At 62 Years Old, Should I Buy or Keep Renting?
By: Diane Tuman, Zillow Content Manager | October 12, 2009
A Zillow user with the profile name box4040 asks the question on Zillow Advice:
At 62 years old, should I buy a home or keep on renting?
Here’s more from box4040:
I qualify as a first time home buyer having sold my home 5 yrs ago. I have great credit and have a pre-approval letter from a lender. I work for the federal govt. at a secure job and will stay there as long as I can; my wife does not work. Should I buy a house now, or rent for another year to see what the housing market does? I live in Florida where they say that it will be a year or so before the market here becomes normal.
Florida’s home values were among the nation’s hardest hit with a year-over-year drop of 20.5%.
Do you have advice for box4040?
- Stumble it!
- Categories: 8000 tax credit, Real Estate Advice
Comments
6 Comments so far
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Ask the Kansas City Broker on October 12, 2009 7:20 pm
Based on what you indicate I would say you should buy. Getting in now at a low point of the market could be very beneficial and as time goes on and 62 years young is still a long time to own a home. Tax benefits and selective buying should enhance your purchase.
Theresa Slocum on October 13, 2009 12:12 am
Now is deffinately the time to buy. Rates are Low, properties are at a Great Value, for anyone who can buy, they should buy right now.
There is not much time left for the first time home buyer tax credit. November 30 is the last day to close on your property, so hurry before it is too late.
You have to pay someone rent, so you might as well pay yourself.
Hyderabad Property on October 13, 2009 10:27 pm
I just recommend you to buy. In this fast growing internet world we can’t wait for anything; even we can’t predict. So this is the right time for you to own a home.
Samantha Dawson on October 14, 2009 1:07 am
I suggest that you buy a house now. Don’t wait for a year to see if market becomes normal. There’s a lot of affordable homes waiting especially for first time home buyer like you!
DebtFree on October 14, 2009 10:52 am
Why would a person close to retirement buy a rapidly-depreciating asset? Worse yet, in Florida?
Can you survive being $50,000 underwater? Since you’re not 30 years old, does it make sense to sit on a house for 10 years to break even (more likely take losses in the form of mortgage interest, maintenance, and repairs).
It’s much smarter to rent housing as you deposit money in the bank each month and pad your retirement nest egg. Let the property owner throw away money each month on PITI and maintenance as home values continue their decline.
When the housing market bottoms in 3-4 years, then take another look at buying. But at that time, will you really want to be tied to a house at 65 years old? Maybe Arizona will look better at that time, or living near the grand kids. Those options are gone if you’re stuck underwater owning Florida real estate.
Tina Walton on October 22, 2009 4:45 am
It is a great time to buy. What goes down will go back up. It is a BUYER’S Market !! Rate’s are LOW and inventory HIGH. With a fixed rate home loan you can plan your retirement with ease. Go Florida !!! Virginia love’s you…