Where to get info..for future.living..

I can give you my opinion on this on how it applies to me. In my case and if I were alone, I would rent if possible. A single elderly woman, especially one without helpful adult kids, is a favorite target of dishonest repair and sales people. And since the roof over one's head is one of the most expensive, involved things to repair or replace, you're better off if that's someone else's problem. Sure, there can be problems with landlords, but it so happens that in my state, most renters have pretty good legal rights (except for most mobile home park tenants).

I've heard that around here, the best bet is to rent someplace that is owned by a rental company or corporation. Renting from a private person or couple, you run into the problem of the owner getting old and dying or moving permanently into skilled nursing, their family swoops in and says "We don't want to be landlords; we live miles away; so this place is going up for sale; you've got 60 days to move out."

Of course, conditions are different in different places, but good luck with whatever you decide. (I wish I could move.)
 
I had several roofers stop by and with proposals to get me a new roof. Then one day as I was backing out the driveway a roofer appeared who was very likeable and professional. He said he could get my insurance to pay for a new roof with no obligation. He said his team was the best and very successful. If not, I could walk away. Two weeks later I had a new roof.

Intuition played a big part. I don't really have anyone to help except a renter who agreed with me. It worked.
 

When I got divorced four years ago, we sold the house and I bought a condo. Locally rents are very high and I have a very small mortgage so I’m paying less than 500 a month versus paying 2K a month for a small two bedroom.

I picked a condo where I don’t have my own furnace, air, conditioner, water, heater, etc. Those are all central systems and the HOA covers them in my HOA dues. The only thing I’m responsible for is what it is in my unit and that is only appliances basically. The HOA hires groundskeepers, snow removal, etc. and the grounds are always beautiful. I don’t have to worry about anything which is really nice. I picked a building with an elevator so if I get too old to do the steps or acquire a disability, I can still live here.

I absolutely love Condo living and I have made many friends in my building. It’s not senior condos, but at least half the people are seniors. Many people bought in for the same reasons that I did. We have very few children because all the rules are written to be very kid unfriendly. For instance, there is no place on our grounds that kids are allowed to play. That was another reason I bought in here. I also love to be able to paint and decorate exactly how I want and I couldn’t do that in an apartment.
 
If you have (or plan to have) any pets I'd recommend against renting. First, most rentals charge a monthly fee and that adds up over the years. Second, rental places might try to charge pet owners for carpet replacements as 'pet damage' even if there isn't pet damage (I read one case online that a person was paying the monthly pet fee because she intended to get a dog, but she never got around to getting one, then after she moved the rental place charged her for carpeting as 'pet damage' and so she got a lawyer and it turned out the rental place was replacing the carpeting in all the apartments but whenever the renter had a pet they were charging the cost to the renter!).

I've got a condo and I'm kind of surprised at how much the monthly fee is (about half of what rent would be), but I guess the elevators, staff, and building repairs have to be paid somehow. Also it comes with a bunch of perks so it really is a great deal for me.
 
I prefer to rent and invest the money that would normally be spent to own a home or condo.

Renting is easier for me as I get older and may have to face a quick move to some sort of supervised living situation.

I believe that buying is still a great way for young folks to enjoy a better quality of life and sort of a forced investment.
 
As I look at pricing rentals I see huge swings, to over $3000 a month for a 3+ bedroom home in a 300 mile radius here.
Its sort of obvious the young singles / couples are going for the smaller rentals with lower monthly payments.
Back in 2006 a 2 bedroom went from $375 to $575 by 2012.

I priced Condo's in S.C. and Florida in 2013. No end units available and expensive. + the threat of Hurricane/tornados.

I found a lake where one could buy a lot with a nice view, put a Camper on it, maybe buy a lot next to it, develope both lots
eventually sit a manufactured home on it, have the camper for Children with kids. All in budget for many decades. Now a
getaway for the retired couple we became. Taxes ok, power and water ok. Travel to it is the highest cost. All paid down.
More work than fun but gets me in shape every summer.

Squatters rights sound about + for the game now. Many single - Widower elders are homeless.
 
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I read an article a few months ago about whether it's better to rent or buy, but didn't save it. I'm sure you can find something like that online. One thing my BFF made me aware of about condos is that the assessments can be unexpected and quite high. Granted in the situations she relayed to me, the reasons are particular to those areas. She lives in a resort town in Florida and has a friend who lives in another resort town. Her friend's condo cost just over a million.

Due to the condo collapse in Florida a while back, condo associations are now making sure they have enough to fix and reinforce their buildings. To accomplish this, they are charging large assessments. Her friend's was $30,000. The assessment at my friend's condo was between $2,500 and $3,000 I believe.

Also, buying a condo means paying a mortgage (unless you are blessed enough to have cash) plus HOA fees, which for some condos can be quite high. When I watch those home buying shows, many of the HOA fees seem to be overpriced for the amenities offered.
 
Another thing about condos: there is a condo complex in my town that people are trying desperately to sell & get out of; apparently, in spite of the HOA board's best efforts, the realty corporation that owns it is awful, things not getting fixed, etc.; I guess it's turned into a real nightmare. So there is that to consider. I guess there's no perfect solution. (Which is too bad; you get to be this old, a nice little place to live and a little peace of mind would've been nice.)
 
officerripley said:
Another thing about condos: there is a condo complex in my town that people are trying desperately to sell & get out of; apparently, in spite of the HOA board's best efforts, the realty corporation that owns it is awful, things not getting fixed, etc.; I guess it's turned into a real nightmare. So there is that to consider. I guess there's no perfect solution. (Which is too bad; you get to be this old, a nice little place to live and a little peace of mind would've been nice.)
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In regard to your post, if people own their condos, then the realty corporation would just be managing them. You only sign a one-year contract with a management company and you can change. It can vary greatly on how well a management company performs. We’ve had to change management companies because of this issue.
 
OUR PERSONAL WITNESS OF cONDO CONDITIONS: THEY ARE POOR.
oBVIOIUSLY MANY HAVE GONE THRU YEARS OF HARD WEATHER

lADIES ITS A RIP OFF. RAISE TAX VALUATIONS, VALUE OF PROPERTY RAISES
 
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Teacher Terry said:
In regard to your post, if people own their condos, then the realty corporation would just be managing them. You only sign a one-year contract with a management company and you can change. It can vary greatly on how well a management company performs. We’ve had to change management companies because of this issue.
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Ok, well maybe the place in my town is a rental property instead of condos or has some kind of a weird contract or something because it's become a news story of how awful the place is and how the residents can't do anything about it. One item had a person referring to the realty corporation as "evil b@stards."
 
In a way its all just renting anyways. My house is paid for but it costs me $580 a month for taxes and insurance.
If I were renting I wouldnt have maintenance but then I also wouldnt be living in an equivalent abode.

I figure I can put things off for a while. Theres a ton of home services available when I need them.
When my monthly costs are more than renting I will decide then. Rent vs buy will be my decision then.

I briefly considered a condo for when I get old and cant get outside to cause trouble and decided against it.
Keep in mind that if theres a pool and other amenities youre paying even if you dont use them.
Older ones need new roofs and stuff and you will be paying for that too.
Theres also the fact that my love of "yard art" and kitsch most likely would get me fined in the first week. :D

Once you get to a certain age if you have a mortgage it wont be paid off in your lifetime. A monthly payment is a monthly payment. It might make a difference if you want to leave it to your kids.

Another option would be to have a relative buy a house and you rent it from them. I did this with my Mom.
I was a great landlord. Anything you want. No problem. And it was all tax deductable.
 
Veronica said:
In a way its all just renting anyways. My house is paid for but it costs me $580 a month for taxes and insurance.
If I were renting I wouldnt have maintenance but then I also wouldnt be living in an equivalent abode.

I figure I can put things off for a while. Theres a ton of home services available when I need them.
When my monthly costs are more than renting I will decide then. Rent vs buy will be my decision then.

I briefly considered a condo for when I get old and cant get outside to cause trouble and decided against it.
Keep in mind that if theres a pool and other amenities youre paying even if you dont use them.
Older ones need new roofs and stuff and you will be paying for that too.
Theres also the fact that my love of "yard art" and kitsch most likely would get me fined in the first week. :D

Once you get to a certain age if you have a mortgage it wont be paid off in your lifetime. A monthly payment is a monthly payment. It might make a difference if you want to leave it to your kids.

Another option would be to have a relative buy a house and you rent it from them. I did this with my Mom.
I was a great landlord. Anything you want. No problem. And it was all tax deductable.
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Paying for roofs, etc in a condo is not much different from maintaining a house. The big difference can be if they don’t have an adequate reserve fund. So you need to look at that before buying.

Reserve studies that extend for 30 years are required in my state and they have to be updated every 5 years so you know you have enough money for future expenses. We sometimes update ours yearly.

In any HOA there’s rules to follow. So that’s definitely something to consider.
 
Veronica said:
In a way its all just renting anyways. My house is paid for but it costs me $580 a month for taxes and insurance.
If I were renting I wouldnt have maintenance but then I also wouldnt be living in an equivalent abode.

I figure I can put things off for a while. Theres a ton of home services available when I need them.
When my monthly costs are more than renting I will decide then. Rent vs buy will be my decision then.

I briefly considered a condo for when I get old and cant get outside to cause trouble and decided against it.
Keep in mind that if theres a pool and other amenities youre paying even if you dont use them.
Older ones need new roofs and stuff and you will be paying for that too.
Theres also the fact that my love of "yard art" and kitsch most likely would get me fined in the first week. :D

Once you get to a certain age if you have a mortgage it wont be paid off in your lifetime. A monthly payment is a monthly payment. It might make a difference if you want to leave it to your kids.

Another option would be to have a relative buy a house and you rent it from them. I did this with my Mom.
I was a great landlord. Anything you want. No problem. And it was all tax deductable.
Click to expand...
I knew an elderly Dr's Widow who rented out sleeping rooms to young people going to college. She had an outer stairway, covered &
they could come and go while she kept here 3 room privacy.
 
officerripley said:
Ok, well maybe the place in my town is a rental property instead of condos or has some kind of a weird contract or something because it's become a news story of how awful the place is and how the residents can't do anything about it. One item had a person referring to the realty corporation as "evil b@stards."
Click to expand...
If a company owns the property they are not condos. With condos you own the land and buildings. There are also coops and I’m not knowledgeable about them. I do know that the board has to vote on who you can sell your place to which I think makes it harder to sell.
 
Teacher Terry said:
If a company owns the property they are not condos. With condos you own the land and buildings. There are also coops and I’m not knowledgeable about them. I do know that the board has to vote on who you can sell your place to which I think makes it harder to sell.
Click to expand...
Maybe a coop is what this place is; people have been referring to "the board" and saying the people on the board are not the problem, etc.; so I thought since there was a board it meant condos but maybe not.
 
Teacher Terry said:
Paying for roofs, etc in a condo is not much different from maintaining a house. The big difference can be if they don’t have an adequate reserve fund. So you need to look at that before buying.

Reserve studies that extend for 30 years are required in my state and they have to be updated every 5 years so you know you have enough money for future expenses. We sometimes update ours yearly.

In any HOA there’s rules to follow. So that’s definitely something to consider.
Click to expand...

All of this is true. Condos are fine if you do your homework. Im just not a good fit.
Probably wouldnt last long in an HOA either. :D

papa tiger said:
I knew an elderly Dr's Widow who rented out sleeping rooms to young people going to college. She had an outer stairway, covered &
they could come and go while she kept here 3 room privacy.
Click to expand...

That sounds like it would be really nice if youre a sociable person. You could get some income and some company.
 

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