I’d only do it if I was sure it’s where I wanted to live for at least five years. And, do I want to take on all of the responsibilities of home ownership. Flexibility and no hassle renting has its attractiveness.

I would have avoided divorce

I mean ... I just bought a new house this year, and I'm 55 and DH is 67. So. Not sure what being "50" has to do with it?

As far as whether or not it makes financial sense to buy at all is debatable; the common wisdom has always been to buy and that the beginning of growing wealth is home ownership, but that isn't necessarily the case.

But for me it makes ... emotional sense? Practical sense? Lifestyle sense? I'm not sure how to put it, but I like to be able to do whatever I want, including paint, put built-in shelves, dig up a garden, etc.

Absolutely. Personally I don't consider my house as an investment. I see my house as a shelter. I rented for 20 years. I wish I bought sooner. I don't have to worry about parking, thin walls, extremely expensive rents etc.

I bought at 50. Took a 30 years mortgage but refinanced to a 15 years 5 years later. I don't plan to sell the house because my retirement is set and my 2 kids have great jobs and good with finances. They don't need my help.

Anonymous wrote:We sold our when we divorced 5 years. And since I have been renting. I am thinking about buying a home again at 50. I will put 50% down. 529, 401ks, Taxable etc are fullly funded.

Would you buy a house at 50?

Yes -
And I would ask the same questions I would ask myself 10 years earlier when making the decision
How long do I expect to be here?
What do I anticipate my needs to be 5 years from now?
What is the rent / own break even point?
What am I looking for that owning will offer?

Clearly you have kids - so maybe it is a place that you feel they will have more of a connection with for them to "come home to"
Maybe it is stabilizing for school district

Lots of considerations - but I do not think age is a reason to not buy. I think age is one element in the financial independence question

Anonymous wrote:Sure, but I wouldn’t choose a 30 year mortgage.

This!

YES. I plan to soon.

OP here..thank you so much for responding. I plan to take a 15 years mortgage. And I will absolutely run the numbers very carefully. I am conscious that this could set me back a bit if I overextend myself. In theory I can buy it cash and still be okay, that would be sacrificing potential growth in equities. And I don't plan to buy a large home.

Depends on the rent vs. Buy price dynamics at the time. I would not buy if high interest rates put my payment at many times my rent payment

I just did! Paid cash but it was "only" 750k. Our previous house, which we've rented, is more and mortgaged.

I bought at 44 with a 30 year mortgage, but at 53 I refinanced down and shaved it down to 15 years. I’m overpaying slightly each month so I can be done with it by 65. I definitely agree with looking at options where you can manage it later in life - like being able to live on a single level, including entry and exit, and not a lot of exterior maintenance. It takes one fall to mess up all of your living arrangements. Even with my plan, I’m starting to fantasize about moving to a full service condo with underground parking and in unit laundry.

Yes absolutely.

But make sure you calculate all expenses of owning a house, it may come as a shocking price for you since you have been renting.

I would absolutely buy a house a 50. I might not buy a second house though.

I would also do the math to see if putting down 50% makes sense. I’m a “keep the money out of the house” person.

My mom was renting and then got tired of being subject to the whims of landlords so at 72 decided to buy and she’s been happy.

Anonymous wrote:

Anonymous wrote:We sold our when we divorced 5 years. And since I have been renting. I am thinking about buying a home again at 50. I will put 50% down. 529, 401ks, Taxable etc are fullly funded.

Would you buy a house at 50?

My parents bought their retirement home at 75, so of course I’d buy a home at 50.

My parents moved 3x after their retirement. They kept wanting to ‘downsize’ - which is hilarious when they still end up in a 3500sq ft house. To each their own.

OP yeah, buy a house in your 50s. 50% down and a <15 year mortgage (or fully paid) and you’re absolutely set.