Retiring on VERY limited budget..where to live? (move, gorgeous, community)

[knoxgarden]

One of the nice things about the web is that you can investigate things.
I didn't think I could afford to buy, but on a whim, answered a no-down-payment ad I saw on the web and I was on my way. I don't have a subsidy of any kind or any special program. It's a 30-year fixed rate. Out of pocket expenses were less than moving to a new apartment, which is what I was trying to do.
I love Knoxville and East Tennessee. Friendly people and lots of stuff to do. I've got a part-time job that helps me with extras. People are helpful here, always ready to lend a hand if you need one. It's a nice way to live.

[Sgoldie]

I know what you mean Katie. I'm in a similar situation but without the 401k. My SS will be less than $400 a month and my only asset is my furniture.

I will likely stay where I am even though there are no jobs. Moving is just too tenuous under the circumstances. There are a couple of new highrises downtown for seniors over 62 where they take 30% of your income, and if it shouldn't be enough I can get food stamps I suppose. It's within walking distance to the library and they have a bus that takes you to the store once a week. There are a lot of services here for elders.

Good luck to you.

[katie45]

Knoxgarden, are the HOA dues very high? I looked on the web and saw beautiful condos/duplexes in the Knoxville area, some brand new and some currently under construction, but they do not list what the HOA dues are. Where I live (suburbs of Kansas City on the KS side), the HOA dues are expensive ($200-400/mo) and the price of housing is way out of reach for me; the ones that are comparable to those in Knoxville cost $200k+ here! I have visited TN (not as far east as Knoxville), mainly the Nashville/Chatanooga/Smoky Mountain areas...and found it beautiful and the people very friendly.

Sgoldie, I have thought about senior housing. And also am thinking that if I lived near a downtown area it may allow me to sell my car, which would be a huge savings! I like that you have transportation to get to the store. And using public transportation, even a taxi if necessary, would be a lot less costly than maintaining a car!

There are millions++ of us who are currently retiring, or will be retiring in the next 5 yrs and I am confident there are many like us who do not have mega bucks to live on. I would think anyone who invests in constructing senior housing at affordable rates would be very wise!

[sillynilly]

Katie, If thet does not work out for you maybe AN ACTIVE ADULT COMMUNITY .Something like a www.dellwebb.com you could rent a small villa in an area you like and have a lot of people your own age and a ton of things to do. and the people our pretty nice .I think this is a great place to be just for all the activities alone and the not all real old due to all the new baby boomers just a thought .good luck where ever you go.

[Padgett2]

There are HUD apartment complexes just about everywhere. Very reasonable rent. I am sure there will be the same sort of complexes anywhere you choose.

Please do a Google search for "HUD apartment search", there is tons of information as to where and what this could do for you when you retire. An apartment where you could stay around other people would be much better than a single home. in my opinion.

[normie]

There's always two ways of looking at things...

If you can get a place you can afford, I think buying a house or condo would be much better than renting an apartment. The problem with apartments is that you have no control over your neighbors, and there tends to be a high turnover. HUD is a good program, but the properties sometimes attract unfortunate neighbors--and somehow they always seem to arrive right after you've settled in.

[knoxgarden]

Originally Posted by katie45

Knoxgarden, are the HOA dues very high? I looked on the web and saw beautiful condos/duplexes in the Knoxville area, some brand new and some currently under construction, but they do not list what the HOA dues are. Where I live (suburbs of Kansas City on the KS side), the HOA dues are expensive ($200-400/mo) and the price of housing is way out of reach for me; the ones that are comparable to those in Knoxville cost $200k+ here! I have visited TN (not as far east as Knoxville), mainly the Nashville/Chatanooga/Smoky Mountain areas...and found it beautiful and the people very friendly.

Most HOA dues aren't very high. I pay $125 a month and that includes water, trash pickup, grounds maintenance, etc. We have two full time maintenance men on staff. There's a pool, tennis and basketball court and a small workout room. We have a lot of trees and grass.
I looked at a lot of places where HOA dues were $25 a month but ones with decent grounds ran $75 to $150.
The only condo I looked at with super-high fees was at Lyons View. Those ran $300-$400 a month. The units themselves are cheap. I wasn't impressed with them.
We do have some really nice condo complexes in Knoxville. They design them well, particularly the older ones. You'll find very spacious one bedrooms with lofts as well as two bedrooms.
Knoxville is in the foothills of the Smoky mountains. Much more hilly than Nashville and a lot of lakes and rivers around. Much more diverse population than you would expect, thanks to the University of Tennessee.
You may also want to look in Chattanooga. They have a livelier downtown than Knoxville. I'm not familiar with areas there, though.

[Wisteria]

Retirement Communities by Erickson Offer Unmatched Opportunities & Value for People Age 62-Plus

Here is something I received information about. If you use your SS, then this goes into the entire community living. I was looking at the one called Windcrest in Colorado. I'm not collecting SS yet, so I couldn't do it even if I wanted to. But it is geared toward less-higher earning people!
Erickson Communities....check it out.

[katie45]

I will check into all possibilities. I wasn't able to find any rental units in the Dell Webb properties; just units to purchase...and they are completely out of reach for me. Sillynilly: the web page did not open but I searched other Webb sites. What are the rent amounts of the units you referred to?

There are many retirement communities; however, most require you to pay upwards of six figures just to move in, and then the monthly fee is around $2-3k!

As far as purchasing a home, yes, I agree that the monthly mortgage payment will not increase as rents will. However, the HOA dues (if required), taxes and insurance can increase. One has to be careful due to the amount of money it takes for the downpayment, closing costs, etc., and the cost of home maintenance. If capital is limited, many advisors recommend that those in the 66+ age group are better off investing their money vs putting it into buying a home, and being able to have quick access to the funds. It's a decision that has to be carefully evaluated. I have been told that I should have a minimum of $500,000 in savings when I retire just to be able to survive...well, I won't have nearly that amount.

If I lived in an area without severe winters that is close to public transportation/doctors, etc., then I could do without a car and that would be a huge savings!

Lots to think about and I have a few years before I have to make my decisions.

I am grateful for this forum. All of you have excellent suggestions and the more we learn from each other the better prepared we can be. Knowledge truly is power!

[Wisteria]

Check out New Mexico -- still cheap, great weather, even if you drive, there is little or no snow (depending on where you are). I was just there this summer to check out places. I never thought I'd consider New Mexico, but I actually liked it. Certainly, the price is right!