Thoughts on retirement for those that don't have children or close family

[MadManofBethesda]

Originally Posted by Heidi60

I respectfully disagree with the idea that condos are a great idea for seniors. They are not.

In your opinion.

Originally Posted by Heidi60

Unexpected assessments and rate increases are a big concern.

Not if you've conducted your due diligence before purchasing and ensured that the association was in good financial shape with an appropriate reserve fund.

Originally Posted by Heidi60

Any condo means you are accetpting liability for all your neighbors and may not be able to sell if one of your neighbors created a legal issue.

While that's a possibility, I think you have a better chance of being struck by lightning than not being able to sell your unit because of the legal entanglements of another owner.

Originally Posted by Heidi60

Condos usually appreciate at a slower rate than a SFH so don't count on an a fast and easy sell.

My condo appreciated about a quarter of a million dollars in the last two years and I sold it quickly last month without any difficulty. In fact, almost too quickly. It took from Thursday to Sunday, I received multiple offers including two people who got in a bidding war, and it was bought sight unseen by a South American who paid cash and had the funds wired from a Swiss Account a few days later.

Originally Posted by Heidi60

The HOA BODs are typically just another form of totalitarianism run by people with too much time on their hands.

Written by someone who obviously has never volunteered to serve on a BOD and expects everything to run smoothly without any assistance from her. Just another ignorant former condominium owner who doesn't understand exactly what condominium ownership means or entails. People who get involved with the running of their condominium aren't surprised by unexpected assessments or have big concerns about rate increases.

Originally Posted by Heidi60

Condos are a very bad financial idea for seniors.

I beg to differ.

[pathrunner]

I haven't read the entire thread but the original post reminded me of where my mother lived in her 70's and 80's. It's a retirement village south of Portland, with various types of dwellings available. There was an independent living apartment building (that is where my mother lived), a couple of streets of really nice duplexes with yards, and a full assisted living/nursing care facility -- all on the same campus. It's in Canby, Oregon. She loved it. If she had needed assisted living or memory or nursing care she'd have simply moved across the parking lot.

The duplexes were super nice with garages and nice backyards. The price of housing and HOA included gardening and maintenance. This type of campus is what I would choose if I were in the market for it.

As for HOA's I've had a very bad experience in more than one way with major power trippers so I agree with Heidi60. Laws vary from state to state. I was in Arizona where the laws extremely favor the HOA, so get to know the laws in the state where you're thinking of buying.

[Leesmi]

I had another friend who moved into a neighborhood which was comprised of mostly seniors and hated it because everyone had nothing to do but stick their nose into someone else's business. Rent in an area you are interested in before putting down a lot of money. Check with others about the availability of caregivers and whether you want one in your home.


Leftylynn -

My research in forums like these tells me that nosiness, etc. may very well be the norm in many senior communities -- whether you rent first or not. My understanding is that it begins to become apparent after 6 months or so. One poster in another forum said something to the effect of "why would I be around mean spirited cliques in my retirement after dealing with it in school and jobs?" I don't have family per se, but rather than chuck it all and move to a coastal senior community where I would like to go, at this point I have decided to stay up north in my hometown. And I'm disappointed. I looked forward to retiring South all my life, but not taking a chance if that type of thing goes on -- and there's never a guarantee it won't. It's a crapshoot as to whether you will enounter it, and not taking the chance.