I’m new to Penny Hoarder, but have always been very frugal and I’m a budget nerd. I can show you every monthly budget from 1978 to present. I’m retired, my children have finished college and are in their careers and have families. I use Excel spreadsheets to project my annual budget, since I’m on a fixed retirement income.  For 2020, I want to kill off $5000 in debt, should done by June 2020. I’m also selling my current home and buying a new home. I’m increasing my downpayment amount, even though I can use my VA loan and put zero down.  I’m only concerned about one thing. I’ll be 60 this year and is that too old to buy a new home? I HAVE to live someplace and renting is just not an option. I need a large yard for my service dog. It’s hard to believe I’ve been fully retired for 20 years, but was still able to send two children to medical and law school. After their father and I divorced, I let him have the big house and it’s $3000/month payment. I got my equity and paid cash for my current home. Taxes and insurance are about $350/month.  To rent in my city is $1200 to $1800 per month (plus deposits) and no yard. The homes I’m looking to buy will be about $1000/month PITI, and I can pay it off in about 7 years.  ****** Is 60 TOO OLD to buy a home? ******  Any input will be greatly appreciated.  I’ve attached a photo of Pilot, my service dog. I’ve been demoted to the Navigator seat! 

LYL, MYM

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First of all, Pilot is so cute!  Also, welcome to the community!

Keeping a monthly budget since '78 is impressive! Great job staying so organized, I have a hard time getting started on a budget but this year that is one of my goals.

It seems like you have a pretty good handle on your finances and are making smart financial decisions for your future.

As for your question about age and buying a home, I would say that you have earned it!

If it is what will make you happy and comfortable and save you the stress of renting and having to worry about finding a place within your budget that will also accommodate your dog, then buying a home sounds like the more sensible option.

Since it is not going to have a drastic or negative affect to your finances, it is only right that you get to enjoy the fruit of your labor and live your life comfortably and the way you choose.

If buying a home is something you are comfortable with, then by all means you should do what is best for you and your situation! 

Thank you. I’ve never lived in an apartment or a rental. My Parents and Grandparents were from the  Depression Era, so learning how hard it is to make money, keeping track of it is the only way to live. The average rental in my area is about $1,200/month but that’s a huge house payment. If I stay between $800 to $1000 for a house payment, at least it’s mine. (about a 2,000 sq ft house) I have to live somewhere.  I taught my children the same frugal and budget wise methods I was taught. I’m proud they have no student loans and have each bought a home. I have the strangest hobby, I help people write up a budget. If you don’t tell your money what to do, your money will control you. That’s not a fun place to be. I bought a used 15 passenger van, my current debt ($5000) to carry my powerchair and my service dog. The chair lift goes up and inside the van, which keeps it safe, dry and clean.  Fuel costs a bit more but I don’t go out much. I’ve asked my son to sell my other car, I never use it. On the 2009 I’ve put 34,000 miles and the 2011, has only 31,000 miles, about 2,000 are mine. The hardest part of this move is what to do with all the stuff I’ve collected? I used to entertain a lot, part of my old job, but if folks come over now, it’s paper plates or my everyday china. The Waterford, the six sets of fine china and sterling have all got to go. My wardrobe is massive. After wearing uniforms all my life, I went overboard with civilian clothes. But I pray G-d will put me in the perfect home when He has cleared the way for me. I’d rather not have any debt, except the mortgage. I’ll make double payments and kill it in under 10 years, or by the time I’m 70. I plan to age in place, no nursing homes please. 

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