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If this deal doesn't work out, I now know more about it and what there is available.
Just wondering? Does $80k sound to be in a reasonable price range for 2 bdrm senior housing? (think one side of a 'duplex' in a cluster of a few Duplexes in this case) Most of the co-op projects seem to be $130k- $250k. I am trying to target a less wealthy group (Shoestring ).
I would consider doing a co-op ownership here, as it preserves capital, allows some control over your neighbors / members. Provides a source of ownership / camaraderie / contribution. I was SO impressed with the 31 yr old resident owned MHP nearby, that I feel there is significant proof (as well as reason) that this ownership model is advantageous. (the mobile home park enjoyed space rents under 50% of market rates, home resale values were 30% higher
If one had the means to pay off the $80k home, then monthly fees would be taxes + insurance + replacement reserves. Because TX is SO HIGH in property taxes, monthly fees may be as high as $300-$400. If you had to finance the $80k with an 80% Share loan the payments would be an additional $250 to $300 / month. As a co-op member / owner you will be able to 'write-off' expenses just lake a home owner. (Mortgage interest, property taxes). Replacement reserves typically cover Plumbing, HVAC, roofing, exterior maint, + 10 yr replacements of floor coverings in each unit and in this case an onsite laundry. I can envision 'shared vehicle' options to save dramatically in transport costs. One of the co-ops I visited in MSP had a minivan as a 'community car'. It got used to haul lumber for the workshop and as a 'group transport' for shopping / entertainment. I would like to see a minivan and a couple econo-cars. (50 mpg Rabbit's preferred) Bicycles would be very conducive to this site. Level route along river and in main downtown area.
50 mpg since 1976, Where have you been? No dinosaurs required !
Last edited by StealthRabbit; 12-23-2009 at 01:57 PM..
It's a good starting place as long as I also research other articles. I just wish Kiplinger's used normal people
"We assume an annual income of $60,000, of which $24,000 comes from Social Security benefits, $21,000 from a private company pension, $10,000 from IRA distributions, and $5,000 from taxable interest and dividends."
"We assume our couple spends $20,000 a year on taxable items, such as clothing, groceries, household goods, entertainment and restaurants."
"We assume our couple spend about $10,000 a year on premiums for home, auto, long-term-care and supplemental health insurance, and that they donate $4,200, or 7% of their yearly gross income, to charity."
It's a good starting place as long as I also research other articles. I just wish Kiplinger's used normal people
"We assume an annual income of $60,000, of which $24,000 comes from Social Security benefits, $21,000 from a private company pension, $10,000 from IRA distributions, and $5,000 from taxable interest and dividends."
"We assume our couple spends $20,000 a year on taxable items, such as clothing, groceries, household goods, entertainment and restaurants."
"We assume our couple spend about $10,000 a year on premiums for home, auto, long-term-care and supplemental health insurance, and that they donate $4,200, or 7% of their yearly gross income, to charity."
Yes that's all a riot to read. I laughed out loud. The truth is though that there's many retirees who do/will have that kind of income and more, and my question is why would they bother to move at all--surely on that kind of income, if they cut back a bit on their spending, they could make it in spades! I;m curious to know how many people (the younger retirees) still have pensions. And 24 grand a year from SS for a couple means they were both making fantastic salaries. Which many people have done. I will try not to think about this, there's no looking back....
Just found this article that may be of great interest in relocating:
Which states give retirees the best deal? - MSN Money (http://moneycentral.msn.com/content/RetirementandWills/P45875.asp - broken link)
One of the worst aspects of Kiplinger's articles is the lack of a date on the articles. I suspect the article is several years old as the median house prices don't' really reflect reality today. I suppose Kiplinger's thinks the lack of a date makes their site more universal but it reflects a lack of journalistic integrity in my opinion.
It renders the data cited unreliable if you don't know when it was collected.
I think you really need to research. I looked at that article. I live north of Nashville in a new home that sold for $215,000 and only pay $1,100 in real estate taxes. I hope everyone realizes that living in a major city (Nashville) might have higher taxes than living in a town outside the city. There is so much you have to take into consideration when deciding how much it costs to live somewhere.
I think you really need to research. I looked at that article. I live north of Nashville in a new home that sold for $215,000 and only pay $1,100 in real estate taxes. I hope everyone realizes that living in a major city (Nashville) might have higher taxes than living in a town outside the city. There is so much you have to take into consideration when deciding how much it costs to live somewhere.
YOu are really right. And things taken for granted, like a good bus system that would allow giving up a car if need be, is worth a heck of a lot of money even in an area that has higher property taxes. There are many factors playing in, for seniors esp....
Your description of the caring community sounds wonderful. Why not create our own "Caring Community"!
This is such a great thread.................I'm up in virginia just now, casually exploring some options. Just as a thought to those who would consider the east coast, i'm reading up on roanoke virginia - cost of living is less than many places in the east, it's a nice city with lots of scenic aspects, weather isn't terribly awful (this I say as this entire corridor had a blizzard a week ago but that honestly isn't the norm) - roanoke isn't anywhere near as humid as my beloved richmond or tidewater and the cost of living is definitely less than much of the state. Anyway, my focus is going to take me on explores around north carolina and virginia predominantly - while my options seem pretty focused on rental (I've already been wiped out by the bubble burst in florida and i honestly do not know that i have the energy or courage or even the money to step back into the housing market ever again), i am up for looking at co-buying and the like. I think there is opportunity here for many stations of our "caring community" with the opportunity for us to have co-places we can visit and explore. To all, mi casa is always su casa to explore a region - for now, that is in coastal carolina but as i said, the likelihood is that i will look for a cozy community likely a bit more west/tennessee is in the mix too but i guess i need to visit tennessee to really make any comment on that, huh? Since so many of us have a predisposition to certain parts of the country, it would be exciting if we have lots of little support enclaves great article in aarp or somewhere a few years back about the positives of seniors (in this case women) pooling their resources to have much better buying power and I think a lot of us are moving in that direction.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by triciajeanne
This is such a great thread.................I'm up in virginia just now, casually exploring some options. .... had a blizzard a week ago ..., my focus is going to take me on explores around north carolina and virginia predominantly - Roanoke
I had a great 'guest-home' stay in Roanoke a few yrs ago, coupled with several in nearby WV. Sheperdstown, MD was a nice spot on that trip too.
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while my options seem pretty focused on rental (I've already been wiped out by the bubble burst in florida and i honestly do not know that i have the energy or courage or even the money to step back into the housing market ever again), i am up for looking at co-buying and the like.
While I'm more inclined for a casita, If the lot is big enough I could put a 'servant's qtr' behind nuestros casa (grande) It could be co-owned by a few, OR owned by 1 or 2 and continued to be rented out to 'support' itself.
(examples I found last night)
knoxville, TN LoopNet - 600 Radford Pl, Garden/Low-Rise, 600 Radford Pl, Knoxville, TN In case a membership is required to view... (Nicely done 5plex in an established neighborhood in north Knoxville. TN, renovated in 1995. Main level units are quite large with front and back entrances, hardwood floors & high ceilings. $225k w/9.15% return on capital or $22k net per yr)
Hot Springs, SD (Landmark turn of the century property. Famous early Hot Springs hospital now 13 comfortable one & 2 bedroom apartments.
Magnificent Hilltop view overlooking Fall River and downtown Hot Springs. $399k w/9.25% return on capital or...$37k net / yr)Beats Working!
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I think there is opportunity here for many stations of our "caring community" with the opportunity for us to have co-places we can visit and explore.
I'm for this !
I am working with a group in Olympia, WA and found the city considers 'single-family-residences' to be up to 6 un-married singles in one housing unit, or... one married couple + immediate family. (check the codes before jumping in, OR make sure you buy an existing Multi-family dwelling). I can play by the rules, if I know the rules.
Last edited by StealthRabbit; 12-29-2009 at 12:20 PM..
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re: Considerations in relocating
..., my focus is going to take me on explores around north carolina and virginia predominantly - Roanoke