last house before retiring .. or condo?

[lucky penny]

I love all of these stories. Very interesting to hear about different perspectives and choices -- many of which have me fantasizing for a few minutes. Loved the photos too! Thanks for sharing.

I live in a nice NYC coop which will probably be my retirement home. I wish it was larger, but the same apartment with another bedroom and bathroom would cost twice as much.

 

[NH Hiker]

I found the NH real estate monthly data at http://www.nhar.org/ to be very interesting. The % paying list price and the declining days on the market is amazing.

 

[Souschef]

The term condo is used quite a bit, but there is more than one type. My mom lived in what we call "apartment style" in Florida.
I lived in a townhouse style until I retired. It had its own separate entrance and nobody living above us.

 

[Fedup]

I thought condo is not the same as townhome. Now when I was in UK, there was another term thrown at us, maisonnette. My husband and I racked our brain tried to understand the difference between these terms.

 

[Souschef]

I thought condo is not the same as townhome. Now when I was in UK, there was another term thrown at us, maisonnette. My husband and I racked our brain tried to understand the difference between these terms.

In strict Real Estate terms, condominium is a type of ownership, where you own your townhouse or apartment, and a fraction of the "common area"
You pay for the upkeep and maintenance of the common area. That is what the association fees cover.
I was on the board of mine for 25 years until the year before I retired.

 

[KB]

I downsized when I was 51, the year before I retired. My kids were a junior and senior in High school. Knowing they would move away soon, I wanted them to live in the house for awhile before they moved out. So it would have been their home, when they came back to visit.

It was a downsize but not a dramatic one. Two story to one story and no pool. Only a few hundred square feet less. But new vs 20 years old, so less maintenance.

It is in a HOA neighborhood with 24 hour security and front yard maintenance. I knew I wanted to travel and wanted the front yard to look the same whether I was home or not. I did not plant a lawn in back, but a vegetable garden and some interesting shrubs and trees. I can leave it and travel without much impact.

The house has a slight step into the front and back doors, easy to add a 3 or 4 inch tall ramp if needed. Wide halls, easy for wheelchairs and a slight step into the walk in shower. I will stay here until I move into something smaller and easier. Maybe a CCRC, not sure yet.

My kids are still not settled, they both travel quite a bit, so I don't know where they will end up. I would love to move somewhere a little cooler, the Sacramento valley heat is really bothering me as I get older. But the year around vegetable gardening keeps me here for now.

 

[sheehs1]

I built my home in 1993. It was a 2 story, 3 bd, 2 and 1/2 bath home. I married and needed space for 3 more. The first addition I did was to add a large master suite downstairs. My home ended up as 3,400 sf, 4 beds, 3 1/2 baths. Due to that addition, I can live on the first floor.

It won't be the house that makes me want to move. It will be the yard work, house maintenance and the cleaning of all the upstairs spaces. Yet, I am thinking it will be cheaper to hire others for that than it will be to move. I have always done most of this myself knowing one day I would have to have some help.

Last year I bought a 1,200 sf 2 bed, 2 bath water front condo. It is on the second floor. One flight of steps up and then it is one level living. I love this condo. It is easy to clean and there are no maintenance worries other than your typical wear and tear type items on HVAC, windows, doors, etc. I consider the one flight of steps great exercise as I am up and down many times a day.

I like both my primary home and the condo. But I don't think I'd be happy living in a condo full time. There definitely is not as much privacy and while my dog is fine at the condo, potty duty is easier at my home, particularly during inclement weather. It can be brutal on the bay during the winter. For now I feel I have the best of both worlds.

Not sure which decision I will make in the future. Or if I will even have to make one. For now though, if needed, I have told my daughter to sell both and put me in assisted living on the Bay when it comes to that.

 

[daylatedollarshort]

Yeah, that is part of my reply also. Here are some ideas I have seen:
1. As a Realtor, I see many 60's-80's homes that are 2 story but have a separate living room plus a family room or large den on the first floor. Some of those rooms could be converted to a first floor master.

We are thinking more along those lines these days. The units in the local retirement village are the size of our downstairs, plus we have a private yard and full garage and no $800 a month HOA fee if we stay put. So living on the first floor, if need be, with some conversion might be the best choice for us as we age. We have a low cost senior center in town with door to door transportation, lunches and activities, so as long as we can dress ourselves and do basic day to day living functions we might stay put. We're close enough to electric scooter to stores, restaurant and banks if we eventually have to give up driving and can't walk too far.

 

[nakadude]

Condo

We are in transition as we are recently married so we are staying in DW's house until her youngest finishes high school this coming year. After that we will be moving to our 900 SF condo. Built in the late 70s, most are either retired or first time buyers (interesting dynamic). Right on a golf course, it's quiet and well maintained. The age of the units does mean some maintenance items come up and lots of stairs so that's a concern. I'm in the mindset that this is the last place we are going to live (Knoxville, TN).
May reconsider if stairs become an issue or we need an even warmer climate.

 

[SumDay]

We did this in 2015, and I posted about it: http://www.early-retirement.org/forums/f29/we-downsized-and-are-still-married-80360.html

Last night DH was getting an ice cream treat and bellered at me as he was looking around the house "do you have any idea how much I love this house?" It's a pretty good feeling when you make a HUGE decision like that and it turns out to be the right one.

 

[jberlat]

House vs Condo

We are also considering the move in a few years. I can run my house cheaper than the condo fees, but being in flood prone zone, even though we didn't flood after Ike or Harvey, being 16 stories up in a protected building has appeal. No lawns, no door to door salemen to deal with. I think the privacy is going to be the same, but just hard to adjust to being in a building with a walk out to the car.

 

[meleana]

Addition

I am facing retiring within 2 years, my DW within 4 yrs. We'd like to downsize one more time to something that we can live in another 20 yrs ... until we go to a CCRC.

Our dream house would be a modest size 1-level house (ranch?) with small, flat yard for easy entry and flat driveway. We want to minimize stairs as much as possible as we age. We've been looking all summer and the only things that come up are either old houses in bad shape or, expensive new construction.

So now I'm thinking maybe we give up on a 1st floor Master and prioritize a flat yard. Another thought is look for a decent attached or free-standing condo. We're considering that as well.

Anyone else face this choice?? .. what have you found and settled with?

BTW, we are in New Hampshire and plan to stay in the area. Our current house is worth $475K and we owe $330K on it. We'll carry a mortgage into retirement but, don't want that to increase.


thx

We want to move to New Hampshire also when my husband retires. Our son lives there. But we have looked in our price range and not impressed. We want a 55 plus community with a pool and gym and activities. And we need it to be under $300,000 and reasonable HOA fees. Updated. Garage and central ac. Looking from Concord up as our son lives in Plymouth.


Don't even get me started on how to actually buy a condo/house out of state when you need the money from the sale of your current house to buy one.

 

[meleana]

We have a steep driveway also .... nasty in the winter. Our house is perched above the driveway so many steps to get in from the front or back ... or from the garage. A pain when carrying groceries.

Most/all ranches in our area tend to be older homes ... 1960s era.
We love our area ... 20min to the ocean in southern NH. However, real estate is expensive.

Our driveway is steep and 700 feet long with our house at the end of it. Surrounded by 10.5 acres of woods. A bridge going over a stream as part of it. A 2600 sq. ft. saltbox colonial - simple- that sits on a slab- which I love not having a basement or crawlspace.

We could live on the first floor entirely if we had to- we could sleep on the pull out couch in the study. There is a full bathroom next to it, though small. And a tub- not a walk in shower like we have upstairs. Washer/Dryer is right off the kitchen. No stairs to com into the house- just the door threshold.


We just spent the last 6 -6 years updating it. It has everything we need, including a whole house generator since the power goes out a lot in this rural area.

The thing is- we have no friends or family here. We spent a lot of time working and then working on the house and raising our son. We both had several different jobs over our lifetimes and the coworkers you were friendly with move on. We do have some acquaintances but no one to really socialize with and at this age many have their own families and grandchildren (which we do not have) and clicks.

So we feel the best thing is to move closer to where our son lives at least. We vacation in NH so we are familiar. We love Vermont a lot, and we vacation there also, but it is said NH is better overall re taxes and so on. Plus again- at least our son is there.

Most people I know that have moved in retirement have been able to afford to buy something before they sold their other home. We can't do that. We need the money from the sale and whatever we buy can't be more than we get for our home, which unfortunately has not really appreciated much over the 32 years we have lived in it due to the market around. Plus, we financially can't carry two homes at the same time. In another location, our house would be worth so much more. It is really a shame.

Sometimes I think we missed the boat on moving. I wanted to move when we were in our 50's but my husband (and even myself) needed to stay working. We are in our 60's now.

I am starting to worry that we won't be able to move. That it will be too expensive and a big hassle and stress to move out of state with no help on top of it. And we will live a lonely and invisible life here. Only time will tell. We are still in the mindset that somehow, despite the odds, we will move.

 

[meleana]

We are also considering the move in a few years. I can run my house cheaper than the condo fees, but being in flood prone zone, even though we didn't flood after Ike or Harvey, being 16 stories up in a protected building has appeal. No lawns, no door to door salemen to deal with. I think the privacy is going to be the same, but just hard to adjust to being in a building with a walk out to the car.

Speaking of condo fees, I am shocked by those in NH. They don;t even include maintenance of exterior of the homes, they say landscaping is included which is a joke because there is no landscaping on many of them. And plowing- but not the driveways. Water and sewer. No gym or clubhouse. $500 per month, for ex.! Wait- what?!!


At our home, we live in the woods, hubby just mows a small area around the perimeter of the home for access. Everything else left natural. Only dwarf shrubs put around the house- just a few. No trimming needed.



We pay a guy $45 per plow for our 700 foot driveway during the winter. Hubby uses a snowblower for around the outside of the home or we would pay a kid to do it if necessary. The town plows our roads- which we pay enough taxes in NY for. We pay our garbage pick up $46 per month. No water bill as we have our own well and we have a septic tank. But- sure- we have to maintain our whole house or pay someone else for some things.


Still- $500 per month in HOA fees is nuts! Especially for practically nothng in return!

 

[meleana]

BTW- I agree that stairs are good for exercise, but they are not good for slipping and falling down, which tends to happen a lot with elderly people.

 

[meleana]

We are in the somewhat more tropical end --extreme eastern UP in the Soo. Would have preferred Marquette or the Keweenaw peninsula for the more wilderness and harder winters. But, we lived in the Soo in our more youthful days and felt comfy there.

What may I ask is UP?

 

[braumeister]

Common abbreviation for the Upper Peninsula of Michigan.

 

[Cut-Throat]

Still- $500 per month in HOA fees is nuts! Especially for practically nothng in return!

Well, they have to be doing something with the money! -- So maybe it covers Property Taxes or ?? --- The Board of Directors can't just 'skim it'... So, you need to look 'under the covers'.

 

[meleana]

Well, they have to be doing something with the money! -- So maybe it covers Property Taxes or ?? --- The Board of Directors can't just 'skim it'... So, you need to look 'under the covers'.

From what the realtors told me- property taxes were extra!

 

[Cut-Throat]

From what the realtors told me- property taxes were extra!

Just ask for a Financial Statement and see where the money goes.

 

[braumeister]

$500 per month in HOA fees is nuts!

Just ask for a Financial Statement and see where the money goes.

The size of the HOA fee depends on the number of homeowners.

Just as an example, my HOA is nearly $500 a month in a relatively low COL part of the country, because we only have 17 units.

What you might be missing is that you probably get rather a lot from the HOA fees. We are on a private street about ¼ mile long that has to be repaved every once in a while and the blacktop has to be sealcoated every 2-3 years. We are currently in the middle of a project to replace the roof on all units, (every 20 years) and that's expensive as well. We have a small pool which is expensive to maintain due to the county health department's regulations. Snow removal, lawn mowing, landscaping, routine maintenance on building exteriors, property taxes (on the common areas), insurance, etc. all mount up. Then you have your own property taxes on your individual unit, which are separate from the HOA's property taxes.

 

[meleana]

The size of the HOA fee depends on the number of homeowners.

Just as an example, my HOA is nearly $500 a month in a relatively low COL part of the country, because we only have 17 units.

What you might be missing is that you probably get rather a lot from the HOA fees. We are on a private street about ¼ mile long that has to be repaved every once in a while and the blacktop has to be sealcoated every 2-3 years. We are currently in the middle of a project to replace the roof on all units, (every 20 years) and that's expensive as well. We have a small pool which is expensive to maintain due to the county health department's regulations. Snow removal, lawn mowing, landscaping, routine maintenance on building exteriors, property taxes (on the common areas), insurance, etc. all mount up. Then you have your own property taxes on your individual unit, which are separate from the HOA's property taxes.

No I am not missing most of this. I have stated none of this is done on the properties we have seen. No exterior work on the homes included. No pool. No gym. No landscaping that is noticeable. No plowing of the driveways just the road. Yes- property taxes for the individual homes is separate. Ok- I am sure the insurance for the complex is included in it.



And- we have our 700 foot driveway at home sealed every 3 years for $1500.



Again- that $500 is not worth it for what we have seen in NH so far.

 

[Floridatennisplayer]

I pay $600 per month in condo/country club fees for our place in Florida.

Private country club, gated, 24 hour guards/security, stunning clubhouse, resort style clubhouse pool with full service food/bar. Main dining ballroom restaurant and an indoor/outdoor sports bar. Signature 18 hole golf course, 9 har-tru tennis courts with ATP Tour lighting, pickle ball and bocce ball. Library, offices to use, fitness center. Condo pool, elevator for condo.

So lots of expenses to cover.

 

[meleana]

I pay $600 per month in condo/country club fees for our place in Florida.

Private country club, gated, 24 hour guards/security, stunning clubhouse, resort style clubhouse pool with full service food/bar. Main dining ballroom restaurant and an indoor/outdoor sports bar. Signature 18 hole golf course, 9 har-tru tennis courts with ATP Tour lighting, pickle ball and bocce ball. Library, offices to use, fitness center. Condo pool, elevator for condo.

So lots of expenses to cover.

Exactly! They have tons of these down south. This is what I would expect. But they don't seem to have this type of thing in New Hampshire. Except maybe for the rich and famous.

 

[Floridatennisplayer]

Exactly! They have tons of these down south. This is what I would expect. But they don't seem to have this type of thing in New Hampshire. Except maybe for the rich and famous.

Isn’t that strange? We have them everywhere here in Ohio as well. Good luck to you.