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Old 04-05-2015, 03:20 PM
 
Location: The Triad (NC)
28,544 posts, read 62,287,227 times
Reputation: 32291

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Quote:
Originally Posted by Burkmere View Post
And there are those who say you should always carry a 30 year mortgage it maximize wealth.
At 30? Absolutely. But that ship has passed.
At 60 with adequate reserves ? Often so.
At 60+ with that property representing a high % of net worth? No effin' way.

As to our intrepid questioner:
Quote:
Currently live in an apt, looking to retire on small pension at 60 in 2 years.
At 60+ with few cash reserves or much income? Probably not.

I don't believe that the OP has never returned to flesh out the very pertinent details
that anything more than shallow or general observation will require.
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Old 04-05-2015, 04:05 PM
 
2,296 posts, read 1,564,616 times
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Good points.
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Old 04-06-2015, 02:12 PM
 
7,983 posts, read 11,675,232 times
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Sorry for disappearing.

It is hard to know exactly how much info re finances to share????

I do have some cash saved and could buy a small house in an inexpensive market. Depending on how much I spent I'd maybe have an emergency fund left over. I have a 401K but it goes up and down so much I can't depend on it and I don't think it will give me much monthly income unless I wait till much farther along.

But is that the smart thing to do? How big a down payment?

Someone asked if I'd owned before, yes I have and I do enjoy having a place to putz, I'm very much a home body. I've adjusted to the apt and not having to try to find the every dwindling number of competent handyman an appliance maintenance people is very nice. Pro's and con's.

I don't think there is a write off tax advantage to having a mortgage since I have rarely if ever met the minimum since I'm not married and don't have kids.

IDK, seems like the pro's and con's either way sort of make it a toss up. I have not seen a really definative reason one way or another here. At least not considering the midwest real estate market.
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Old 04-06-2015, 02:21 PM
 
4,490 posts, read 4,752,310 times
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You can check in your state, there are home buyer programs, for 1st time buyers that offer some details you might be interested in regarding buying, down payment etc.
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Old 04-06-2015, 02:45 PM
 
Location: The Triad (NC)
28,544 posts, read 62,287,227 times
Reputation: 32291
Quote:
Originally Posted by Giesela View Post
It is hard to know exactly how much info re finances to share????
Don't feel obliged to share anything (I rarely mention any real details).

But when you ask for help with a question about X (How best to use money in this case)...
it's hard to get meaningful input without detail.

Quote:
I do have some cash saved and could buy a small house in an inexpensive market.
Depending on how much I spent I'd maybe have an emergency fund left over.
That wouldn't likely be enough to retire with. Not safely.
And the responsibilities of a house is really asking for trouble.

Quote:
But is that the smart thing to do?
I really don't think it would be ...well, beyond a VERY modest 1BR condo apartment.
Maybe something (with amenities for the fees) like this: LINK

hth
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Old 04-06-2015, 02:52 PM
 
4,490 posts, read 4,752,310 times
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Quote:
Originally Posted by MrRational View Post
Don't feel obliged to share anything (I rarely mention any real details).

But when you ask for help with a question about X (How best to use money in this case)...
it's hard to get meaningful input without detail.

That wouldn't likely be enough to retire with. Not safely.
And the responsibilities of a house is really asking for trouble.


I really don't think it would be ...well, beyond a VERY modest 1BR condo apartment.
Maybe something (with amenities for the fees) like this: LINK

hth

But yet, this condo has a combined monthly fee of over $600.00. That's a lot on top of mortgage and those fees go up every year... most of the time.
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Old 04-06-2015, 03:22 PM
 
Location: The Triad (NC)
28,544 posts, read 62,287,227 times
Reputation: 32291
Quote:
Originally Posted by brava4 View Post
But yet, this condo has a combined monthly fee of over $600.00.
I read $300...

But feel free to find some other example
Maybe one without golf or a marina?
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Old 04-06-2015, 03:27 PM
 
4,490 posts, read 4,752,310 times
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Quote:
Originally Posted by MrRational View Post
I read $300...

But feel free to find some other example
Maybe one without golf or a marina?

Just what I saw under Fees/Taxes, which is under the Features section

Community/Master home owner fee: $385 Condo/co-op fee $245.

I certainly could have misunderstood what they mean.
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Old 04-06-2015, 03:38 PM
 
Location: The Triad (NC)
28,544 posts, read 62,287,227 times
Reputation: 32291
Quote:
Originally Posted by brava4 View Post
I certainly could have misunderstood what they mean.
NBD

I went to it because at one time I was looking for something in Ft Myers
and in that process I kept getting pointed to the Condo's along McGregor...
and thought that it was generally a good spot to find a good compromise.
Probably should have looked more carefully.

Long story short... I need a garage, wanted yard space and got that here
in NC for not much more than those Condo Apts are going for.
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