Is it better to invest your money and rent, or just buy a home outright?
A man of 65 is near retirement and looking to move to Georgia to be close to family. He writes: “I’ve been looking forward to this day for years and it’s finally coming near, but now that I’m here I’m also not sure how to optimize the little funds I have to make sure I don’t run out.”
You can see the appeal of owning your own home. Apart from anything else, you avoid the risks of rising rents.In this case, the individual says that if he buys the condo he will still have to pay about $1,000 a month in fees, taxes and so on. But if he doesn’t buy a condo, it would cost him about $2,500 a month to rent an equivalent one instead.
She also warns that the full costs of buying the condo may work out higher than the questioner estimates. People often underestimate homeownership costs, she says. Often owners get hit with housing-association fee hikes, property-tax hikes and special assessments. There are extra costs with buying and selling real estate, which make it expensive to own somewhere for only a few years, she says.
Both CFPs added, naturally, that they needed to know much more about the individual’s circumstances to offer any kind of detailed analysis.
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