Homeownership costs
Owning a home during retirement can cost you a lot of money. After all, you have to deal with property taxes, insurance, and even maintenance costs, which could slowly add up. The older we get, our homes could require a series of changes and modifications to make them more accessible, which will also require financial investments.
As an alternative, you might want to consider downsizing or even moving to a more affordable location to avoid these expenses. You could also look into reverse mortgages and home equity loans to help with costs.
6 Responses
The worst cost is the ridiculous property taxes that the blue states have! NJ is the worst. That is a total waste of $$$!
Do not move to Palm Beach County in South Florida…..everything is more expensive insurance, both car and homeowners; higher rates than NJ!! HOA monthly fees are through the roof, entertainment, parking, food ..they are trying to gentrify the county for only the rich…; something Miami, Ft. Lauderdale and the like have been doing for years!!! Unless you have lots of $$$$…it’s not your “grandparent’s retirement ….and be most wary of your healthcare!!!
I will sell my house in a split second. Worst decision I ever made was buying a house. Even though I have a low interest rate, I am sick and tired of being nickel and dimed to death with fees by my mortgage company.
Curious on how your mortgage company can charge you more fees since owning the house.
Did you apply for an equity line credit, or refinance the mortgage? My experience has been when I closed on my house, there weren’t any more fees other than what I agreed to pay each month.
I couldn’t read the rest of the article because I couldn’t find it among all of the obnoxious ads. I hate websites like this. One or two ads is fine but when there are so many, you have to scroll down six times to find the rest of the article and even then it’s not there. And then there’s the ones that are popping up in your face every few seconds. Not returning to your website.
and don’t forget the cell phone bills, internet, with the added protection against hackers, theft protection,
theses are things we never paid for when using checks, and landlines,
and warranties add up,
and just look at all the taxes on bills and fees, might be small but they add up