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Easements aren't quite the same as covenants running with the land (although many easements will "run with the land" too). At least in Florida - people whose land is subject to an easement can't do anything to interfere with the easement unless the person who holds the easement consents - in writing. This is a matter of state law which can vary from state to state - and I don't have a clue what the law is where you live. Note that none of this may have anything to do with what you did. It sounds like you're dealing with land that wasn't yours that was subject to an easement held by everyone in your community. Robyn
That is true, I spent the money to Finnish the road, or actually the Easement,and cul de Sac.main reason I am the last property on our group. We all own the easement together, not just in front of your property.
Thanks for your option,. We are in Michigan. I thing most of the legal terms apple across state lines.
Who has moved, or is planning to move, to a very small house (say 1,000–1,200 SF or less, total) in retirement—as opposed to a condo, townhouse, mobile home, or CCRC?
Why, and where (what city/state)?
Part of a community of other small houses, or on its own somewhere?
I retired from San Diego and moved to a small house in Asheville, NC. The house is the small fish in a big pond. Some other small fishes, but mostly bigger, better and costlier digs. So with inflation I'll get a ride on the coattails of the bigger properties. If and when I decide to scale down, I'll have reaped a higher return than had I followed a different scenereo. In the meantime, I get to live where I want and how I want.
A lot of the decision has to do with age, prospects, and state of health. A robust retiree who can definitely afford her owned place with taxes, fees, etc could sustain that ownership for some years. Eventually, however, even that would likely come to an end (unless one simply gives up the ghost in her own home, as my aged mother did).
Others who have even slightly compromised health, mobility issues, fatigue issues, and/or uncertainty about handling repairs and costs in an owned home would probably do better renting. Even in a condo or townhouse, owners have to do their interior upgrades themselves - repainting ceilings and walls, upgrading kitchen and bath, etc. So a condo/townhouse with their property taxes, monthly association fees, water & sewer bills, and interior insurance can be pretty pricey for many retirees.
Yes, a rent can rise (and they invariably do), but the homeowning costs of all of the above over the projected remainder of the lifetime need to be compared for any kind of meaningful analysis.
Some rents allow pets with certain restrictions, so I wouldn't rule out renting solely on that.
Others who have even slightly compromised health, mobility issues, fatigue issues, and/or uncertainty about handling repairs and costs in an owned home would probably do better renting. Even in a condo or townhouse, owners have to do their interior upgrades themselves - repainting ceilings and walls, upgrading kitchen and bath, etc. So a condo/townhouse with their property taxes, monthly association fees, water & sewer bills, and interior insurance can be pretty pricey for many retirees.
A lot does depend upon age.
But I think a condominium ownership works well for many seniors. Including seniors at the outer age limit.
I live in a building of 215+ units. Many of the residents are seniors. Maybe as many as 50%. They all own their units. Very little upgrading takes place after the first year or so. Yes, some painting and replacement of plumbing fixtures when they break, or a new stove, etc. But those maintenance issues are either handled by building maintenance staff or by a small contractor the senior arranges for. One of my neighbors is 98, she lives alone, has some health issues ... but wouldn't have it any other way. Another neighbor is 95. She's fantasticly active in her life. Lives alone, does most things herself and those she can't do she arranges for through the condominium association. Homeowner's insurance is inexpensive. For a large unit of 2,000 sq. ft. I pay about $400 per year. Property taxes here in Chicago are reasonable, relative to many other places. I pay about $2,100 a year. Seniors older than I pay a $1,000 or less, depending on the size of their units. Common area maintenance charges, which are variable, cover sewer, water, swimming pool, recreation room, and many other things. Owning a condominium typically frees one from the maintenance chores/responsibilities ... of doing those things personally ... and your monthly payments are predictable. Prices are incredibly low for condos in many parts of the country right now and they're a good option for many seniors.
The mian thigI especaily never liked when livig in a apartment when younger and applies to any multi family unit is relying on so many for safety of the building especially with fire.Also there is no way I can see older people being as safe in high rise in case of emergency.
A lot of food for thought here. I assume you condo assn is 55+?
Your costs are indeed reasonable. I am curious to know your monthly condo fee, and what it covers. This seems to vary a good deal between different condos, and different parts of the country.
Is this a high-rise with elevators, or clusters of two- and three-floor buildings?
Quote:
Originally Posted by gomexico
A lot does depend upon age.
But I think a condominium ownership works well for many seniors. Including seniors at the outer age limit.
I live in a building of 215+ units. Many of the residents are seniors. Maybe as many as 50%. They all own their units. Very little upgrading takes place after the first year or so. Yes, some painting and replacement of plumbing fixtures when they break, or a new stove, etc. But those maintenance issues are either handled by building maintenance staff or by a small contractor the senior arranges for. One of my neighbors is 98, she lives alone, has some health issues ... but wouldn't have it any other way. Another neighbor is 95. She's fantasticly active in her life. Lives alone, does most things herself and those she can't do she arranges for through the condominium association. Homeowner's insurance is inexpensive. For a large unit of 2,000 sq. ft. I pay about $400 per year. Property taxes here in Chicago are reasonable, relative to many other places. I pay about $2,100 a year. Seniors older than I pay a $1,000 or less, depending on the size of their units. Common area maintenance charges, which are variable, cover sewer, water, swimming pool, recreation room, and many other things. Owning a condominium typically frees one from the maintenance chores/responsibilities ... of doing those things personally ... and your monthly payments are predictable. Prices are incredibly low for condos in many parts of the country right now and they're a good option for many seniors.
The mian thigI especaily never liked when livig in a apartment when younger and applies to any multi family unit is relying on so many for safety of the building especially with fire.Also there is no way I can see older people being as safe in high rise in case of emergency.
A few years ago there was a news report of some retiree in a condo somewhere tinkering with his gas hot water heater and blew the place up, I forget the extent of the accident. One time I was taking a tour of an apartment building for 55+ and the guide had to evacuate everyone as smoke was pouring out of a resident's apt, he or she had set the kitchen on fire. But these incidents seem to be rare.
What you all seem to dismiss, is your financial state, and if you Gals have a Husband or not. Yes I know, some of you have buried several by now, but there are cases where having a companion of the opposite sex can make a difference as to what you do. Both pardners should be just that married or not same sex or not all makes no difference. What does make a difference is that in your sunset years you should be as happy as you can afford. This may be different between pardners, and, thats where the rub is.
I guess, the bottom line is, one of you must give a little or a lot, to make things happen.There will always be resentment, like the choice you made interfering your seeing the grand Kids more often or not at all, depending on distance. People in their 60s and 70s often change, they make new choices. Sometimes it is better to go your separate ways, even after 40 years of marriage, which is way too long in the first place.Many Men have become so dependent on their wives for just about everything. I think women are better organized ,its too bad that there still are one sided relationships out there though. Women who can not handle their own finances, cause the husband " did all that stuff". And the woman that never learned to drive, b leave it or not it still exists.On the other side is the Husband that has always left "paperwork" matters to the wife. That can be even worse, he loses all control and most likely goes on to regret the choices he made so long ago, that, now is not working.
Move to Florida, buy a condo on the west coast (800-900sf for $18k), pay the monthly maintenance fees ($350) and go play bingo, cards, golf or whatever you want to do. My grandmother did that for 20 years (after her husband died) in a place called King's Point just south of Tampa and they were the best years of her life.
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