Rent or Buy: The Smart Science of Pooling Resources

“Been thinking, if we pooled our financial resources, we could move here, live here year-round.” Hannah held her breath and waited for their reactions.

I’ve been thinking the much the same.” Amelia leaned forward in chair. Aghast, Grace looked at each of her friends in turn. “What is next? I can’t handle any more changes.”

Hannah turned to her. “Let me ask you, Grace, what does Olive Pruitt do for us that we can’t do for ourselves, and for each other? We can even dial 911, imagine that.”

“By pooling our finances, we could live nicely here.”

“Here we could share food, electric, gas repairs, lawn, maintenance, things like that.”

Springing from her chair, Grace flung her arms into the air. “I barely adjust to one thing and you two want to go even farther. There is too much for me. Too many changes!”

“You are tougher, more adaptable than you think,” Hannah retorted. “Things are different now; you won your own life. Time you initiated change.”

“What do you really want, Grace? What is right for you? The three of us sharing a home, helping one another seems very right to me.”

Grace admitted that she subconsciously had been thinking about this idea too.

Amelia hugged Grace, and uncharacteristically Hannah reached out her arms to hug both Amelia and Grace. They no longer felt like three women of a certain age concerned with aching hip, tenuous heart, or a fear of being alone. They were pioneers, driven by hopes and dreams; they were visionaries with sweeping goals.”

Excerpt from “Ladies of Covington Send Their Love” by Joan Medlicott

We all know that sharing a living space can save us money, so why don’t more people do it? American culture often encourages college age students to share housing to pool resources and save money, so it makes sense that the concept can be applied throughout our lives. Boomer women have a chance to blaze a new trail and create communities of women living together. So let’s look at what women can accomplish by pooling their resources.

Click below to read more.

photo credit: mckaysavage via photopin cc

There are two primary options when it comes to home sharing situations: renting or buying. If you have a community of women who are close and know each other well pooling your money to purchase a house may be a wise investment. However, if you are in a position to establish a community and attract like-minded women with whom you don’t have a current relationship, renting can be a more secure bet. If you’re renting a home with several women you can make arrangements if an unforeseen circumstance arises.

The idea of renting or buying is not cut and dry. Your individual circumstance is going to inform which will be the best solution for you. However, as we age it is very important to pay attention to your own financial situation.

A couple of renting advantages are:

  • Utilities may be included or cheaper.
  • Home maintenance will be the responsibility of the landlord.
  • No concern about the fluctuation of the home value market.

However, if you’re interested in buying, consider these points:

  • You may be eligible for tax breaks.
  • You can decorate and customize your house as you please.
  • Continue to boost your credit rating.

In either case, be sure not to fall into the trap of living above your means. Carefully evaluate your financial situation and determine exactly how much you can spend without causing unnecessary money related stress.

I developed Women for Living in Community as a platform to encourage women to create their own long term care plans. Join me on Facebook to continue the conversation about women in community.  

 

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  1. […] grappling with the question of whether to rent or to buy, check out this article from the blog Women Living In Community for helpful tips and info. The blog is run by Marianne Kilkenny, a consultant, conference planner, […]

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