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Old 10-21-2011, 10:51 AM
 
Location: California
4,554 posts, read 5,472,028 times
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We currently live in a condo where my husband served on the BOD, seeing first hand the waste of HOA dollars which I won't go into here as there are several threads on that. So, for me, I am ready to buy a smaller home where I can still build equity and have a hedge against inflation. Also, as a very last resort, we would have the option of a reverse mortgage if it came to that. Since people can't sell their units in our complex they are turning them into rentals which not helping anyone's selling price or quality of life. If you fall on hard time in a condo, the HOA can take your property faster than mortgage lender so plan for the worst and hoping for the best. Homeowners in condos don't have choice about when to make expensive repairs; we are just slammed with special assessments due to mismanagement of our funds. Renters may not be able to absorb rent increaes on Social Security.

We all have to make the best choice for own situation. I need my veggie garden and to have control over when to do repairs as well as having a hedge against inflation.
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Old 10-21-2011, 11:19 AM
 
8,197 posts, read 11,915,499 times
Reputation: 17984
Quote:
Originally Posted by Curmudgeon View Post
Just curious about the issue of home ownership for retirees. How many have sold or consider selling single-dwelling houses and looked into apartments, condos or self contained retirement communities specifically to relieve themselves of the "burden" of upkeep and maintenance, including yard care, that goes along with home ownership?

As a homeowner of a certain age, I know how labor intensive and costly such things can be. Is it worth it to give up that facet of "The American Dream" - put in quotes because it's become so far outside the reach of so many - for the "comfort" of not having to worry about or pay for those things?

What say you, and why?
You don't have to give up single-dwelling houses for fear of yardwork and maintenance. I moved into a community where the HOA is responsible for all of that. In fact, they just painted my house a couple of months ago. They also replaced a couple of broken tiles on the roof. As for yardwork, the landscapers are out here every Wednesday morning like clockwork to cut the grass and trim the hedges.
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Old 10-21-2011, 11:35 AM
 
28,242 posts, read 39,901,543 times
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Quote:
Originally Posted by MadManofBethesda View Post
You don't have to give up single-dwelling houses for fear of yardwork and maintenance. I moved into a community where the HOA is responsible for all of that. In fact, they just painted my house a couple of months ago. They also replaced a couple of broken tiles on the roof. As for yardwork, the landscapers are out here every Wednesday morning like clockwork to cut the grass and trim the hedges.
That's what I'm looking for!!
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Old 10-21-2011, 12:47 PM
 
71,593 posts, read 71,751,865 times
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after buying a home 4 years ago which we thought we would retire to we are selling it.
its just tooooooo much work owning a home and the harsh winters in the poconos dont make it any easier.

i think the plan may change to a condo building in the carolinas .....
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Old 10-21-2011, 01:02 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,585 posts, read 39,962,822 times
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I do believe there is investment value in having Real Estate Investments (which MAY, or MAY-NOT include a personal residence)

So... my long term plan is having rentals with space for me. When I get to late 70's, I will sell props using personal notes with LARGE downpayment, and me carrying the paper. (by then I will probably be living in a Senior Housing Co-op)
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Old 10-21-2011, 01:14 PM
 
Location: Sierra Vista, AZ
16,133 posts, read 20,826,624 times
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Quote:
Originally Posted by Curmudgeon View Post
Just curious about the issue of home ownership for retirees. How many have sold or consider selling single-dwelling houses and looked into apartments, condos or self contained retirement communities specifically to relieve themselves of the "burden" of upkeep and maintenance, including yard care, that goes along with home ownership?

As a homeowner of a certain age, I know how labor intensive and costly such things can be. Is it worth it to give up that facet of "The American Dream" - put in quotes because it's become so far outside the reach of so many - for the "comfort" of not having to worry about or pay for those things?

What say you, and why?
I've commented about this before, when I retired at 53 I bought a small house with a pool on a Golf Course. The pool was a money pit, I had to cover it to use it in the day (Phoenix). I would up selling it for a larger house when my son moved home and rode the larger house to the top of the bubble and sold it for twice what I paid in a few years. That house also cost me a bundle to maintain but I got it all back when I sold. I went to an apartment for a year and then bought the home where I am now.

I'm going on 70 and have to pay people to do things the wife and I used to do. I have to wonder what will happen when driving becomes an issue. I am considering a condo in an area where we can walk to a grocery store and other services but most are in high cost areas so I am holding off as long as possible.
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Old 10-21-2011, 01:15 PM
 
8,197 posts, read 11,915,499 times
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Quote:
Originally Posted by mathjak107 View Post
its just tooooooo much work owning a home.....
It doesn't have to be. The only "work" I do around the house is changing lightbulbs.

The HOA handles the exterior work and my checkbook and Angie's List takes care of the interior.
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Old 10-21-2011, 01:23 PM
 
Location: Bar Harbor, ME
1,922 posts, read 3,779,855 times
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Quote:
Originally Posted by modhatter View Post
I second that if you can afford it. It's not the cost of purchasing the second place. It's the monthly expenses. I know. I have two. You have real estate taxes, water, sewer, garbage, electric, HOA fees, homeowners insurance, maintenance and gardener as in my case. But if money is not so tight, it's great.
You'll always have taxes. Etiher you pay them or the landlord pays them and you pay him/her.

Most of those things you have to pay anyhow even if you don't own.

My wife and I planned for some time to retire, and did what had to be done to make that happen. We are upsizing from a 1600 sq ft house to a 2300 sq ft house, and tripled the side of the garage and almost tripled the land. But we moved to a place where all this, has taxes only slightly more than when it was the smaller one, and where the house cost was almost simply a trade.

We used to live in an apartment twice and didn't like the loss of freedom. Can't play your music loud, have to listen to other people being loud. Having people encrouching on your space all the time.

We also believe that it is the upkeep on all these things that keeps us young. Almost everyone that I know that was my parents age(they would be in their late 80's or early 90's now) went down hill fast when they had less to do to manage their lives. Having to plan to take care of the house, mow the lawn, blow the snow, get your own food and cook it, arrange your own entertainment, make new friends, etc., seems to make people live much longer. And when you do it on your own, you get to associate with more people who are younger than you, thus tending to stay young. When everybody is your age, then tend to concentrate on their infirmities and not on having fun in retirement. My dad went to his 50th high school reunion when he was 68. He went in before my mother, and then came out and told her, "This isn't the place. There are just a bunch of old people in there." My mother had to remind him that he was old too. But he never believed that. Two years later, my mom and dad, drove up the old Al-Can highway before it was paved on their way to Alaska, and pulled off the side the road every night and slept in a tent. Tractor trailors would flick stones on the tent all night long. If you allow yourself to not do what you did, then you are only making it an excuse to get older.

My mother was pretty sharp at age 87. Then she went into an retirement community. Within 9 months her memory started fading, and now she barely remembers her eldest son. Not us! We want all these things so we can stay thinking and stay remembering, but also keep learning new things, and new coping skills. I hope to be still chopping wood when I'm 85, in 23 years! And learning to play a new musical instrument.

Last edited by Zarathu; 10-21-2011 at 01:34 PM..
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Old 10-21-2011, 02:05 PM
 
Location: Lexington, SC
4,281 posts, read 10,739,306 times
Reputation: 3716
Quote:
Originally Posted by Curmudgeon View Post
Just curious about the issue of home ownership for retirees. How many have sold or consider selling single-dwelling houses and looked into apartments, condos or self contained retirement communities specifically to relieve themselves of the "burden" of upkeep and maintenance, including yard care, that goes along with home ownership?

As a homeowner of a certain age, I know how labor intensive and costly such things can be. Is it worth it to give up that facet of "The American Dream" - put in quotes because it's become so far outside the reach of so many - for the "comfort" of not having to worry about or pay for those things?

What say you, and why?

We bought a small, new patio home (120 patio homes as in single detached homes on a small piece of land) in an HOA controlled development. Our monthly fee includes all exterior maintenance including the exterior of our home. If a brick falls off, trim needs painting, etc., the HOA pays for such.

We have no pools, no tennis courts, no bike paths, no playgrounds, no private roads, etc., so the the monthly fee is quite reasonable.

As the home is new, I expect it to need nothing more then cleaning and routine maintenance for many years to come.

I was quite surprised by how many younger, single people live here.
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Old 10-21-2011, 02:43 PM
 
Location: Boca Raton, FL
5,174 posts, read 8,696,248 times
Reputation: 6194
Smile Hoa

As a young, single person (I remember), I looked for HOA type communities such as you describe because I lived alone and I felt much safer. Many of my neighbors were of retirement age at the time and I felt they looked out for me.

I also had a dog and when I would walk the dog, I also felt safe even at 3 AM.

I also feel people know the people residing in such a community are generally approved by the BOD and/or management company.

I personally like HOA's but I know a lot do not. A relative once lived in a single family home community with no HOA. They put their home up for sale. Their next door neighbor was upset at this apparently. He painted his garage door purple with white stars and set out in the driveway when they had an open house. He didn't want them to leave. (It actually got written up in our newspaper). They rented it out.

Different strokes.
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