Sun City Home/Condo purchase before age 55? (Phoenix, Sun City West: 2013, lease)

[ILikeEveryone]

I am aware that you can purchase in SC under 55, however, you cannot live there until 55.

Is it insane to purchase a small SF or condo in SC, even if you have to wait to live there and cannot rent it? I would have to pay someone to check on and watch the place, I understand that. And the fees and transfers and 3K capital fee, I do know about that as well. But we wouldn't be able to live there for about 2 years. We would visit every 4-6 months or so and work on the place, but that would be it for two years.

Also, not being a financial expert, how can you tell that a HOA or condo HOA is financially solvent? I don't see that there are complaints about the original Sun City at all. Thanks.

[Janeace]

What would be the point of doing this?

[AZJoeD]

I am not sure if your are insane, but buying a home that you cannot live in may be impractical, I guess it depends on your financial situation. However, some areas of Sun City do allow renters, so that may be an option. Also, if you plan to remodel and you think it is going to take a while so the home is ready when you can move, that may also work for you.

By the way values in Sun City are pretty stable compared to other areas of the valley so if your concern is that the home may not be affordable 2 years from now, I would not lose too much sleep over it.

As for identifying if a condo is solvent, once you get into escrow you will have a chance to review the condo certification and review the financials. Assuming you do not waive your rights in contract you will have a chance to cancel if you discover something that does not meet requirements. You also will have a chance to discover any material fact about the property that may not be acceptable.

Once again, Sun City is a pretty stable area, most of the HOA's there are in good shape.

Oh, and one more thing, there are some over 45 communities in the valley that you could also consider.

[wit-nit]

In Sun City one person has to be at least 55 in the household.
Here is some data about Sun City for you to peruse.
Sun City Living - Your Online Information Guide to Moving & Living in Sun City, Arizona

[mjd2k]

It should be an easy work-around. We were the same situation a couple years ago. In fact we were under 55 when we bought but we bought new in a 55+ and then you just need to be over 45. Actually on our block there are at least 3 houses with people under 55.

I think I understand your perspective that you would like to buy now. Turns out new prices have increased about $20k since we bought 1.5 years ago and they are now almost sold out.

However, you just can't trust the Phoenix market. I see the resale homes have increased $20k also but there are far more of them on the market now. Personally I expect the prices to drop back down. We didn't buy as an investment so if we can break even in 10 years, we'll be happy.

Our original plan was to buy the house under a relatives name that was over 55. Then they would just turn the house over to us when we hit 55. Its not real sneaky because it works out for everyone. It does cost more because of all the handling. Our relative would have used the place anyway and we could also when on vacation etc. Now of course you need a relative you can trust! For us that certainly wasn't going to be problem but maybe in some families it is

[ILikeEveryone]

Thanks all. We need to make another trip out and look around, but we made our minds up to go with the original SC. I see the inventory in our price range shrinking. Hope it picks up in early 2013.

[jodipper]

How many months until the older of you turn 55?

There are several people near me that are non residents. They inherited from parents and are willing to wait a few years. But that means they did not pay for their place. Just taxes, utilities and HOA until they can move in.

You will enjoy Sun City. I see more younger people all the time.

[MarianR]

IMO, you are really limiting yourself if you are just considering Sun City. Have you looked in the east valley? In most of them, a certain percentage of buyers can be 45-55, and the home values will rise more than SC's.

[jodipper]

Originally Posted by MarianR

IMO, you are really limiting yourself if you are just considering Sun City. Have you looked in the east valley? In most of them, a certain percentage of buyers can be 45-55, and the home values will rise more than SC's.

What amenities are in those places? Are they in a school district? Are children allowed? If you are buying a place to spend the rest of your life a rise in home values does not matter. You want amenities, convenience, low taxes, and safety.

[Jimrob1]

If you feel you are are going to be comfortable in Sun City when you are 55 years old. If you can financially manage owning this Sun City Condo, and the home your in now for the 2 years. If this Condo is a good buy at the present time. Then go for it. Just make sure your completely certain. That in 2 years you will feel the same way, and know Sun City is the only place your interested in.

In other words alot can happen in 2 years. How we feel about things. How we are as a person. Will you feel to young for Sun City in 2 years, and decide on other things during this 2 year period. You just have to be really certain. If it were me I would not do what your doing. I just moved to Sun City West and I'm 63 this week. I rented for a year to make absolutely sure I'm cut out for retirement communties. I'f I'm not then I'm free to leave at the end of the lease. I'm not stuck with a house that might be hard to sell, or I lose a ton of money on the sale. So really think it thru. 2 years is a long time to own a house you can't live in and can't rent. Again you could change your mind during that time.