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I did, the taxes for the most part would be half of what I'm paying now, but then the HOA fees would almost even out as that I'm seeing 300-350 per month. Where I would make out though is that with equity in my house I would probably be able to nearly pay off the condo in full (Maybe a 60-80 grand mortgage).
My big reservation would be noise at this point, we do family Christmas parties, and have friends over maybe 3-4 times per year for cookouts, patio bonfires, karaoke and such. While were not obnoxiously loud, I wouldnt want to disturb my neighbors or have to tell my (adult) kids to keep noise down and such.
The more I think about it I just dont know if condo life is going to be a good fit, as much as I'd love to not ever do outside yard work/maintenance (and not have a mortgage) I despise worse the idea of being a bad neighbor to those around me.
Quote:
Originally Posted by cb2008
I feel your pain Quality of life versus realities of life. Have you considered all the costs - such as condo fees, fees for other services?
OP, I honestly think a condo is not right for you at this time in your life. Given your active social life, I think you would regret moving into one.
When your wife retires and you don’t need to be close to a major airport, perhaps downsizing into a smaller home further away from Philly will be an option. (If she would be able to work out of Harrisburg, that might be a more affordable option as well.)
Starting to very much agree, Thanks for your (and everyone elses) input, sometimes I think it helps to "discuss" topics with others who arent vested.
Quote:
Originally Posted by Aredhel
OP, I honestly think a condo is not right for you at this time in your life. Given your active social life, I think you would regret moving into one.
When your wife retires and you don’t need to be close to a major airport, perhaps downsizing into a smaller home further away from Philly will be an option. (If she would be able to work out of Harrisburg, that might be a more affordable option as well.)
Downsizing to a condo (with a decent HOA) was the best move we have done. Low maintenance, lower taxes, less clutter, etc, etc....very liberating.
Same here.
Moved to our three bed two bath condo 1,594 sq ft condo exactly four years ago and we absolutely love it.
Each building has four condo's and there's plenty of space between buildings. Very well constructed as I have never heard a neighbor. If you look closely you can see each building has four condos and they are divided by the garages.
Only one entrance so no through traffic. Very safe area which is important in your 70's and 80's.
Everyone is very nice and it has a lovely pool which attracts grandchildren in the summer.
There are rules but I don't have a problem with any of them. Best rule is no renters; to live here you must own it.
What I like most about it is making up on a Saturday morning to the sound of someone else mowing my lawn. That or shoveling snow.
HOA fees are $282 but they include all the outside maintenance, water, sewer and trash pickup. I never get a water, sewer or trash bill and they can add up.
Any repairs to the exterior, such as roofs, are handled by the HOA. I just call and they take care of it.
Condo living was the best move we made in later life.
I did, the taxes for the most part would be half of what I'm paying now, but then the HOA fees would almost even out as that I'm seeing 300-350 per month. Where I would make out though is that with equity in my house I would probably be able to nearly pay off the condo in full (Maybe a 60-80 grand mortgage).
My big reservation would be noise at this point, we do family Christmas parties, and have friends over maybe 3-4 times per year for cookouts, patio bonfires, karaoke and such. While were not obnoxiously loud, I wouldnt want to disturb my neighbors or have to tell my (adult) kids to keep noise down and such.
The more I think about it I just dont know if condo life is going to be a good fit, as much as I'd love to not ever do outside yard work/maintenance (and not have a mortgage) I despise worse the idea of being a bad neighbor to those around me.
Condo fees can go up. What happens if one owner refuses to pay? I agree with other poster that you are too young to move to a condo.
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) and upkeep, we still owe $260,000 on mortgage as well.
I really want to push to sell house and buy smaller condo outright and enjoy no mortgage but I dont want to disappoint my wife.
Anyone go through similar
With interest rates as they are at the moment, I hope you have re-financed. Then you can at least know that you are paying for the house as cheaply as you can, since the wife wants to stay there.
On the other hand, with no housing starts at the moment and used houses flying off the shelves, maybe you'd be better to sell and buy your condo at that drastically low interest rate. If you can convince the wife. P.S. condos pay real estate taxes, too.
I'm at 3.75 fixed (30 year) now, I could possibly get a little lower but costs/points would mean that it wouldnt balance out for 4-5 years and with my earlier repayment plan I had planned on having it paid off in 5-6 years, hopefully less.
My other plan was to get it to $100,000, refi back to a 30 year mortgage to drastically lower the mortgage. If I did die unexpectedly my pension (which my wife will keep getting) would easily cover the new mortgage and leave her with extra.
I guess I should mention, this has become an issue because I was found to have some heart issues that may need surgery, and though its apparently not really a high risk surgery I always want to be prepared so my wife wouldnt have any finacial issues if I werent in the picture.
Quote:
Originally Posted by ndcairngorm
With interest rates as they are at the moment, I hope you have re-financed. Then you can at least know that you are paying for the house as cheaply as you can, since the wife wants to stay there.
On the other hand, with no housing starts at the moment and used houses flying off the shelves, maybe you'd be better to sell and buy your condo at that drastically low interest rate. If you can convince the wife. P.S. condos pay real estate taxes, too.
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) and upkeep, we still owe $260,000 on mortgage as well.
I really want to push to sell house and buy smaller condo outright and enjoy no mortgage but I dont want to disappoint my wife.
Anyone go through similar
Do what you want, your wife will remind you of it every day for the rest of your life. I am in almost the same boat. We did go for a smaller house with a little yard for her garden
Moved to our three bed two bath condo 1,594 sq ft condo exactly four years ago and we absolutely love it.
Each building has four condo's and there's plenty of space between buildings. Very well constructed as I have never heard a neighbor. If you look closely you can see each building has four condos and they are divided by the garages.
Only one entrance so no through traffic. Very safe area which is important in your 70's and 80's.
Everyone is very nice and it has a lovely pool which attracts grandchildren in the summer.
There are rules but I don't have a problem with any of them. Best rule is no renters; to live here you must own it.
What I like most about it is making up on a Saturday morning to the sound of someone else mowing my lawn. That or shoveling snow.
HOA fees are $282 but they include all the outside maintenance, water, sewer and trash pickup. I never get a water, sewer or trash bill and they can add up.
Any repairs to the exterior, such as roofs, are handled by the HOA. I just call and they take care of it.
Condo living was the best move we made in later life.
Friends moved to a similar situation and they love it. When their kids come to town, they rent an AirBnB house for a few days and hold their family gatherings there.
Renters often cause a lot of problems in HOAs but finding a community that doesn't allow renters is not easy. In some states HOAs can't prohibit this as the laws support the owners in their right to use their own property as they see fit.
The problem with finding a condo with an enclosed private patio, a garage, decent landscaping, and all the other amenities we would want ... is that they cost as much as a house, then you have the HOA fees on top of that.
Last edited by GotHereQuickAsICould; 03-01-2021 at 06:09 AM..
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Quality of life versus realities of life. Have you considered all the costs - such as condo fees, fees for other services?
