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What about St. Helens or Vernonia? Roseburg? Sometimes mobile home parks close. Plus, the space rent can be raised. What about Lyons, Mill City, places like that in the santiam canyon? Are you capable of buying a place and fixing it up? You probably know to avoid flood plains. Research other states. I didn't read any further than the first page. Maybe this has all been covered. Good luck to you.
I would just buy a condo. Why do you need a house if you are a single man?
I live in a condo complex in NJ and there's a number of retirees here. It's a nice location and everything is nearby.
The other thing you could do is rent a condo and if you live frugally, your pension and SS would pretty much cover it and save the 300K for emergencies.
This idea was not on my radar. It makes sense though.
Instead of 600/m and 150k for a mobile home (on a coop property) I guess I could by a condo for about 200k and the HOA fees would be about 600/month.
Not sure what is a better Idea of the two but will give it a lot of thought.
If anyone else wants to weight in on the condo thing please do. I will also edit my original post and add it to my choices
I lived in a condo 24 years ago when single and just bought another one being newly divorced again. I love it. Everything is done for me. I have a nice balcony overlooking the courtyard. I bought on the top floor in a building with a elevator. Just make sure that the condo has a large reserve fund for repairs. I would move where I had friends.
I lived in a condo 24 years ago when single and just bought another one being newly divorced again. I love it. Everything is done for me. I have a nice balcony overlooking the courtyard. I bought on the top floor in a building with a elevator. Just make sure that the condo has a large reserve fund for repairs. I would move where I had friends.
The condo's may be a bit out of my budget. they run 300k-400k with a HOA of 300-600/m
that extra HOA would be about the same as adding an additional 100k to the loan. I would rather have a home for 500k then a 400k condo with a 400/m HOA.
It definitely depends on what the fees cover. Mine are 373/month but cover all utilities including heat and AC.
Where do you live Teacher Terry? I have seen condos where the cable, water, garbage is covered (but, never electricity, etc.).
There are so many comments I would also like to comment on I lost track. But, I'll try.
--Yes, I moved alone to a place where I knew no one (Beaverton, Oregon). I was living in the East Bay (San Francisco Bay Area) and had a pact with myself if I wasn't remarried by the time I was 40 I needed to leave. I worked on my career and not my marital status. I left a few close friends and I still maintain contact with most of them (one fell away) where I left. But, I also am now similarly situated with friends here and I think your instinct on trying to hold onto a few friends is correct. If it was hard to make that change 20 years ago, then why would I attempt that at retirement age (unless I just cannot find a financial/real estate work around to stay put in the area?)?? I was working when I moved (is it easier to make friends when you are working or is it easier to make friends when you have all the time in the world when you are retired?)
--I wonder if that mobile home park ever has a unit become available for purchase? It is a good idea and I didn't know that existed where they actually own the land (reason it is more expensive as people have commented -- because you own a percentage of the land). A friend of a friend was in a trailer park near Orenco station and got booted out a few years ago (the land was developed). Fortunately she was able to buy a townhouse nearby (and you realize what a great favor they did for her by now with the radical price appreciation in the area. So, that's why this place where they control the land is a good idea (but, I would not count on the monthly fee staying the same (because property taxes, etc.) --- it will go higher over time (everything will).
--One reason to purchase housing that appreciates is that if you did end up needing assisted living this housing could be sold and used for long term care (no one wants that, but, who knows). Unless you are a vet whereby LT care is an option there (though with boomers -- will there be room at the Inn?)...
--It is definitely worth working at least that extra 1 year to 1.5 years to get your Full Retirement Age with SS and not take an 8% reduction. If you want more income working longer and delaying SS (even an extra couple of years) can make a big difference. I realize it's difficult; but, my friends that thought they really needed to retire at 65 and 66 are now complaining of inflation (just 5 years later) and looking to move out to North of Vancouver (which I keep warning them is going to be too far from friends (those bridges...) Great friends; but, I cannot drop everything and commute potentially 4 hours to run an errand for them in their old age (while I am still working). I did a projection of Property Taxes (extrapolating the current rate of increases and it does get radically higher before one dies (you bought the house in 2000 and you die in 2040 and your property taxes go from $2,200 to $9,000 (maybe wait until it hits $6,000 to sell)). But, it costs $50,000 in selling fees to trade houses. The houses 50 to 75 miles out have risen dramatically in price (people now commute from the outlying areas which was a lot more rare when I first moved here in 2002). It's only going to get worse because we have a mild climate and water (and it is high on the list of best places to live in retirement and people are coming from all over the US ). Vancouver is not necessarily cheaper any longer, but, WA does have a program if you make under a certain dollar amount they will pay 50% of your property taxes if you are over (I think 61) -- you have to apply every year. In Oregon you can defer property taxes (but, they will charge 8% per year and so instead of your house going to the Humane Society it will go to the County).
--Do condos allow RV parking/storage or truck/camper? That's an issue (potential storage expense). One bedroom condos are still pretty affordable, but, 2 bdrm, 2 ba have jumped (I should have picked one up in 2012).
Wow. I never heard of HOAs paying for your individual heat and A/C! you are lucky! Your utility bills could be that much, depending. $373 is quite cheap for getting all that. You made a good choice!
We paid $600 in our TX condo and though we had a nice lobby with a receptionist and elevators, nothing else was special and after a while, I realized it was WAY too much for us. Now we pay $160. Electric is about $100, A/C at night all year.
I live in northern Nevada and some of the condos built in the 70’s have a central heating and a/c. I did a lot of research and also knew that they were well built and quiet. The only thing not included was cable and sewer. Many of the newer places had 300-400 fees which only included outside maintenance basically. It was also important being single to have a secure building and not many of those either. My income was cut in half with my recent divorce so finances were important too.
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