Laissez-Faire Guy
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You're only 47! Hopefully, you've got at least 30+ years to go. Unless you've got some purpose for cashing out now, keep the place and keep building equity.
If you're still single when you're retired, you can always cash out then, or supplement your retirement with a reverse mortgage.
Nobody ever got rich by renting. Rents go up, but a fixed mortgage doesn't. |
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revolutionarydork
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Keep owning!!! renting is the biggest waste of money. Look your only 47!! and already thinking about death...maybe you're asking the wrong questions??? stay hopeful, you'll probably meet someone...maybe have kids!! if all else fails, the accumulated money can go to CHARITY!!! |
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skr
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If u r in need of the money u can sell it off. But then u will be paying for the rent for the rest of your life. You can also sell this, buy a low cost apt and live of the rest of the money. Think over it and act carefully. All the best and take care.... |
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Kiki
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Well, it's up to you, but at 47 you still could have 40 to 50 years left! You don't know what life holds. Unless you think you're dead set against it, you could still marry someday or have someone special in your life you'd like to leave it to. You must not have parents, siblings, cousins? When my sister-in-law passed away (no husband, no children) her estate went to her parents and siblings, and her siblings' children. |
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about2teach
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Continue to own. Re fi or take loans on the equity and put that into individual investments (the more the better) Live on THAT as an income, and build something with the rest like a gym for inner city youth or a private school that takes NO money from the governments at large - thus no restrictions - and can actually make a difference. Leave a legacy. |
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MenudoPie
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try to look for someone who is in need and deserving to be left on with your assets. Be charitable, that way you'll get to have a good name long after you have died. (one suggestion would be to write it in your will to turn your apartment into a halfway house) |
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ohm'slaw
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your call
i'd leaveit to a fav charity |
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hy_tone
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probably just rent, and put some moeny in a savings bond in the bank for a house, that way u cannot lose!! because u would lose money if u were single and bought the house and had no one to leave it to |
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m1rr0r
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Don't hurry. You still have a path in front of you. You still may meet your love. |
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CF_
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whats the use of owning?? mainly so greedy scumbag landlords cannot get rich off of people like us.....
you dont have anyone to leave it to NOW but you never know... parents... cousins.. nice person down the street.. a stranger... charity... whatever.. just dont fall into the rental pit |
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mpoehling_1999
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rent is cheaper, i hope your ok... |
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jivesucka
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you need a partner. find a woman you can trust. |
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senegal
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I think the principal purpose of owning property, particularly in ones adult life, is the security of knowing that - aside from any other possible financial complication - you will basically always have a place to live.
That is the entire point of owning property.. having that secure asset. With it you can take advantage of its equity - that being said, renting your apartment out would certainly be a wise use of this investment.
Beyond this, I suppose it all depends on your lifestyle and income as to how best to use said equity. |
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witchfromoz2003
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Arrange to leave to a charity or alternatively will it to be sold and proceeds got to children.s charities |
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Yarn Junkie
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I've been thinking the same thing with my house. In my will, I have listed that everything is to be sold and the proceeds go to the local Humane Society. It is one of the few charities I believe in. |
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bennyfan4life
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are you ill?is that why this whole thing is an issue to you?if so,i wish you well.i also would recomend leaving it to a friend/relative/charity.there are many choices to choose from.maybe even leaving it to a domestic abuse shelter or runaway shelter would be an option too.thet certainly don't have enough of those around.good luck on your "quest".be well. |
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Campbell Gramma
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you could cash in on the equity......pay it off...and just keep doing that.....
who knows what the future holds......lots of older guys having babies all over the place these days... |
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El_Nimo
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I'm sure you have neices and nephews who are deserving? If not then leave it to your favorite charity or to your alma mater.
It wouldn't matter if you have an apartment or cash,
if you don't name someone, unless you're the only person left with no heirs to be located anywhere it will go to the state otherwise it will go to someone in your lineage by your state's estacy law.
Once you died, it'll go to someone, somewhere, somehow whether you like or not.
At least now you can still make a decision. |
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Prof. Virgo
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Keep your apartment since at 47, you're still very young except if you have a terminal disease. Life expectancy in US is 90 yrs!
If however you're to die soon, do otherwise & enjoy the little time left. It's your choice to leave anything to charity. |
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szydkids
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You should still write a will, regardless of your decision. If you leave assets behind and no one files to claim them, the probate court will award them to the state.
If you die rich, then you could have had a better time in life. There's no point to that. |
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Michael C
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Why are you thinking about this?!??! You own your place in NY, kudos to you. If you're not having huge financial troubles, no need to sell, right? And you never know who will come into your life between 47 years old and death. There's quite a gap there. :) |
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