I got rid of everything & have been able to travel & move around the World & America by renting. I Lived in the Keys for 18 years & went on a road trip 3 months ago visiting family & friends. My son ask me to move in with them in Napa, CA. They are empty nestors & the grandkids are away in school. I have & now plan on living here for a few years. Today he is on the job on the East Coast & his wife is at work in France. I'm on a journey in a new area & learning about all new friends again. I love the freedom & the journey.

I was denying myself extras due to my determination to leave my daughter a paid off house or at least a low enough balance to afford.The thing is that once her children are gone, she wouldn't need this house and likely wouldn't even want it by then. Tunnel vision kept me from seeing that before.

My house also needs a lot done to it but now my decisions are based on MY future needs and it is quite likely I will sell the house and move when my grandkids leave.

Will your children need the house? Do they want to live in it when you're gone or will it be something they to attend to as your heirs?

Would the monthly cost of rent exceed the maintenance of keeping up with your home? Do you like living in the home and is it a safe place to live? If you sell it, could you afford to pay rent until your passing?

I am not one that worries about what will be left to my relatives upon my passing. Put aside whatever expenses would be required when you do pass and do what best fits your needs to ensure you live your best life.

In farming, I could always rent cheaper than owning. Same applies to housing.

I personally would never rent, did it during college and for a year after. I also have never kept a home long enough for it to get old. So upkeep has never been an issue.
That being said, my father passed away six years ago and my mom really had a hard time staying at thier house. It was physically a lot of work and it was too much house and memories. She sold it and has an apartment she’s enjoying.

My living situation is less common - I live in a cooperative, where members buy a “share,” like investing in a company. I have a 2-bedroom townhouse and pay less than half what it would cost at market rate. The monthly charge includes gas and water, repairs large and small, lawn care and snow plowing and garbage removal and property taxes. and if my toilet stops working on Thanksgiving day I don’t have to pay a plumber 3X his usual rate to come fix it!

Your needs change through your life, and you may be just assuming that your kids want the house. Or you might actually have more to leave them if you downsize. And you need to take care of yourself. I hope you will talk with them about it and take care of yourself.

Is getting a roommate an option?

Do your children even want it? I think most of the things people hold onto because they think their kids will want it end up being just one more hassle that has to be dealt with after the funeral. If your thinking that the kids will sell it and split the revenue, what's to stop you from selling now and putting the money into a trust?

I have rented and much prefer owning my own home.

Renting Plus:
Not tethered to structure

Renting minus:

Not free to modify structure to suit your taste
Potentially greatly increasing rents rates
Fellow renter in structure that: (list compiled first or second hand from people I know):
Cook drugs
Parties (no parking) loud drunk fighting outside - etc.
Smokes
Has kids that scream and fight
dogs that crap on sidewalk and lawn (never picked up)
cats that pee in the hallways
Husband fights with (screams at - - sound of smashing lamps dishes and
furniture) wife/girl friend etc.
Watching loud movies at strange hours of night.
Noisy partners with banging headboards (squeaking beds)
Guy torches apartment building to try to kill girl that would not date him (Ok, this story is not first or second hand but I did work with the brother of the guy that was arrested for burning down a rather large multiple story apartment building for that reason) Most renters did not have renters insurance and lost everything.

House Minus:
Constantly fixing things
Plumbing, electrical, windows, HVAC, structural, sprinklers appliances, etc.
Mowing, watering, painting, shoveling, etc.
Recurring costs:
water, heat, electrical (gas), taxes, insurance
Potential (Specials) Road, sidewalk etc. That in a single year could be several tens of thousands of dollars.
Increasing insurance, tax, water, garbage, specials etc.

House Plus:
Non of the minuses noted in Renting
Free to screen movies with sound levels that move furniture with seating up to 21 whenever I wish
(possible?) good investment? (I purchased my house about a decade ago and the house has gone up about 50%. If I just left the money I used to buy the house in the bank, there is no way I would be able to afford my house.

My current standings: I live in a wonderful 5 bedroom, 2 1/2 bathroom house with two fireplaces, double car garage, formal dining, formal living and a 24 x 32 theater room. I fix and maintain everything, with the exception of road and sidewalk specials, myself. My insurance and taxes are about $5,500 a year. I burn about 4,000 a year for water, fuel, garbage and upkeep. That comes up to about $790 a month. Nice 2 bedroom apartments in this area currently range from $950 to $1,800 a month. Dive 2 bedroom apartments are around $800 a month PLUS utilities. So by owning my home and maintaining all my self, I am living cheaper then renting. This may not apply to all markets and if you add interest on a loan, that would really change the numbers.

Decades ago I looked as a house in Devils Lake that had about 300 feet of sidewalk/road but this road had sewer problems (twice) so they tore out and rebuilt the road twice. The house, worth (roughly based on other houses) about 60 grand had an asking price below 55 grand but there was a seventy grand road/sewer specials assessed to the house. I asked the Realtor why she wasted my time showing me this house. She said the specials were monthly and you really wouldn't notice them. . . I just shook my head. . . and decided to buy acres and move a house in - - - but that's a different story - - -

When they redo the roads around my house, although I have the money in the bank to kill off the specials, it will be very expensive. I have almost 300 feet of sidewalk/road to worry about.

My ex and I owned a home for 12 years then sold it for a $20K profit in a down market. Three years later, lightning hit it that started a fire and the house burned down. I liked the house but while there, the costs drove me nuts. Something was always needing to be done so I get how you feel.

It's since been rebuilt. I need to drive by sometime and see it now.

This is my third home. I am done with home ownership...too much maintenance and expense and no need to leave anyone anything. I can't take the tax deductions anymore because I have no mortgage and not enough to take itemized deductions. Depending on the real estate market, you might get an better return on your investment by putting the cash you get from your home into the something else. I can get an 8% return and use the cash to pay for health insurance, any credit card debt, a new car, etc. Plus, I like the freedom of being able to change locations as I want. One thing to think about...if you have to go into nursing care, they will take your house...you might want to consider some other options...a good estate attorney can help you...my best option was to rent the rest of my life.

You can order gravel by the ton instead of the truckload. I order the amount I can afford this month. Around $400 at a time over three months.
Anyone that can hold a circular saw can build steps.
If the trees you want down are hardwood there might be guys in the area that will take them down for free for the firewood.

I like owning my home, just wish it were somewhere else.Selling it has been a huge no go.

I just paid off my house and I am going to start fixing it up! I'm probably in for a lot of money to be spent!

Home ownership... I'm temporarily in an apartment right now... My house is upstate... Buying one closer to the city... In transition...

I feel your pain. I have a gravel driveway that is about 1/4 mile long and I'll need to gravel it again soon. I would not do a reverse mortgage unless you have no other means to pay.

You job is to live your life for you... Not for you to leave stuff for your children. I was PISSED when I found out after my mom died how much money she had. She was a child of the depression and saved every penny. She squirreled it away in accounts we knew nothing about until she died. She did without her whole life in order to leave money and things to her kids. I would have much rather she lived a little more... Took a few more vacations, got a manicure and pedicure every now and then.

Live your life and enjoy what you have!

Different phases of life often spark changes in lifestyle as well. Like you, I love my home, but recognize life could be much easier with less space and stuff. And renting would simplify life greatly !
Having been a rental owner - there were times I envied my tenants. When something needed replacing or repair - they just called me, and it was my headache/expense !

I’m turning my house into a rental for now; I can’t afford to sell yet. I’ll be living mobile in a van for a bit.