Myquest55
Member
- Location
- Happily in MAINE
We have been leisurely shopping for our ultimate destination, hopefully a CCRC, since our children are scattered. We had approached this thinking we would do the "buy in" thing since our income will easily cover the monthly fees for a meal and activities, etc. HOWEVER, on another board there was some discussion about Baby Boomers and their impact on society (ie crowded schools) and the economy which caused me to pause. In our mid 60's now, we fall in the middle of the boomer range from 1946 to 1964. The pandemic has affected a lot of things and we have seen house prices ramp up - beginning in 2017. We have also seen the costs of Retirement communities rise as well. I am now wondering if we should look more seriously at a rental situation.
Since we are on the down-side of the boomers, my concern is that a buy-in would tie up a lot of cash - since you usually cannot mortgage such a thing - AND family would have to wait until the management re-sells it before our estate can receive the promised refund. (One place even wants a hefty medical fee up front) My father passed last May and his unit, purchased in 2007, has just now "sold." We thought it would turn over immediately. They currently have 90 units available and I'm sure they are asking double what he paid for it but at some point...there will be far more units available than are needed and the prices must drop or communities will begin to close. How can they refund 90-100% if they have to take a huge loss? (may we live long enough!)
Would appreciate some thoughts - anyone else considering this too?
Since we are on the down-side of the boomers, my concern is that a buy-in would tie up a lot of cash - since you usually cannot mortgage such a thing - AND family would have to wait until the management re-sells it before our estate can receive the promised refund. (One place even wants a hefty medical fee up front) My father passed last May and his unit, purchased in 2007, has just now "sold." We thought it would turn over immediately. They currently have 90 units available and I'm sure they are asking double what he paid for it but at some point...there will be far more units available than are needed and the prices must drop or communities will begin to close. How can they refund 90-100% if they have to take a huge loss? (may we live long enough!)
Would appreciate some thoughts - anyone else considering this too?
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