Buy or rent?

fishergelic

I own a small terraced house, probably worth about £110,000. I am 62, retired because of ill health, and living on the state pension. Would love to go traveling, but need to free money to do this. I could sell, buy an even smaller cheaper flat, (looking at retirement flats). I am aware these incur service charges, which are probably more than me trying to keep my current home in good nick, or I could rent one of these. I have been sensible all my life, and just want to do what I want to do! I know if I rent my capital will depreciate much more quickly, but I can rent a better flat than I can afford to buy. Don't know what to do, any advice out there?

Savvy_Sue

Personally, I'd go for renting, I think, if I could get one in the right place without ridiculous service charges. It really is a lot less stressful!

A friend of a similar age has moved into a Methodist Homes flat, she's still working, but knows she should be able to stay there until she either goes completely doolally or dies, because it has been well planned to cope with physical disability.