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