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My parents (in their 70’s) are looking for a new home, but they are not interested in purchasing a place in a 55+ community. The main reason they want another home is because they would like to have a residence that has a room on the first floor. I also think that having a place with little land will be easier on them when it comes to the summer/winter weather and general upkeep.
Understandably the adult communities in the area where they are looking (Somerset/Middlesex County) would address the room problem, but they do not want the restrictions that come along with living in such a community.
There are a few townhomes that they are interested in, but unfortunately it’s for rent only.
1) Is it worth it to rent vs. buy?
2) Would it possibly to convince the landlord in the development to let them buy the condo/townhome instead of rent?
3) What would you do in such a situation?
Why not rent? It puts less stress on them than with a mortgage. In a place where they rent, the landlord is responsible for any repairs and maintenance. They get to keep their money instead of putting a lot for a down payment and monthly mortgage payments.
They don't have to pay property taxes that goes up every year.
Owning a home at their age is good if they are very wealthy and money is no object for them.
It's hard to convince a landlord to sell where the housing market is really bad and the value of the homes are way down since 2007.
They don't have to pay property taxes that goes up every year.
People are saying this all the time. Just who is paying property taxes on rental properties?
While the landlord might be writing the check and taking the tax deduction, it is the renter who is actually paying the taxes.
Not only that but the landlord also get to depreciated his investment property and benefit from the tax savings.
THis is why I bought a 1500 SQ 3 bed house with small yard so I can retire in it as well. in less than 30 years it will be paid off. Will not have to worry about rent or mortgage. Well at least that is the plan.
THis is why I bought a 1500 SQ 3 bed house with small yard so I can retire in it as well. in less than 30 years it will be paid off. Will not have to worry about rent or mortgage. Well at least that is the plan.
Makes sense...I doubt many people would want to maintain a large lawn and McMansion at an older age (unless they were independently wealthy and could just hire some help).
The homes in the senior communities are very nice and I wish these types of homes (e.g., models which have rooms on both levels or a loft) were available at an attainable price for the regular population, as well.
Most move into senior developments for that reason. Is there a specific reason why they dont want to move into adult community? You say they want a room on first floor? I dont understand that. Senior homes are ranches which include a living room, dining room, kitchen, and 1 bedroom all on first floor. They dont want two story because they dont want to use steps at that age.
Yes, they don't like some of the restrictions that come along with living in an adult community. For example, some of the places that we came across do not allow young family members or children to live with them. Since we have family who often visit and stay for some time - sometimes beyond what would be allowable for that particular community - it would be difficult to abide by that rule. Also, if they buy a home in an adult community they would be restricted to selling the home to someone who is 55+. Ideally, they would like to keep as many of their options open if possible. The overarching reason, however, is that they favor being in a diverse neighborhood with people of all ages and enjoy interacting with different people.
We were also looking at ranches, but were not able to come up with anything that would fit other needs (e.g., land that would not require as much maintenance). Townhomes were also not available.
Unfortunately, nothing has panned out so far so I'm not sure how to go about this, but I think we will look into the renting option. I'm sure whatever happens will be for the best. Thanks everyone!
I would recommend Society Hill at Somerset VI in Franklin Park, Somerset. I'm very partial to this community as I live here and am on the Board of Trustees.
We have many older residents who either live here year round or like your parents are looking for, have a second home - usually in Florida where they spend their winters.
Our community consists of townhouse styled condo's. Which essentially means you have the interior space of a townhouse but all on one floor. All of these condo's have 2 bedrooms & 2 bats. All have at least one patio at the rear of the unit (off the master bedroom), and end units have a 2nd patio (off of the kitchen).
I'll PM you the available first floor units, so you can have an idea of what they look like. FYI - the association fee is $220 per month.
Let me know if I can be of any further assistance.
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