Future home
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Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
That must cover the elevator door guy and valet parking too?
I've often wondered why it's so high, but when you look at the various costs AND the reserves, it all kinda makes sense (especially since it's Hawaii.)
We just replaced the elevators and I think that cost half a million. But we didn't need an assessment because it was built into the HOA dues (sinking funds.)
The HOA fee DOES include cold and HOT water, TV/internet, sewage, trash removal, building insurance, etc. It's not cheap but it is supportable and sustainable.
I suspect that if homeowners tracked their maintenance cost for 20+ years, they would find similar costs. Of course, in some cases, you can use your own time. That's not an option for an HOA. YMMV
aja8888
Moderator Emeritus
The HOA I was in (55+ community) of 437 single family homes covered all outside maintenance, painting the house exterior every 7 years, taking care of common areas, the clubhouse expenses, pool, etc, etc, for $250 month. So $900 was surprising to me for one building with probably minimal grounds.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
There are "extensive" grounds, a parking structure, pool, BBQ pit, grass, trees, irrigation, generator, electricity, sidewalks (need to be power washed 2X/year.)
Keep in mind, in Hawaii, everything grows 365 days/year. Trees must be trimmed once a year. Grass is constantly needing cut. Mother nature tries to destroy the building but provide amazing growth for her plants! SO, on and on.
The place IS kept beautifully.
aja8888
Moderator Emeritus
Sounds great. Everything grows all year here too.
I am now moving into a 1450 sq, ft NEW house in this area. Now that DW is gone, that's all I need. HOA fee is $500/year. Taxes much lower and it's an energy efficient home.
I looked at apartments and condos but was not impressed living in a box.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I'm happy for you. I think this type of setup will help you age in place. If all outside stuff is done for you, you can relax and not have to exert yourself - except at the gym!
ENJOY!
Also I’m sure the HOA includes insurance, not a trivial cost for a high rise building in a tropical environment. And large high rises have equipment such as boilers, elevators, and other infrastructure that reserves need to be maintained for. Also it sounds like there are nice amenities at this building, and probably on site management staff, also covered by the dues.
Many of the high rise condos in FL have HOA dues of $1,200-$1,800 per month. I was surprised at $900 because it sounded low to me for a high rise. Many high rises I’m familiar with in So CA are well over $1K per month also.
We have lived in condos and SFR’s and we find the list of chores is much shorter living in a condo. However, condos generally have more neighbor interaction, which could be a positive or a negative depending on your perspective.
I like single story homes. They almost always feel more spacious because less of the sq footage is taken up by stairs. And as we’ve aged, we prefer a one story.
As for second homes, we found when we owned one years ago, we enjoyed spending time there but it was quite a lot of overhead to maintain two homes. When we finally sold the second home, we figured it had cost us over $1K per night to stay there - yikes!
I think second homes are great for people who don’t like to do long vacations and prefer to just live in two different places during the year. Since we retired, we enjoy “slow travel” and are frequently gone 4+ months per year. If we owned two homes and didn’t rent either home out, that means we’d be paying for 24 months of homes and only using 16. So 8 months of vacant homes. Seems too wasteful and expensive to us. Plus having two homes complicates your lives. YMMV - many people love having two homes.
We moved from Hudson Valley NY to the Lakes Region vacation area in New Hampshire when we retired. Downsized from a 2600 square foot colonial on 10 1/2 acres to a new build small, one level 1100 square foot cottage that is on .2 of an acre (lol!) in an 85 home HOA community. We can almost hold hands with our neighbors. The neighborhood is maybe a little over half second homes and the rest full timers. The land this community was built on was actually once a tent and trailer park, so you get the idea of the lot sizes.
It's like a 55+ community, but it is not age restricted. We are not gated and pets are allowed.
Our monthly fee just went up from $150 per month to $180. Includes clubhouse and pool, trash, lawn maintenance except for watering and seeding, and private road plowing. The HOA is pretty laid back. In fact, I kind of wish they were just a bit more strict about certain things.
House maintenance is our responsibility as it's our home. Also for the utilities and water, etc. The lot it's on is technically "leased"- but no fee- only $100 at the purchase closing and good for 99 years and then it renews in perpetuity every 99 years for free.
We got rid of tons of stuff before we moved. Don't miss anything.
We made sure we were in an area close to medical services, shopping, restaurants, theater, activities, etc. We are right up the road- walking distance - to Lake Winnipesauke. And close by to other gorgeous lakes and, of course, the White mountains and other ranges.
Residents have formed an activities committee so lots of fun stuff planned throughout the year- barbecues, parties, card games, outings, etc.
When we were looking for a home we kept in mind that even though we were in our 60's, the 80's would soon come upon us IF we are lucky.
No income or sales tax here in NH either. Plus homeowners and car insurance much cheaper here. Yeah- property taxes can be high in some places but due to the downsize we are still paying half of what we paid in NY, so we are ok with that.
Here there is no room to store campers and big boats. Our garages are small. Some people do have golf carts just to zip around the neighborhood. Boats are kept at the marinas or in a storage facility, although some people might park a smaller one in the garage and leave their car out. But our driveways are tiny also.
We felt this was the best move for us. Our adult son lives nearby. Only child. Not married. We don't like heat and humidity either so the south was out of the question. Plus NY is not that far away if we wanted to visit there- but we have not been back in the 3 years since we moved. No desire.
Having a home like this in a community like this has given us a lot of freedom in retirement. A whole new lifestyle from when we were living in NY and working.
BTW- I was surprised with totally unexpected spine surgery this year and having no stairs was a God send.
It's like a 55+ community, but it is not age restricted. We are not gated and pets are allowed.
Our monthly fee just went up from $150 per month to $180. Includes clubhouse and pool, trash, lawn maintenance except for watering and seeding, and private road plowing. The HOA is pretty laid back. In fact, I kind of wish they were just a bit more strict about certain things.
House maintenance is our responsibility as it's our home. Also for the utilities and water, etc. The lot it's on is technically "leased"- but no fee- only $100 at the purchase closing and good for 99 years and then it renews in perpetuity every 99 years for free.
We got rid of tons of stuff before we moved. Don't miss anything.
We made sure we were in an area close to medical services, shopping, restaurants, theater, activities, etc. We are right up the road- walking distance - to Lake Winnipesauke. And close by to other gorgeous lakes and, of course, the White mountains and other ranges.
Residents have formed an activities committee so lots of fun stuff planned throughout the year- barbecues, parties, card games, outings, etc.
When we were looking for a home we kept in mind that even though we were in our 60's, the 80's would soon come upon us IF we are lucky.
No income or sales tax here in NH either. Plus homeowners and car insurance much cheaper here. Yeah- property taxes can be high in some places but due to the downsize we are still paying half of what we paid in NY, so we are ok with that.
Here there is no room to store campers and big boats. Our garages are small. Some people do have golf carts just to zip around the neighborhood. Boats are kept at the marinas or in a storage facility, although some people might park a smaller one in the garage and leave their car out. But our driveways are tiny also.
We felt this was the best move for us. Our adult son lives nearby. Only child. Not married. We don't like heat and humidity either so the south was out of the question. Plus NY is not that far away if we wanted to visit there- but we have not been back in the 3 years since we moved. No desire.
Having a home like this in a community like this has given us a lot of freedom in retirement. A whole new lifestyle from when we were living in NY and working.
BTW- I was surprised with totally unexpected spine surgery this year and having no stairs was a God send.
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LateToFIRE
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The mobility issue is a very real concern - as we were shopping for our forever/retirement house, there were two imperatives:
1) Minimal entrance stairs and potential for a ramp if needed
2) Master BR on 1st floor w/walk in shower
3) Wide enough doors for WC access
Our home is two floors, but if need be, everything that is required is on the 1st floor.
It was a lot harder to find a house that met these criteria than I would have thought!
1) Minimal entrance stairs and potential for a ramp if needed
2) Master BR on 1st floor w/walk in shower
3) Wide enough doors for WC access
Our home is two floors, but if need be, everything that is required is on the 1st floor.
It was a lot harder to find a house that met these criteria than I would have thought!
Our former home was also like that. We could have just lived on the ground floor if needed- turn the office into a bedroom.
But the other thing was the house was set back 700 feet into the woods. Lots of tree and driveway maintenance. And too isolated for retired people who are home all day.
We were darn lucky to find what we did because it is rare in New England and the Northeast in general.
friar1610
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We have been in a 14-unit, over 55, duplex/townhouse condo community in MA for 10 years. Our unit is about 2400 sq. ft, two stories. Also a large unfinished walk-out basement. We can easily live on the main level (has master bedroom and bath there) and often go weeks at a time without going upstairs. I am in the basement every day for working out or letting the dog out. We are 78/76 and (so far) stairs have not been a problem. Community is quiet and neighbors are all pleasant and respectful. We have to drive to beach, stores, medical, library, etc as we’re in a residential area away from downtown. Our first condo experience and while not awful, there are a few things I wish I’d been more knowledgeable about before buying. I’d grade our overall experience/satisfaction a B or B-.
We’re not entirely sure this is our “forever” home but so far haven’t seen an alternative that would cause us to go through the hassle of moving. Have looked at a couple of CCRCs but find them too institutional (as well as expensive). Don’t like the idea of apartment living. Possibly an updated 1200-1600 sq. Ft ranch/rambler but then there’s the maintenance - either DIY or hire out (probably the latter). We also wouldn’t mind being a bit closer to our daughters - the 1.5 drive and Boston traffic are getting old.
Condo issues:
- ever-rising condo fees. Partly due to a relatively low number of units covering the costs. No economies of scale. (We are in good shape with respect to reserve fund, thank goodness.)
- No town sewer, trash pickup, snow plowing. Private road and septic system. Residents pay taxes and still bear those costs.
- fewer residents willing to serve on condo board.
On the plus side, those who have sold have gotten very good prices with short time on the market, so it’s obviously a desirable community. If we weren’t careful we could do a whole lot worse so we hesitate todo anything too rash.
We’re not entirely sure this is our “forever” home but so far haven’t seen an alternative that would cause us to go through the hassle of moving. Have looked at a couple of CCRCs but find them too institutional (as well as expensive). Don’t like the idea of apartment living. Possibly an updated 1200-1600 sq. Ft ranch/rambler but then there’s the maintenance - either DIY or hire out (probably the latter). We also wouldn’t mind being a bit closer to our daughters - the 1.5 drive and Boston traffic are getting old.
Condo issues:
- ever-rising condo fees. Partly due to a relatively low number of units covering the costs. No economies of scale. (We are in good shape with respect to reserve fund, thank goodness.)
- No town sewer, trash pickup, snow plowing. Private road and septic system. Residents pay taxes and still bear those costs.
- fewer residents willing to serve on condo board.
On the plus side, those who have sold have gotten very good prices with short time on the market, so it’s obviously a desirable community. If we weren’t careful we could do a whole lot worse so we hesitate todo anything too rash.
Koolau
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
When we looked for a condo with a view of the Pacific. We found the PERFECT view. BUT, just to get into the condo, you had to do one flight of stairs. THEN once inside, you had to do a flight of stairs to use the bathroom (not even a powder room on the main floor.) We liked the view so much we put in an offer OVER the asking price - but we didn't get it. We still thank God that we didn't get it. A couple of years later, DW tore a tendon in her foot. She had to be in a wheel chair for 6 weeks and had difficulty walking for another 6 weeks.
What was it Garth Brooks wrote in a song? "Sometimes I thank God for unanswered prayer." YMMV
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New Hampshire currently taxes income from dividends and interest - which may be relevant to retirees obtaining all or part of their income from dividends and/or income. Per their website it is being phased out - but this income IS currently taxed.
https://www.revenue.nh.gov/assistance/tax-overview.htm#interest
It’s only over $5000. We have yet to pay that tax and it’s going to be gone very soon. In fact the legislature just does sped it up!
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Good call. Even here there was another model we really liked because it had lots of windows and an open plan with a fireplace.
But you had to go up 1 1/2 sets of stairs before you got to the main level. Even as a person in my 60’s no way did I want to have to go up those stairs each week with my groceries!
Wait! You’re 78 and 76 and your not sure if this is your forever home?! lol!
I know at our ages of 67 and 69 this is the last home we will own. The next phase is assisted living or nursing home or 6 feet under!
aja8888
Moderator Emeritus
Wait! You’re 78 and 76 and your not sure if this is your forever home?! lol!
I know at our ages of 67 and 69 this is the last home we will own. The next phase is assisted living or nursing home or 6 feet under!
Haha......I'm turning 80 this Fall and building a new house as I type this (small one) that may not be my last house either. I may get the itch to move somewhere else in the future and this house will be on the market or turned into a rental.
God bless you! I think you’re nuts, though. Ha! Ha!
In the past few years we’ve lived in our retirement state we know several people who have since passed- one in his 50’s, one 60, another at 64, one at 69, another in her 80’s, another at 75.
Nope. I’m content to stay right here. I’m
Not searching for anything.
aja8888
Moderator Emeritus
You are right, I am probably nuts. My daughter mentioned that once too! But I am healthy and still full of energy. Must be the gene set I have.
skyking1
Thinks s/he gets paid by the post
You gotta do something. Has it been fun picking out the details on the house?
aja8888
Moderator Emeritus
Yes, and I am the type of person that needs to be doing something all the time. Plus, just planning the transition to the new place takes some time. I also got to throw out a literal ton of belongings!
friar1610
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Wait! You’re 78 and 76 and your not sure if this is your forever home?! lol!
I know at our ages of 67 and 69 this is the last home we will own. The next phase is assisted living or nursing home or 6 feet under!
Wait! You’re not even 70 and you’re already talking about nursing homes?
We have a 2-Storey home, but our huge master's bedroom and bath are on the 1st Floor, so no need to go up the 2nd Floor.
Our 1st floor master's has a sitting room with a fire place. We love it.
If we have Guests, they will occupying the 2nd Floor.
As for house maintenance, I just love mowing our lawn - it is my exercise for the past 25 years. Wife loves to trim the plants. I guess we're not that common, because all my neighbors spend $200+/month on lawn care and maintenance.
Our 1st floor master's has a sitting room with a fire place. We love it.
If we have Guests, they will occupying the 2nd Floor.
As for house maintenance, I just love mowing our lawn - it is my exercise for the past 25 years. Wife loves to trim the plants. I guess we're not that common, because all my neighbors spend $200+/month on lawn care and maintenance.
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Wait! You’re not even 70 and you’re already talking about nursing homes?
This is the third and last home we will own. When we retired and moved here I said even if we hate it here we are never moving again. Moving is exhausting and expensive and stressful!
But more than that, our requirements for this home was so we could age in it. So even though we are in our late 60’s I felt we had to plan for our 80’s. It’s just common sense and realistic.
I worked in home care and health care most of my life so I’ve seen it all, not to mention what I went through with my parents.
It’s not just getting older, it’s also as you get older physical changes, illnesses, etc. I was surprised with unexpected spine surgery this year. Thank goodness we had already downsized and moved 3 years ago to a one level small home because I couldn’t do it again physically!
Since we moved, the following people we knew have passed on: a man in his 50’s due to COVID; a neighbor 69- developed a rare disorder and was ill for years; my friend at 64 of pancreatic cancer- in one year she was dead ( thankfully she was in a 62 plus apartment) a former coworker at 62 from non smoking lung cancer- also in one year she was dead. Another neighbor had MS for years and yes- finally went into a nursing home and died there- in her 70’s. And last week my neighbor at 75- dropped dead of cardiac arrest. ( he had one lung).
So there you have it. I hope to never go into a nursing home or assisted living, but, yes, there’s no time like the present to prepare for the future. That’s why some people get long term insurance and life insurance and do estate planning.
