I own my apartment but i have no one to leave it to when i die, should i still own or rent?

Question

this is the issue i am 47 simgle and no one leave my apartment to .should i just cash out,sale then rent . whats the use of owning if all that money is building up and i could live off this money

Answer 1

You're only 47! Hopefully, you've got at least 30+ years to go. Unless you've got some purpose for cashing out now, keep the place and keep building equity.

If you're still single when you're retired, you can always cash out then, or supplement your retirement with a reverse mortgage.

Nobody ever got rich by renting. Rents go up, but a fixed mortgage doesn't.

Answer 2

Continue to own. Re fi or take loans on the equity and put that into individual investments (the more the better) Live on THAT as an income, and build something with the rest like a gym for inner city youth or a private school that takes NO money from the governments at large - thus no restrictions - and can actually make a difference. Leave a legacy.

Answer 3

I think the principal purpose of owning property, particularly in ones adult life, is the security of knowing that - aside from any other possible financial complication - you will basically always have a place to live.

That is the entire point of owning property.. having that secure asset. With it you can take advantage of its equity - that being said, renting your apartment out would certainly be a wise use of this investment.

Beyond this, I suppose it all depends on your lifestyle and income as to how best to use said equity.

Answer 4

I'm sure you have neices and nephews who are deserving? If not then leave it to your favorite charity or to your alma mater.

It wouldn't matter if you have an apartment or cash,
if you don't name someone, unless you're the only person left with no heirs to be located anywhere it will go to the state otherwise it will go to someone in your lineage by your state's estacy law.

Once you died, it'll go to someone, somewhere, somehow whether you like or not.

At least now you can still make a decision.

Answer 5

Keep your apartment since at 47, you're still very young except if you have a terminal disease. Life expectancy in US is 90 yrs!
If however you're to die soon, do otherwise & enjoy the little time left. It's your choice to leave anything to charity.

Answer 6

If u r in need of the money u can sell it off. But then u will be paying for the rent for the rest of your life. You can also sell this, buy a low cost apt and live of the rest of the money. Think over it and act carefully. All the best and take care....

Answer 7

Keep owning!!! renting is the biggest waste of money. Look your only 47!! and already thinking about death...maybe you're asking the wrong questions??? stay hopeful, you'll probably meet someone...maybe have kids!! if all else fails, the accumulated money can go to CHARITY!!!

Answer 8

Asbestos exists in additional than a number of homes in additional than a number of diverse varieties. at the same time as asbestos become initially ruled risky and the authorities initially ordered its eliminating it become got here across that it likely did extra damage than good. because of this the rules were replaced, so long because the asbestos isn't disturbed, that is extra effective to go away it on my own. if you're redesigning a progression then you actually are required to eliminate it, in the different case go away it on my own. eliminating stirs up the dirt, it is the harmful style you want to steer away from. Asbestos may also exist in additional than a number of diverse products from floor tile, duct wrap, pipe insulation, spray on ceilings, roofing paper, particular shingles and others. It become an outstanding insulator and become waiting to be further to most of things which made it rather usable, it wasn't for decades that the respiration hazards were got here across.

Answer 9

Why are you thinking about this?!??! You own your place in NY, kudos to you. If you're not having huge financial troubles, no need to sell, right? And you never know who will come into your life between 47 years old and death. There's quite a gap there. :)

Answer 10

Well, it's up to you, but at 47 you still could have 40 to 50 years left! You don't know what life holds. Unless you think you're dead set against it, you could still marry someday or have someone special in your life you'd like to leave it to. You must not have parents, siblings, cousins? When my sister-in-law passed away (no husband, no children) her estate went to her parents and siblings, and her siblings' children.