To sell the family house for condo or not (dumped, years, sucking)
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I wouldn’t stay in such an expensive house, but I also wouldn’t move to a condo. We rented an end unit townhouse for a year while we were renovating our retirement home in another town and worked our last year. I hated it and knew it wasn’t for me long term. I agree with others that finding a less expensive home with lower taxes might be the answer.
This would be my vote too.
Makes perfect sense to downgrade your expenses in retirement. IMO condo living is great if you travel a lot and don't mind the lack of privacy and living by others rules. I'm living in a condo now temporarily and I can say I don't love it.
The only other reason for me to want to move to a condo would be for the amenities that I could not easily get in a private home (golf or ski slope, indoor pool, tennis) or because there are no other options in your desired location (Manhattan). Maybe when I am really old and I want more a more structured social life and neighbors who know my comings and goings.
So we have upwards of $200,000 in equity in our house, the house is in a desirable school district that we will never use. My wife loves the house but I hate the high taxes (10 grand) ...
You should be proud to pay your property taxes. Taxes are the price we pay to live in a civilized society.
I almost had her convinced to move to Idaho, or eastern Washington state for lower taxes but then 2 of our 3 kids got jobs along the eastern seaboard so were not leaving the general area now.
You said you are in the Philly area. How about checking out central PA? The prices and I'm sure the taxes would be lower.
We considered the Poconos as that I'm an avid skier and such, a bit to far away from her job is all. I'd say at this point I'm roughly 80% against condos based on reading posts. I think always being concerned about incoming and outgoing noise would be an issue.
Around Philly if you go cheaper than what I'm at now you end up in a row house which is a no go for her
Quote:
Originally Posted by Aredhel
You said you are in the Philly area. How about checking out central PA? The prices and I'm sure the taxes would be lower.
Find a right-sized house in a place you can afford that is reasonably attractive area and your kids will come visit as a cheap vacation. If it is a day-trip distance from interesting places, all the better. Way back in the 1970s my parents relocated to Roanoke, VA, from the Midwest. The area was interesting with the Blue Ridge Parkway, battlefields, scenery, and other places of interest and they enjoyed having family and friends visit. The town was not all that special but sufficient for their needs and affordable. There might be other similar spots in the east, maybe more coastal or warmer, depending on your preference. Our kids will likely move to where they have to and not give much thought to family homes except to visit. A cheap vacation or a place where grandkids can stay for a week or two in summer is appealing but pick a place you enjoy yourself.
We considered the Poconos as that I'm an avid skier and such, a bit to far away from her job is all. I'd say at this point I'm roughly 80% against condos based on reading posts. I think always being concerned about incoming and outgoing noise would be an issue.
Around Philly if you go cheaper than what I'm at now you end up in a row house which is a no go for her
True, but once your wife decides to retire there's really no reason you have to stay in the Philly area. Moving to somewhere on the east coast that is cheaper ought to be an option at that point. Maybe the best solution for now is for you to look for a position you'd like better tan your current one?
You can find condos with no incoming sounds. We live in one. As I stated earlier, the only downside of our condo is no whole house generator. We lock the door and go away for weeks and everything is just like we left it. If not, we have insurance to cover any damages. The grass gets mowed, the shrubs get trimmed, it is all good.
Do you find that your HOA dues balance to what you would pay in routine maintenance on a house ? some HOA's I see are 350-400 per month, you could replace the roof once a year at that rate
Quote:
Originally Posted by nalabama
You can find condos with no incoming sounds. We live in one. As I stated earlier, the only downside of our condo is no whole house generator. We lock the door and go away for weeks and everything is just like we left it. If not, we have insurance to cover any damages. The grass gets mowed, the shrubs get trimmed, it is all good.
Do you find that your HOA dues balance to what you would pay in routine maintenance on a house ? some HOA's I see are 350-400 per month, you could replace the roof once a year at that rate
Remember, HOA fees on a condo also typically cover some or all of the utilities as well as routine maintenance, the cost of the annual condo master insurance policy, and the reserve fund. When you add those costs in, $300-400/month isn’t so bad.
My condo costs me more than my house did in terms of annual expenses, but my house didn’t have a dedicated building supervisor, maintenance staff, a front desk manned 24/7/365, and a tennis court and swimming pool. The only utilities I pay separately are electricity and an upgrade to the basic cable package so I have WiFi; those average about $100/month each.
When considering HOA fees, you always have to remember to look at exactly what those fees are covering, as every townhouse and condo association is different.
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