Rent or Sell?

[dave1918a2]

Hardly seems worth moving to get 60 miles closer. Buy a very comfortable car instead like an older Lincoln town car or a larger 4 door Mercedes. How much difference can an hour make? After 45 years there it will be hard to settle in a new place and the newness might wear off faster than anticipated. Best of luck either way.

 

[2tall79]

The difference is my wife would be doing it 2 or 3 times a week. And we are unbelievably excited for a new experience after 45 years.

 

[dockmurgw]

Now that you have been told by practically everyone to sell because you're too old...if you don't need the cash keep it, at only 60 miles away it can be a getaway and a reason to remain active maintaining it. If you sell, the move could be permanent by necessity, not by choice. But for God's sake ignore advice based on your age...only you will know when it's time to act based on your age.

 

[ISCS Yoda]

FDIC insurance is for each depositor, not each account. A joint bank account for a couple is insured for up to $500K. Joint Accounts | FDIC. There are ways to structure accounts to get even larger account amounts covered. Any bank will tell you how. But with that much money, there are much better places to place your cash than in a bank deposit.

Correct, but it's how the depositor creates the accounts that matter. For instance, presuming a considerable amount of cash is possessed, a checking account and savings account is unsafe if they are both in the name of one depositor.

I wouldn't put a half million dollars in cash in one bank, either, there are better ways to invest funds, but not everyone wants to be an investor.

 

[Rob613]

Not a lawyer, but sell.

My stepdad has been selling off rental properties the last couple years, he’s only keeping one that he rents to an old Navy buddy. He was just fed up dealing with tenants, he’s also in his seventies. He bought a new Bobcat, some pieces to his sawmill he’s been wanting and invested the rest.

 

[2tall79]

Correct, but it's how the depositor creates the accounts that matter. For instance, presuming a considerable amount of cash is possessed, a checking account and savings account is unsafe if they are both in the name of one depositor.

I wouldn't put a half million dollars in cash in one bank, either, there are better ways to invest funds, but not everyone wants to be an investor.

I'm thinking some laddered CD's.

 

[Doug M.]

I'd donate the house to a fire department for training before I would be a landlord.

Anyone not familiar with driving in western WA will not understand that it is generally unpleasant unless you do all you driving from 0100 to 0400, and the risk of encountering urchins engaged in urchin conduct is too high.