Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 08-15-2010, 07:28 AM   #21
Thinks s/he gets paid by the post
 
Join Date: Oct 2008
Location: Naples
Posts: 2,161
rescueme, from your last post, it sounds like you/estate do not have to worry about future costs of a condo purchase whether it be fees or expenses such as reserves (or lack of) and assessments. Hence, I would be focusing on the facility itself. Someone mentioned interviewing residents to determine compatability, etc. Excellent idea. You would certainly know the physical needs such as parking, recreation, unit accessibility, security, etc. Still, I would look at the financial statements to determine how the reserves are estalished. This alone could tell you how well the complex is managed. Just my two cents worth.
__________________

__________________
JOHNNIE36 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-15-2010, 08:36 AM   #22
gone traveling
 
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
Quote:
Originally Posted by JOHNNIE36 View Post
rescueme, from your last post, it sounds like you/estate do not have to worry about future costs of a condo purchase whether it be fees or expenses such as reserves (or lack of) and assessments.

U R correct. While DW/me are certainly not "rich", we do have enough to live as we wish. Some would consider us fortunate while others (rightfully so) would consider us less so, due to our situation.

Being FI is a good place to be, but my wife/DW would trade that "status" in a heartbeat if our son didn't have the challenges he did.

Nothing we can do about that situation, other than try to make the best of it, and realize that there are many parents (regardless of the age of their "children") that have challenges much more than we have. In that case, we consider ourselves lucky.

You are further correct in the importantance of the "surroundings", including other tenants. However we also realize that what is today, may not be tomorrow (regardless of where you live, you may always have challenges with your neighbors).

Chances are if we do buy a condo (or even move him to an apartment), he's going to be there for quite possibly the rest of his life. OTOH, a lot of the "features" that most of us would want in our own homes is not necessarily a "need" for him; for instance, while he does swim and goes to a pool once a year (with my DW), I doubt if he would go to a condo/apartment's on his own. That's just part of who/what he is.

Food, shelter, clothing. That's his needs in a nutshell. Anything beyond that (with the exception of his PC/video games) is outside of his "sphere of desires".

One thing is sure is that he does manage (along with my help) his finances well, squeezing out every excess cent (sounds a lot like his great-grandmother). Even after we're gone and the trust takes over, I have no doubt if he'll have little problem in the cash flow area.
__________________

__________________
rescueme is offline   Reply With Quote
Old 08-15-2010, 08:43 AM   #23
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Location: Pittsburgh, PA suburbs
Posts: 1,769
Where I live, there are some very nice condo communities where a few units are rented out by the owners. Possibly your son could rent in one for a year with an option to buy at the end and you could see then if he likes it.
__________________
WhoDaresWins is offline   Reply With Quote
Old 08-15-2010, 10:51 AM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,914
WhoDaresWins has a good idea, particularly for your son's circumstances but you want a condo community where rentals are few. There are advantages in a stable neighborhood.

I think the RE market will be in a funk for quite a while and, depending on the circumstances of your specific metro area, condos were way overbuilt. Take time to find the right one. Start observing the condo communities, ask questions.

With rare exceptions I wouldn't buy in a condo community where the building was once a rental, they weren't originally constructed to last the rest of your son's life time. I would stay clear of 'bubble' construction because of the dirth of skilled trades, they just don't know how to properly flash a window and the developers were gunning for fast turn-around. I don't know where you live but if it rains with any frequency in your area avoid buildings with eifs siding, it is not tolerant of anything but expert installers and anal-retentive maintenance.

Were I you I would look for a community of older empty nesters. There is much to value in mature neighbors. I would also look for owners who are at least middle income because they are more willing to raise HOAs to maintain the community. Cheap HOAs are no bargain.

As others have said, when you think you found a good one drill down on the financials, letters to the Board, Board minutes, building surveys, and take a local engineer out for a beer (or glass of wine) to learn what the gossip is about the condition of the building.
__________________
Duck bjorn.
Brat is offline   Reply With Quote
Old 08-15-2010, 01:20 PM   #25
Thinks s/he gets paid by the post
 
Join Date: Oct 2008
Location: Naples
Posts: 2,161
rescueme, there are some really good thoughts posted here. The point of finding more mature owners is a great idea as they would be more tolerent and helpfull to your son. They might take him under their wing. Good hunting.
__________________
JOHNNIE36 is offline   Reply With Quote
Old 08-15-2010, 01:24 PM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 5,720
Send a message via Skype™ to kcowan
I would think the major risk in buying a condo now would be now and future empty units. Behind in HOA fees and special assessments could create a problem. It will also depress future selling prices for years.
__________________
For the fun of it...Keith
kcowan is offline   Reply With Quote
Old 08-18-2010, 02:25 PM   #27
gone traveling
 
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
Thanks to all that have responded thus far to this thread.

We looked at several units for sale (ugh!) and still looking at possibilities for rental (per suggestions on moving our son to the "next step").

While we're fortunate to take either course of action (the primary goal, to move him out of his current "shared" apartment), we're still not satisfied that we know enough to make a decision at this point.

A question for the forum. Would it make sense to get a "buyer's agent" involved at this time?

If so, how do you select one, along what would be the expectations of such a resource.

Thanks in advance for any suggestions....
__________________
rescueme is offline   Reply With Quote
Old 08-18-2010, 06:11 PM   #28
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Brat's Avatar
 
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 5,914
There is no harm asking others about their experience with RE agents who worked with them on the 'buy' side, and also ask what home inspector they used (yes, you want an inspection of a condo). When you are ready to buy many RE agents will have quit the business so the list you build now will likely have a lot of cross-offs. Go back to your buyer list to see if the home inspector really did a good job.

However, I wouldn't have any agent start showing me places now because you aren't in the market at the moment. It isn't fair to the agent, or for the home sellers who disrupt their household to show their home. [We recently sold our home and let me assure you there was at least an hour's cleaning before we left the home when it was shown.]

Start attending open houses (take pictures), asking friends & acquaintances. Look and listen to the comments of others. Start building a file which you can use when you are ready to look, it is amazing how places just seem to blend together after a while. I did this while our house was on the market and eliminated many buildings because of what I learned.
__________________

__________________
Duck bjorn.
Brat is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Landlording/Owning rentals Gardener FIRE and Money 24 08-05-2010 11:59 PM
Rent vs. Owning honobob FIRE and Money 16 10-08-2008 10:20 AM
Renting vs owning Neongreen FIRE and Money 16 09-06-2008 08:10 AM
Costs of owning a house jIMOh FIRE and Money 44 04-07-2008 05:37 PM
Owning vs Renting? Tommy_Dolitte Young Dreamers 34 08-13-2004 11:03 PM

 

 
All times are GMT -6. The time now is 11:28 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.