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Sell house and find a apartment, then find a woman that has a house and some money looking for a man to keep her company and then move in to her house.
Who said that OP is a man? Perhaps I missed that...
They have HOA fees. I don't think that's the best choice.
Quote:
Originally Posted by elnina
I agree. Most HOA's are PITA.
Perhaps a nice manufactured home community 55+ could be an option?
People complain about HOA's, and I've seen some horror stories on the Real Estate forum, but in a condo situation, there is no way to NOT have an HOA as it by definition is a joint ownership situation. (Until City-Data, I had no idea that there were HOA's in sfh communities, and I don't think I'd buy into a such a place myself.)
I was on my condo board for six years, and it's my experience that people buy into condos without understanding that it is a joint ownership. A lot of them come in with the renter/landlord mentality and see the board of trustees as some sort of authority over them. The HOA in a condo complex is YOU.
HOA's, like any government, is always you. Who you vote in, who you don't, whether you run for it or appoint a representative to do so for you, is always ultimately up to you.
If you don't want to be in one, don't move there. If you're unhappy about the one you're in, get elected and effect change. But don't get in one and just complain, that's on you.
I’m in mid 50’s, About to file for divorce (settlement agreement) after 24 years, no minor children, Spouse is moved out, spouse contributes $0 to mortgage, I recently Lost my $70k job.
$10K cash in bank, (plus retirement savings)
$2K mortgage payment includes tax/insurance
$235k approx home value.
$164K principle balance.
No other debts.
House needs to be sold.
$10-20k various repairs and improvements that should be done before house is on market for sale.
What are my options?
Your most important option is to sell the house as quickly as possible. From the value of your home, if it's in Northern NJ, it's a small home in a not-so-good area. If you're in South Jersey, it will be somewhat larger and have lower property taxes. Real estate fees and your property taxes will eat much of the meager profit from sale of your home and take a bite out of your cash reserve. Divorce lawyers don't work for $10 an hour, either.
If I were you, I'd only do the repairs necessary to make the house fully functional and livable and most important ..."salable". Let someone else pay for improvements.
You didn't mention what you do for a living, so whether staying in NJ or moving to another state may depend on how quickly you can secure another job in your field. Be cognizant that a new job may pay less than you were recently earning. This is a constant for people in their 50's these days.
Get selling the house ASAP! I hope things "go better" for you, Cocacola!
People complain about HOA's, and I've seen some horror stories on the Real Estate forum, but in a condo situation, there is no way to NOT have an HOA as it by definition is a joint ownership situation. (Until City-Data, I had no idea that there were HOA's in sfh communities, and I don't think I'd buy into a such a place myself.)
I was on my condo board for six years, and it's my experience that people buy into condos without understanding that it is a joint ownership. A lot of them come in with the renter/landlord mentality and see the board of trustees as some sort of authority over them. The HOA in a condo complex is YOU.
+1 on all counts.
However, I want to add that there are certain people who shouldn't EVER buy a condo unit, and those are the people who don't believe that they have to abide by the rules that are promulgated in the offering statement for the community, and to which they agree to abide when they purchase their unit.
Many years ago, I lived in a small condo development, and eventually became its president. Our biggest problem had to do with the jerks-offs who... Parked in front of the garbage dumpsters on collection days, thereby preventing the garbage from being collected... Thought that they could operate a community carwash for their friends and relatives on weekends, thereby running-up the water bill that everyone had to pay... Thought that, instead of shoveling their own driveway, it was appropriate to park in other residents' driveways that had been shoveled... Thought that they could install storm & screen doors and elaborate outside lighting fixtures that did not comply with the design specifications of the community...
I lost count of the number of a-holes who told me... This is America! You can't tell me what to do!
That experience--over a period of 7 years--was what convinced me to buy a single family house, on my own property, with no uncooperative HOA members to deal with.
We were thinking of selling this year and had planned on making a couple of improvements. Our real estate say it was not necessary. The improvements would have no bearing on raising the asking price or give us a quicker sale. Get a couple of real estate agents in and ask. You might not have to make any!
I am sorry about your job. Do you have family in NJ? Would you be open to moving to a lower COL state?
I second the opinion of selling and moving into an apartment asap. It would give you time to think about where you might want to relocate.
Someone suggested a roommate which might work. If you are close to the shore or some place scenic, you can be an airbnb. Some houses are in good neighborhoods to rent. too.
Quote:
Originally Posted by TheEmissary
This is a constant for people in their 50's these days.
It's an epidemic. I know more over 50's who have lost their jobs than are still employed.
The days of retiring with a gold watch and a party are over.
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