I have been looking for years for a week-end "get away" and finally found a place. It's a 1,200 sf 2 bedroom, 2 bath low rise bayfront condo here in Virginia and I close on August 10th. It was a FSBO property and the process of purchasing was so easy. No lawyers, no real estate agents and I am simply going to the Title Company to close. Yes, I was and am very familiar with the complex and the Property Management Association. (my mother had a condo in here that we sold in 2002). I never thought a bay front one would come on the market.
It's about 10% of my overall net worth and 16% of my liquid assets (for those that may want to know). The carrying costs are the lowest I have calculated over my years of searching ($800 or so a month which includes HOA fees, the HO6 - insurance, property taxes, electric, TV/Internet-water and sewer is included in the HOA fee). Typically the carrying costs have run close to $1500/mth for other properties I looked at thru the years - granted they have been larger, single family homes and always felt mentally heavy to me (upkeep, maintenance, and so forth). And there is a bayfront pool! Need I mention, NO exterior Maintenance or yard work! Plenty of parking with one reserved space and three visitor passes and it allowed my 20 pound schnauzer (some down there don't allow dogs and some have a 15 pound weight limit). Yes, believe it or not for one complex I wrote the board to see if they would waive their 15 pound weight limit for a 20 pound dog and they denied it!
This is a "qualify of life" decision for me as it puts me within walking distance of great restaurants, water views with sunrises and sunsets, a walkable beach and within 14 miles of my daughter, son-in-law and my two young granddaughters (Ages 2 and 4) . I also know people there as this city has been my typical go to city for errands for things not typically found in my rural little city. It is only an hour and 10 minutes from my home. I did not want a 3 or 4 hour trek on week-ends. Very doable!
It also gives me the option going forward to sell my home IF and When the yard work and maintenance prove to be too much as i continue to age. There is a retirement community close by. I joked with my daughter, when I get to that point just sell both properties and put me in there. Ha!
It's about 10% of my overall net worth and 16% of my liquid assets (for those that may want to know). The carrying costs are the lowest I have calculated over my years of searching ($800 or so a month which includes HOA fees, the HO6 - insurance, property taxes, electric, TV/Internet-water and sewer is included in the HOA fee). Typically the carrying costs have run close to $1500/mth for other properties I looked at thru the years - granted they have been larger, single family homes and always felt mentally heavy to me (upkeep, maintenance, and so forth). And there is a bayfront pool! Need I mention, NO exterior Maintenance or yard work! Plenty of parking with one reserved space and three visitor passes and it allowed my 20 pound schnauzer (some down there don't allow dogs and some have a 15 pound weight limit). Yes, believe it or not for one complex I wrote the board to see if they would waive their 15 pound weight limit for a 20 pound dog and they denied it!
This is a "qualify of life" decision for me as it puts me within walking distance of great restaurants, water views with sunrises and sunsets, a walkable beach and within 14 miles of my daughter, son-in-law and my two young granddaughters (Ages 2 and 4) . I also know people there as this city has been my typical go to city for errands for things not typically found in my rural little city. It is only an hour and 10 minutes from my home. I did not want a 3 or 4 hour trek on week-ends. Very doable!
It also gives me the option going forward to sell my home IF and When the yard work and maintenance prove to be too much as i continue to age. There is a retirement community close by. I joked with my daughter, when I get to that point just sell both properties and put me in there. Ha!
Congrats on your purchase.
