Even though my impending move is still many months away, I am already consumed with THOUGHTS and FEELINGS about it. So I created a special place to put them in – this 18 month Moleskin journal:
So, as can be seen from this journal entry (made in early July), my plan is was to rent for a bit (up to a year) while I search for a new property to buy on the Island. I say “was”, because I had a bit of revelation this week.
I realized I was quietly stressing about the whole “renting for a bit” idea and decided to dig deeper on those feelings this week when I was at home recuperating from heat exhaustion – earned on my birthday, at WTFest.
(I still got to enjoy most of the festival but had to lie down in the shade during The Beaches’ set so I wouldn’t pass out, from overheating. 1 alcoholic drink and no food all afternoon/evening. What a rock n’ roller, eh? 😉 From badass to candyass in one afternoon – that’s me alright!)
During a conversation with my daughter she brought up a concern that she may have to move around the island for work as she is at the start of her career, and didn’t want us to end up too far apart. I said: no worries, gonna rent at first anyways but that got me thinking. And with thinking came a bunch of fears and assumptions that needed deeper exploration.
I was raised by homeowners – people who believed 100% in the wisdom of investing in property vs. renting space. My goal as an adult was to rent the cheapest place possible until I had saved enough for a downpayment and could afford to take the plunge into home ownership myself. Why pay my landlord’s mortgage when I could be paying my own – was my rationale. Renting was a stop gap; something you did until you could do “better”.
I soon realized I was actually kinda scared of going back to renting again. It brought up all kinds of fears about: “wasting” money on rent; living in “suboptimal” conditions (when did I get so fucking bougie???); hating (already!) not being able to improve/decorate the living quarters I was paying for, to my satisfaction. And it brought back all my feelings about some of the yucky places I lived in over the years, with no money to fix them up. And how much I love the space I am living in currently, that I designed and decorated to my satisfaction (finally!!!)…A whole lot of feelings going on, yessirree.
Friends of mine recently went from homeowners to renters and spoke positively of freedom that comes from renting but I wasn’t convinced…I needed more information. Hard numbers, facts, figures!
As one does, I hit the interwebs looking for articles on renting in retirement. One especially spoke to (the MBA in) me – this enlightening article and embedded video, is worth a read/watch. Take your time. I’ll be here when you get back.
Long story short, I have a whole ‘nother attitude about renting. In fact, it is not out of the realm of possibility that I may never own a home again. Instead of tying up (and tying myself down with) funds in another property, I will invest what I clear from the sale of my current abode. What I earn from this could be applied to rent – against those pesky unrecoverable costs – leaving more of my capital intact, for a future home/hippy van/trip around the world/whatever else might strike my fancy purchase.
My friends were right. Renting can be freeing.
You know, I figured these anticipated life changes (retirement, moving) were going to spark some revelations for me. But I didn’t think it was going to happen quite this quickly. Or be quite so HUGE.
What about you? Thoughts on renting vs. owning, especially in retirement?
Rock on,
The WB
I think renting does give you the freedom to move around if you want, you are not tied to one place and you are not tied into a mortgage or any other big financial ties. And, having money from the sale of your current home will leave you with money to do fun things with! Xxx
Thanks Suzi. I agree!
Would love the freedom that comes with being okay with renting including freed up cash and being able to move around at whim. However i realize as a homeowner for the last 35 yrs that I am a “nester” by nature and like things as I like them. If I want to paint the wall periwinkle I don’t want someone to tell me i can’t or if appliances break down i don’t want the hassle of having to constantly push a landlord to deal with them.
That being said my closest guy friend (40 yrs!) who is close also with my husband wants to free up all his capital and rent so we (hubby and I) may actually rent him a room in our house which would be a “win win”- built in company and dog sitter. Still the adventurer in me would like to buy a used RV and travel all over with hubby and the dogs but this is just aspirational as I really do stay closer to home.
Don’t we all want to have it all/both ways?
Hehehe! Absolutely Luisa – I want it all too! 😁
what an interesting process! i’ll admit i’m not keen to ever go back to renting but if the option arises in the future, i’ll keep
this in mind!
I may hate it or I may love it or I may fall somewhere in between but I’ll be giving it a try. What is life but one big experiment/experience? 😁
I understand your basis for believing that ownership is always the right way to go. I grew up with that idea too. But these are different times, and your lifestyle is changing, so flexibility might be better for you. I have friends who have mostly rented their entire lives. They owned a house for a bit and found out it kept them hemmed down too much. They are renting again and loving it. You may well love it too..and if you end up not loving it, then you can put together a plan to purchase something. Remember, nothing is forever, and you are allowed to change your mind. The perks of retirement are they you can be more fluid. Enjoy exploring your new lifestyle!
Wise words, Dawn. Thanks!
I’m not sure I have an opinion on this one, Deb. Renting ‘for now’ seems like a good idea to me when moving into an unfamiliar area. Get the lay of the land and all that stuff. ‘For now’ could be as long or short as feels comfortable.
Yeah, you’re right. What this thinking exercise taught me though is to keep my mind and options open to consider other possibilities and not fall automatically into one track thinking. Owning a house comes with a lot of unrecoverable costs too, and ties up cash that could be invested. It’ll be interesting to find out what renting is like again, after all these years.
I don’t think I’d be happy renting (I did it for 10 years before buying). I want to downsize going into retirement and not have to worry about having to move because the owner has changed their mind (a friend is having to move for the 2nd time in 4 years for that reason). I want things my way, not their way. The thought of renting long term gives me chills.
Yeah, there’s that aspect for sure AJ. I haven’t rented for 20 years now – it’s gonna be interesting!
I’ve only been a renter one year in my life and that was a transition year to buy time to house house which ended up to be house building time instead. I think renting makes good sense when you don’t know the area or even the state where you’re moving to. Whether or not you end up doing it forever is not a decision you have to make right away if you think of the first year as a transition period to get to know the area. Renting has many pit falls that are easy to gloss over when you’re not actually doing it.
Correction….make that time to find a house, not “house house.”
True enough, Jean! Home ownership has its pitfalls too though. This building I own now has been a bit of a money pit. I’m looking forward to residing in a space (for at least the short term) where major repairs are not my responsibility.
I think that in many cases the way in which you need to live in order to feel whole shifts around as your life changes around you. In other words, you do what makes the most sense to you in the moment, then re-evaluate it later. Like your plan.
We’ve put LOTS of thought into how we’ll live when we retire. I know people who’ve sold their houses, become renters, and love it. However we’ve decided to “age in place,” as they call it. Our hope is that by staying active and keeping the house and yard going, we’ll have some purpose in life and this property will become more valuable when we go to sell it later, rather than now.
I think you nailed the key, Ally! Do your research and choose what’s best for you.
Renting will give you an opportunity to test out a community to see if it meets your needs, not to mention giving you time to shop around without pressure. Plus, I bet a reasonable landlord would be willing to let you do some improvements. I’m just starting to think about this myself, because my current home just enables me to keep stuff I don’t need.
Ain’t that the truth, Tracey! I’ll be downsizing a lot, and I think that’s a good thing for me. Time to purge!!
Hi Deb! I so wish you could have been on the Island when we all had our mini-meetup in July. It would have been awesome to meet you. And absolutely I agree you should until you decide EXACTLY where on the island you want to live and what is your next step. I actually wrote a blog post myself about it…and if you don’t mind the link, here it is…. https://www.smartliving365.com/renting-vs-owning-and-other-thoughts-on-impermanence/
Good luck on this upcoming adventure! ~Kathy
Hey Kathy!
Thanks so much for the link. I agree 100% with your statement about what you own also owns you. We are of the same mind on that and renting vs. buying a vacation home. In fact I agree with everything you wrote. Any real estate purchase I made was with the intent of making money on it eventually – even as a home – and I’ve been very fortunate in having every property I bought appreciate significantly in value. I realize that is not something that is a “given”, although most people seem to think so. But when it comes to an investment, it will be better this time to rent and put my “house money” into some other financial vehicle…at least for the short/medium term.
Well, you may just have to come back to the Island some time! Or perhaps I will come to you on a future road trip – one of my retirement goals is lots of road trips 🙂 .
Deb
Hey Deb! Well we surely loved Vancouver Island so who knows? We hope to be back. But it would be AWESOME if you visit down our way too. Just let me know. I’ll bet we would have LOTS to talk about 🙂 ~Kathy
I’ll bet we would too, Kathy! I agree – it would be awesome and I do love to travel so I’m sure we’ll cross paths in the future one way or another 💕
Every situation is different, in your case you aren’t sure so better to rent until you are sure. You never know what future deal will come up in the mean time making that decision for you.
Best of luck Deb.
Leslie
Thank you Leslie! You are so right.
🙂
Everyone is different and doesn’t that make life grand. I have a couple of friends who rented multiple places for 3-6 months each to figure out what lifestyle they wanted in retirement – penthouse apartment/condo, house, location near beach. They took the learning into “design criteria” (and bought a house with water views/no sand). Another couple love their downsized condos. Yes, plural – one in FL and one in OH; both are “base camps” for them – places to sleep between their travels and catch up with friends. In my book I talk about really figuring out what your house/home/living space is for you – is it a base camp? An entertainment center? A museum? A storage facility? A bunk house? A sanctuary? I know people in each of those, and their spaces reflect that. Personally I’m a long-term-thinking nester (I don’t even lease cars) and we own two houses – both with a mix of “entertainment center” and “storage facility” (her/his mix). But that’s me. You do YOU!
Thanks Pat! My natural inclination is to be “an owner not a loaner”. I don’t believe in leasing cars either, unless it’s for a business. Hence the struggle with contemplating renting. But there are a lot of pluses to renting that I hadn’t considered previously and am now thinking about. For me, the main thrust of this whole experiment of mine (retiring early and moving to the west coast) is to keep my mind open to all possibilities – not to think of renting solely as a short term relocation solution but to actually consider the benefits of not ever buying another property again – and there are many more benefits than I had previously considered when I was focused solely on purchasing a house on the island.
Deb
My research has indicated that from a pure investment point of view, you’re better off renting, and then investing in stocks, rather than putting your money into mortgage payments. Also, as you say, renting is freeing. You can easily move whenever you want. One advantage to owning, though, is that if you own a home and are sued, your home can’t be taken away from you. At least that’s the law in the state where I live.
On an unrelated note, how do I follow your blog? You don’t have one of those convenient “Follow” buttons found on most blogs. So for about the past year, I’ve just been traipsing along as best I can, clicking your blog link when I see that you’ve “Liked” one of my posts, or someone else’s.
Yeah, that’s what my research indicates too TG. I have a bunch of people following me, but as the blog owner, I can’t see the follow button ‘cos ye olde blogge knows it’s me even when I try to access it via a Google search. I assume it’s there, based on having 60-odd followers already, and is a pop-up thingie that comes and goes, as I have noticed on others’ WordPress blogs. You can always subscribe by email – there’s a box on right hand side. Sorry I can’t be more help than that! Anybody else care to chime in? Can anyone see my follow button popping up when you are on my blog?
I’ve never seen it. But you can add the “Follow Button” widget (as opposed to the “Follow Blog” widget) to your sidebar, to ensure it’s always there. The “Follow Button” widget doesn’t require an email address. Some people (including me) feel a little nervous about giving out their email address. Although I do have a fake address I sometimes can get away with using.
Ok, I’ll look for it! Thanks TG.
Success, I think! Only took 2 days and an email to a Happiness Engineer but there is now a “follow” button on the sidebar of ye olde blogge! Try it out and let me know if it works, TG.
My first inclination is to own but renting may be the perfect choice for you right now. When you move to a new area, it’s hard to know where exactly you’ll be most comfortable living. Renting gives you the chance to test-drive different locations. You can always buy something once you’ve discovered your perfect place. The only problem with long-term renting is that your fate is in the hands of your landlord (rent increases, notices to move, etc.). I’m sure you’ll discover what’s best for you as time goes on.
True enough, Janis! For me those are some of the biggest pitfalls of renting. My first inclination is to buy too, but I need to get past that and fully consider all the possibilities of my new life without acting on autopilot. Thanks!
I am consumed with THOUGHTS and FEELINGS about your move, Deb. And, it isn’t even my move:) This is a HUGE DEAL! My view from the cheap seats: My take on The Island (after living here for 27 years) is very different than my initial lay of the land. Hilarious on “badass to candyass.” I would lean towards renting, especially after reading more of your post.
A friend recently chose to sell her condo, and is now renting in Victoria. She feels it is a great choice for her.
Like everything in life, Pros and Cons.
Just read Kathy’s article on Impermanence. I put a lengthier comment there. Many points resonated with me, especially “everything you own, owns you….”
Like all decisions, indecision can be most stressful. It sounds like our paths are meant to cross and I look forward to meeting the Badass:)
Thanks Erica! I look forward to our paths crossing too! I’d be interested to learn your take on the Island over a bevvie or two once I land there 😁
Erica and WBA,
I heartily agree that we don’t own our “stuff” our “stuff” owns us. Downsizing and minimizing was a huge burden lifted.
Having property in 2 places is comforting in a way- we always have a base – but a PIA in others with expenses and things to maintain.
I’m wondering if we will stay with this current decision permanently.
Nothing is certain in life but change.
Amen!🙏
I think renting is a great way to go when you first move there. You can see which area you like and adjust to a new place and what you must have in your new home. Then after a bit you can buy if you want.
I agree! Thanks Runaway Widow 😁
Hi, Deb – When we first moved to Vancouver Island, Richard and I rented for the first few months. That made perfect sense for us, and allowed us to keep our options open. We have many Island friends who took this same (“try before you buy”) approach. From what you have described, I agree that this seems like a good option for you.
Thanks Donna! I think so too.
LOVE THE SITE, CHINA
china.alexandria@livingthedream.blog
Thank you China!
Hi Deb WBA,
The one thing that this life has taught me is that things can, and will CHANGE. You may change your mind, you may decide to rent forever, you may move in with your daughter, you may buy a beautiful RV decorated in true BA style and follow your daughter all over Vancouver Island and then down to warmer climes when the doldrums of winter become tooo much.
You don’t have to decide now. You can change your mind at any time if your initial decision doesn’t feel right any more.
Go with the flow. You’ve earned it.
Thank you Nancy! 💕
It definitely is a controversial topic. Like you, I grew up with the owner mentality. In today’s world mortgage payments are lower than rent, which leads people to look at you like you’re crazy when you say you rent.
Do what feels good to you in a given moment. I think renting “for now” IS a good idea so you can spend some time researching the area before getting a more permanent residence.
People say you can sell the house whenever you decide to move, but to me it just ain’t worth it. Right now, I do not feel tied down to a single place. And I don’t want to make that decision. Buying a house feels like a pretty big commitment which I am not ready for. And to think that I would have to pack a whole house and worry about selling, etc. when I decide to move? Nope.
Thank you for commenting! Buying and selling houses can be quite expensive compared to just finding another rental. I don’t want to buy again unless I’m sure I’ll be there for the long haul, and at my age who know how long that might be? 😜
OMG I love your journal! It could actually be my journal with all things aquatic on it. And the clarity of your purpose is inspirational. I am feeling a bit rudderless as I near the end of my first circumnavigation and am crafting my next act. I’ve done journaling in the past to help with transitory periods but have never done it with stickers / pictures before! What an energetic and positive addition to manifesting a new reality! Now if only i had your handwriting.
I was also raised by homeowners (and people that never retired) so I know that selling your place (and retiring) can be scary shit. Renting can definitely be freeing. Giving away all your belongings and hitting the road can be even more so. When revelations knock you over the head, you know you are on the right track. Thank you for sharing your personal journey here. it made me feel less alone as I contemplate change yet again.
Thank you Lisa! 💕 Having had to start over a couple of times now, I know how much freedom comes with owning less stuff. The more I think about it, the more I am looking forward to experiencing the freedom that will come with not owning a property. 😄
It’s an interesting process to go through for sure, and I do love your journal and as well, your handwriting. i love creative attractive handwriting. An art form in and of itself…
I have to say when moving to a new place/country etc, that there is a huge benefit to renting. That way it gives you time to find the area you like and or don’t like and it really does mean that you have more freedom. Certainly for us we have learnt the value of renting over owning as once you own something then you start to have way more obligations re maintenance. The headaches of it all and as well the cost.
No downside to renting initially, as the great thing about renting is the very impermanence of that and that should you change your mind and decide you want to own again, well, you can slowly look for a place that you would like to buy. Whereas if you go straight into buying, well that can be a hard one to get out of or to change. Seems like you are working through the process and at that point of realization. Good luck with it all. Exciting.
Peta
Thank you Peta! You and Ben are providing me with so much inspiration as I contemplate such a huge move and starting over in a new place, I hope you know that!
You’re the second person to compliment me on my handwriting. I am gobsmacked. I almost didn’t include that picture because I find my handwriting so damn messy and child-like. I write too damn fast, and cut too many corners, and sometimes even I go back to a journal entry and have a hard time figuring out what I was trying to say. 🙂
Anyways, thanks for the compliment – I guess maybe I can take “improving my handwriting” off my retirement bucket list now? 😉
Deb