"At 69, Norman Schenck is preparing to retire. He and his wife, Lorie Schenck, 67, live in a Detroit suburb and are hoping to relocate to central Ohio to be closer to their grandchildren. For about the past two decades in Michigan, they've been renting a condo. But in this new chapter of their lives, they're facing a huge decision: Do they put a big chunk of their retirement down to buy a house in the new location, or continue to rent?"
"One of the things he has enjoyed about renting, he says, is "the grass is cut, the snow is removed and all those things are taken care of for us." But Lorie notes that both of their mothers lived into their 90s. She is determined to buy rather than rent on the chance they will live long enough to pay off a house. "And then you've got an investment that could be something for the grandkids," Norman says."
Norman and Lorie Schenck, ages 69 and 67, consider relocating from Michigan to central Ohio to be near grandchildren after two decades of renting a condo. They face a choice between spending a large portion of retirement savings to buy a house or continuing to rent. Renting provides maintenance-free living, while buying could be an investment and allow gardening but adds tasks like snow removal and a mortgage. Both spouses weigh longevity and leaving assets for grandchildren. Real estate professionals note that taking on a 15- or 30-year mortgage in later life is a substantial commitment and often prompts downsizing or moving to senior-oriented communities.
Read at www.npr.org
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