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Old 02-08-2016, 11:15 AM
 
6,784 posts, read 3,859,912 times
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If you do eventually choose a 55+ community, you may be surprised how easily it is to make new friends! Everyone there is essentially in the same boat! Communities vary pricewise from inexpensive mobile homes to luxury single family homes.
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Old 02-08-2016, 11:22 AM
 
491 posts, read 598,039 times
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Quote:
Originally Posted by RiverBird View Post
I would disagree on renting out her house. The type of people who might rent could well bring in many family members and others and once in, it's impossible to get them out even if they don't pay their rent. Plus they could well trash the house. Plus you need additional insurance when you rent out a property.

Spring is here. Empty out the house, slap a fresh coat of paint where needed, stage the place with green plants, and list it. When people talk about high-risk investments, this is one that many here think should be shed.
I don't see where you get she should rent it. The person is saying sell the house and OP rent until she retires and then look for a house where she wants to retire. There is nothing about renting the house.
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Old 02-08-2016, 11:36 AM
 
Location: Sylmar, a part of Los Angeles
3,978 posts, read 2,537,158 times
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[quote=jane_sm1th73;42929113]I have never been to Chicago, so I do not have a good feel for it. I DID live in CT, however, and I can tell you what happened there. IMHO, the scenario has played out a number of times over the past generation, in a number of areas. It always seems to look the same.


CT is similarly highly taxed, over-regulated, rife with corruption, with egregiously unfunded pension liabilities, and is a magnet for illegal aliens because of the ease with which they qualify for high welfare payments and entitlements. Two of its major cities - Bridgeport and Hartford - appear every year on the FBI's list of most dangerous cities (these are segregated by size: Hartford will not appear on the same list as Chicago). These circumstances developed systematically since the early 90s recession, from which CT never recovered. Companies left (are still leaving). At one point in 1994, the commutable Tri-State area had three major corporations lay off 100,000 white collar professionals (at the time, $70K+ salaries). I met quite a few of them the year after, stocking shelves in Home Depot or running the registers at the local supermarkets.


Sounds just like southern Calif. except house prices here have rebounded and are going up fast again. I don't need to ask which political party is dominate there, the same as here, and it won't change in my lifetime.
Its a little bit comforting to read that other states are as screwed up as Calif.
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Old 02-08-2016, 11:37 AM
 
7,795 posts, read 4,383,926 times
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Quote:
Originally Posted by RiverBird View Post
I would disagree on renting out her house. The type of people who might rent could well bring in many family members and others and once in, it's impossible to get them out even if they don't pay their rent. Plus they could well trash the house. Plus you need additional insurance when you rent out a property.

Spring is here. Empty out the house, slap a fresh coat of paint where needed, stage the place with green plants, and list it. When people talk about high-risk investments, this is one that many here think should be shed.
I don't think that's what the poster was suggesting.
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Old 02-08-2016, 11:48 AM
 
Location: SW US
2,218 posts, read 2,034,725 times
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OP have you tried to make friends among the new arrivals, or must your friends be non-Mexican? This may not be the mainstream path but if you like where you are, it's one way to make staying OK. Mexicans can be very warm people and maybe more helpful to the elderly than many white Americans.
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Old 02-08-2016, 02:20 PM
 
Location: Colorado
18,828 posts, read 4,942,035 times
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Location, location, location....that is the most important thing...a good, safe
place to live...no, I'm not a real estate agent...but being near friends isn't enough.
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Old 02-08-2016, 02:37 PM
 
14,260 posts, read 23,983,382 times
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Quote:
Originally Posted by Windwalker2 View Post
OP have you tried to make friends among the new arrivals, or must your friends be non-Mexican? This may not be the mainstream path but if you like where you are, it's one way to make staying OK. Mexicans can be very warm people and maybe more helpful to the elderly than many white Americans.

True, maybe if you are in the Southwest.

It does not seem to work that way in Chicagoland ... another reason why I wanted to get out of that area.
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Old 02-08-2016, 02:50 PM
 
Location: Florida
4,359 posts, read 3,696,311 times
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Quote:
Originally Posted by RiverBird View Post
I would disagree on renting out her house. The type of people who might rent could well bring in many family members and others and once in, it's impossible to get them out even if they don't pay their rent. Plus they could well trash the house. Plus you need additional insurance when you rent out a property.

Spring is here. Empty out the house, slap a fresh coat of paint where needed, stage the place with green plants, and list it. When people talk about high-risk investments, this is one that many here think should be shed.
I agree with you she should not rent her home. Even if it was in a good neighborhood I would not want to her to rent it out.

My suggestion was that she sell her home now. Even though they plan on working in the area for another 5 years. She should rent an apt for herself for the last few years of their working life.
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Old 02-08-2016, 02:53 PM
 
254 posts, read 475,644 times
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Quote:
Originally Posted by NCN View Post
Does your child's college in any way make it necessary for you stay in Chicago? Is your retirement in any way connected to your job? Go to Zillow and you can find the cost of new homes in other parts of the country if you can relocate some day. What will your child be doing and where is she likely to relocate. I think that is your key. You may be able to get a good restart for the whole family. What is the square footage of your home? And what square footage will you need for retirement? Sounds difficult but I don't think it is impossible.

You can make new friends. We live in the same area we worked and still connect with our old friends when they have a birthday, anniversary, etc. and want a present but our daily friends have almost completely changed.

In the meantime, I would be making cosmetic changes to the house spending as little money as possible to make it sale faster at a lower price. Keep a list of the improvements.
Daughter has 1 1/2 years to go. She's out of state but her financial aid is tied to where we live. Hubs is 6 miles from the job & takes the elevated train every day to work. He plans to retire in 4 years at most. He's told me that he doesn't want to do anything about moving/selling until the graduate school is over. I understand him and have been doing clean-outs and making a list of simple repairs & do it yourself projects. The house is about 1300 square feet, small by modern standards but it's been enough for us.

My house is one of the biggest on the block. We've kept it tidy so that it would show well.

A consideration is that our daughter wants to work in Chicago. She'll be graduating from a top Architecture school and Chicago is big on the list of desirable places to work. We told her years ago that she's welcome to live at home with us and acquire some capital before moving out. We have an excellent relationship with the kid. She knows that we may sell quickly after her graduation and she's supportive of whatever we want to do.

I needed to hear that about the friends!
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Old 02-08-2016, 02:54 PM
 
7,795 posts, read 4,383,926 times
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Well, five years is a lot of rent payments, but there may be other solutions, especially if she wants to stay in the same general area but just a nicer neighborhood.
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