This thread has been immensely helpful to me. I reached FRA last year but did not retire. I did cut my hours in half, and I still have all my benefits (including excellent and very inexpensive health insurance and a good 403(b) match). I work remotely, so I don't have to deal with going to an office. I've also picked up a side gig doing editing work for some therapists. So...decent money still coming in, a totally flexible schedule, and I have no plans to quit in the near future. Although who knows what will happen?
I own a house on the other side of town. My son and his fiancee moved into it when I worked out of town for five years, are still living in it, and plan to buy it from me before the year is out. It has a mortgage...a little under $100 K left. Basically I plan to sell them the house for what I paid for it...$150,000. It will need a new roof soon, the HVAC is aging, and the bathrooms and kitchen need updating.
I've been renting a large, lovely condo in a great location with a terrific water view. I'm paying slightly under the market rate for rent. The owner hasn't yet raised my rent; I'm basically a little old lady librarian who pays on time like clockwork and doesn't bug him about small stuff. He plans to hold onto the condo, which belonged to his mother, till his kids are grown, and then sell his house and move into it. (His youngest child is 2...so, not next week.
Particularly as a single woman, I really disliked maintaining a house. I love the place I'm renting. But I'm wondering if I should go ahead and buy a condo once my son takes the house off my hands. Was discussing this with a friend, and he said he thought it was a good idea to own a place as "a hedge against inflation." I know I could not afford to buy a place like the one I'm renting now, and I'm not keen on tying up all my money in real estate. I like traveling, dining out, going to ballgames, and doing other stuff with my friends.
Also, it seems to me that the housing market right now in this area is rapidly reaching the bubble stage. Lots of new stuff being built, and the prices are crazy.
My gut feeling is to just keep on renting. But is this a good decision for someone my age?