11 Answers

Have you considered senior citizens facilities in your local area. The management takes care of the repairs that need to be done in the apartment, no mowing grass, etc. Some facilities offer exciting activities, also, the opportunity to meet new friends.

12 years ago. Rating: 9
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The housing market is still in a slump. You can get a very good deal on a foreclosed home, but you need to know what you are doing. At their age, I would rent. It will get tougher to keep up a house the older they get.

12 years ago. Rating: 8
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If they've never owned a home, they should be aware of the cost of maintaining a house and property. It ain't cheap. They require constant maintenance. If they are not able to do the work themselves they will have to pay someone. I cut my own grass, trim or cut down trees. My lazy 44 year old neighbor pays one of the neighborhood yo-yo's $40 a week for grass cutting. To cut down a 4o foot tree will cost you $1000.00 at least.So there are hidden expenses that will be incurred. My house is five years old and my wife is constantly painting something every year. (I don't paint). Much less hassle renting if your not willing or able to put a lot of time into it. Neighborhood is very important as well, you don't want to live with bars on the windows.

12 years ago. Rating: 7
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keeping up and fixing up an old house will wear them out. renting sounds like the better thing.

12 years ago. Rating: 6
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How about a retirement community? I have no idea about costs or anything but you might want to check out http://retirementcommunities.com/

12 years ago. Rating: 6
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why not a retirement park or somthing equevilent.although 62 years is rather young im sure they could be accomadating. i think buying a house at this stage in life would be to restrictive. i guess i would encourage them to scale down a bit and enjoy life,pocket the extra money if there is any....

12 years ago. Rating: 5
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much better to rent at this point!

12 years ago. Rating: 4
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It's extremely difficult to get financing if you are over 60 these days, it's difficult for anyone without perfect credit to get a mortgage. Also the bottom of the real estate market hasn't been reached yet in most areas.

Renting is sometimes cheaper, but if you get a fixed rate and a great price on a property like 25% below market value or better, you should be safe? The payments would probably be cheaper then renting. But like many have said a retirement community may be the best bet.? Good luck with this..

12 years ago. Rating: 3
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We are now at the piont we are looking at having to sell mom and dads property after he passes.. They already cant maintain the house or the land... One of my brothers has moved in to care for them the house and the property. Taxes are only going up. and land value has hit a downward spiral. If it were my chioce I would have my parents renting a place close by... No maintnance and no stress for the decicions that have to be made.

12 years ago. Rating: 3
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What happens if the rents go skywards? In Australia, at the moment, rents are very high and there fewer places to rent. Every month, the landlords raise the rent. How much can a person pay?

12 years ago. Rating: 2
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I really believe that buying a house is the best bet right now. The interest rates are still low and low to minimal down payment. Your putting your money in something you can show for. I used to rent and I bought a home and my payment with insurance and taxes are lower than what I Paid for rent. I can paint, garden, whatever I want. Its mine!!! At least talk to a banker and look things over logically! Good Luck to you!!!

12 years ago. Rating: 1
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