Agent

Big drawbacks of renting your retirement home

Costs have nowhere to go but up

DEAR BOB: My wife and I are over 60. We are trying to decide whether to buy a condo at around $300,000 or invest that amount and rent at $1,600 with utilities paid. We would invest the money from the tax-free sale of our $600,000 home – Jack S. DEAR JACK: You have a wonderful problem. On an out-of-pocket financial basis, it appears renting the $1,600 apartment is the best deal. But today's low rent won't remain fixed. Neither are the costs of owning a condo guaranteed. Purchase Bob Bruss reports online. Perhaps the experience of my parents will help. When they sold the home I grew up in (without my permission, while I was away at college, but that's another story), they rented a nice luxury apartment. But a few years later, their apartment building "went condo." Rather than purchase, they moved to an adjoining rental apartment building. However, that building soon "went condo." At that point, I stepped in and strongly told them to buy their unit with a minimum 10 percent cost...

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