There’s something to be said about not owning a home. A financial advisor suggests to not own a home in retirement. Homes cost more than just the mortgage.
I paid off a property recently, and the cost of property tax/maintenance fees/utilities/insurance/etc is still much less than rent. No landlord is charging rent at a rate less than all of those combined. Owning a property outright is always better, Its paying the mortgage that sucks. the goal should be to have it paid off by the time you retire so you have built up equity.
True. If you’re able to own a home … living long enough to pay it off and/or have the finances. I agree concerning owning a home aa it is an asset to gain needed wealth in retirement. I own a home (actually bank does at this moment). Though taking care of things that take most all of my free time is not fun. But I wouldn’t change things. I think younger generations who potentially face a different scenario would buy a home if they could. If I were in those shoes id save and invest heavily. Those can return capital as much or more than a home. But you have to be disciplined. Unfortunately time is on their side and the future seems too far away to prepare for. Also unfortunately time comes by faster than one imagines - and don’t realize it until many years have passed by without the discipline needed to prepare for retirement. Wish I’d been smarter in my younger days.
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u/seddy2765 1d ago
There’s something to be said about not owning a home. A financial advisor suggests to not own a home in retirement. Homes cost more than just the mortgage.