Sun Sep 14, 2014 7:52 am

We currently own our home. However, our next step in retirement is to relocate to a cottage in a Continuing Care Retirement Community. The cottage is owned by the nonprofit corporation that runs the community, but we will get lifetime use of it.

All maintenance will be provided for the cottage by the CCRC.

In thinking about this next step, I've just come to realization of just how much of the stuff I own is directly related to house maintenance--lawn mower, leaf blower, weed eater, power washer, garden tools. ladders, wheel barrow, snow shovels, painting equipment, drain snakes, hand tools, etc, etc.

Going forward all I will have to do is pick up the phone and call maintenance. I'm starting to like the notion.

plannerman

likegarden
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Joined: Mon Feb 26, 2007 5:33 pm

Re: Retiree Poll: Do you own your primary residence?

Post by likegarden » Sun Sep 14, 2014 8:52 am

We own our paid-off home, live in the suburbs, have 38 yrs old son and 11 yrs old grandson living with us. This gives us something meaningful to do. I like to garden around the house.

rixer
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Re: Retiree Poll: Do you own your primary residence?

Post by rixer » Sun Sep 14, 2014 9:05 am

We paid our home off about 7 years ago. At the time, it didn't really sink in, we were still saving everything we could and didn't have any more money available to spend. That has changed since retirement. Now that I don't have an income from work, without that house payment and being on Medicare, it takes much less to get by. In fact, I have more available money to spend than I ever did because I don't have to save everything and pay for a house and expensive health insurance also. It also gives us great comfort knowing we have a home to live in no matter how tight things get.

reggiesimpson
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Joined: Mon Dec 19, 2011 12:47 pm

Re: Retiree Poll: Do you own your primary residence?

Post by reggiesimpson » Sun Sep 14, 2014 9:42 am

Paid cash for the house 20 years ago (retired 5 years ago). Now plan on apartment living as the work/expense to maintain the property is no longer worth my time and investment. The time alone that will be freed up will be my "new retirement".

The Wizard
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Location: Reading, MA

Re: Retiree Poll: Do you own your primary residence?

Post by The Wizard » Sun Sep 14, 2014 9:56 am

Yes, bought my house in 1976 and still living there.
I expanded it in the 1980's.
I bought the ex-wife's half in 1998.
I have a small HELOC balance on it at present.

I stay with it for now since it gives me an excess of space, to store my excess of stuff...
Attempted new signature...

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OAG
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Location: Currently Central Ohio, USA

Re: Retiree Poll: Do you own your primary residence?

Post by OAG » Sun Sep 14, 2014 10:23 am

I do own mine - along with the Country Tax Assessor/Collector.
OAG=Old Army Guy. Retired CW4 USA (US Army) in 1979 21 years of service @ 38.

littlebird
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Joined: Sat Apr 10, 2010 6:05 pm
Location: Valley of the Sun, AZ

Re: Retiree Poll: Do you own your primary residence?

Post by littlebird » Sun Sep 14, 2014 10:40 am

Yes! In the desert, owning a home, even on a large lot, is as labor-free as a condo; no snow to shovel, no lawn to care for, desert plants almost care free, Twice a year I get a yard guy in to blow off the little bit of leaf litter and neaten up a few shrubs. That's it for a whole year of yard work! Condo MORE work, as I usually feel obliged to serve on board or consult or take on projects for an issue which in my own home, I'd just call someone in.

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