Selling vs renting
I am 71, My house and 5 acres are paid off, I live in Oklahoma approximately 35 to 40 miles from Tulsa. I could sell my place for 400,000 to 450,000.
I only have 45,000 in a CD and live off my social security check.
My question is would it make more sense for me to sell and put the bulk of the money in CD’s and rent something for approximately 2000 a month? I don’t want to buy because I am not sure where I will end up living.
I would have approximately 1700 left over after rent. I own my car, so no car payment but it is almost 8 years old and know it’s going to start costing money for repairs.
Right now it’s a struggle not to overspend my Social Security Check with upkeep on the house, two dogs, property tax and 400+ insurance cost, along with $173 parent plus loan that will eventually go back up to 273 and insurance for healthcare at almost 300 a month.
I would pay off the student plus loan possibly trade my car in for something that got better mileage, but that’s not a definite.
I would appreciate your input on this. Thanks, Amy
Terry Says
Whew, sorry for the delay in responding. I was out of the country for two weeks and am just catching up.
This is first of all an emotional decision. Can you see yourself happy as a renter? Where would you go? What about your animals??
Second, you are paying on a parent plus loan. That makes me want to ask where that child is, and whether they might want to move in with you and pay a bit of rent –or enough to cover those loan payments? Was it worth it??
Yes, I know this is not what you asked, but it is part of the decision. Maybe you are ready to give up the burden of the property — both financial and physical. Maybe you love the home, and could solve the problem by taking in a paying renter, who would also help with the upkeep?
Would you think about those things, and then respond to the email you receive saying “your question has been answered” and let me know more about your thinking. It’s not just a matter of math and money here when it comes to giving advice.
