retirement - should we sell our house

[KellyJef]

DH is 62 and is on SSD. I am 62 and work part-time and collect ss.

DH is on SSD because of a back injury incurred at work.

The house we have lived in for 30 years is a two-story and we need to start thinking about getting settled in a one floor plan home. Since DH had a serious heart attack and a quadruple bypass two years ago, the upkeep of owning our house (including yard work and snow removal) has been a major problem.

I would love some input/advice on whether a condo or a mobile home (in a community that would include all maintenance) might be a better option. We would need to pretty much make an even swap since we could not afford a mortgage, i.e. if we sell our house for $90,000, that is what we would have to spend.

We have not started looking at condos or mobile homes, but will be doing that in the next few months. I am looking for discussion on what to look for.

Thanks.

[disneysteve]

I don't know much about mobile home communities but one thing to keep in mind with condos is that you can periodically get hit with special assessments when work needs to be done. If the lot needs to get repaved or the building needs a new roof or they decide to put in all new windows, the cost gets divided up among all the residents and you get a bill for your share. Of course, there is also the monthly condo fee to be paid and that can and will increase over time.

[KellyJef]

I don't know much about mobile home communities but one thing to keep in mind with condos is that you can periodically get hit with special assessments when work needs to be done. If the lot needs to get repaved or the building needs a new roof or they decide to put in all new windows, the cost gets divided up among all the residents and you get a bill for your share. Of course, there is also the monthly condo fee to be paid and that can and will increase over time.

Thanks! That's exactly the kind if information I'm looking for.

[irmanator]

you could probably get into a subsidized senior bldg. The one my mom lives in only collects a % of income-not savings so you could put your money in the bank from sale. It is just like a reg. apt bldg except you have to be over a certain age or handicapped.

[snafu]

To facilitate taking international contracts, we sold the house, downsized to a condo. Love it! Great location, great neighbors, great to be able to leave the place for 6 months without worry, great to have lawn care, snow removal, trash/recycle program without problems, great to be told it's time to change clocks, date of community BBQ, yard sale, always someone to come to the rescue if I need help. Cost of insurance and landscaping cut by half.

It's really important to buy in a complex that meets your needs. What services are important to you? you don't want to be in a complex that caters to 1st time buyers aka 25 y/o who love to party!

[KellyJef]

you could probably get into a subsidized senior bldg. The one my mom lives in only collects a % of income-not savings so you could put your money in the bank from sale. It is just like a reg. apt bldg except you have to be over a certain age or handicapped.

Actually, I am an assistant property manager in a HUD-subsidized senior housing building for age 62 and up.

However, since the average age in my building is about 75, I'm not ready to move into that kind of building.

I'm thinking we'll probably end up in a condo.

[disneysteve]

Actually, I am an assistant property manager in a HUD-subsidized senior housing building for age 62 and up.

However, since the average age in my building is about 75, I'm not ready to move into that kind of building.

I'm thinking we'll probably end up in a condo.

Another alternative might be something in a 55+ community. There are tons of those popping up all over as boomers downsize. That way, you are with active folks your own age and avoid the rowdy 20-something party crowd as well as the young families and screaming babies. Makes for a nice social atmosphere with people who are your peers.

[jIM_Ohio]

DH is 62 and is on SSD. I am 62 and work part-time and collect ss.

DH is on SSD because of a back injury incurred at work.

The house we have lived in for 30 years is a two-story and we need to start thinking about getting settled in a one floor plan home. Since DH had a serious heart attack and a quadruple bypass two years ago, the upkeep of owning our house (including yard work and snow removal) has been a major problem.

I would love some input/advice on whether a condo or a mobile home (in a community that would include all maintenance) might be a better option. We would need to pretty much make an even swap since we could not afford a mortgage, i.e. if we sell our house for $90,000, that is what we would have to spend.

We have not started looking at condos or mobile homes, but will be doing that in the next few months. I am looking for discussion on what to look for.

Thanks.

Have you considered
a) buying a sfm which is a ranch?
b) assisted care
c) condo ownership
d) condo RENTING

you mentioned the condo in terms of purchasing...
I know nothing about mobile homes...
you did not mention if your current city is a requirement (there is not much snow in florida).

For example, if you think you will only work another 2-6 years (or spouse will only work another 2-6 years) then renting a condo in current city makes most sense (right now). Bank the money, then use it to buy a condo or ranch house in a warmer climate after full retirement.

[KellyJef]

Another alternative might be something in a 55+ community. There are tons of those popping up all over as boomers downsize. That way, you are with active folks your own age and avoid the rowdy 20-something party crowd as well as the young families and screaming babies. Makes for a nice social atmosphere with people who are your peers.

That's a great suggestion, but unfortunately, we don't have much around here like that kind of community. But I will pursue this idea.

[KellyJef]

Have you considered
a) buying a sfm which is a ranch?
b) assisted care
c) condo ownership
d) condo RENTING

you mentioned the condo in terms of purchasing...
I know nothing about mobile homes...
you did not mention if your current city is a requirement (there is not much snow in florida).

For example, if you think you will only work another 2-6 years (or spouse will only work another 2-6 years) then renting a condo in current city makes most sense (right now). Bank the money, then use it to buy a condo or ranch house in a warmer climate after full retirement.

a) What is a sfm?

b) no, not interested in assisted care

c) condo ownership is something we will investigate

d) condo RENTING is also something we will investigate since I never thought about renting a condo. But how would renting a condo be different from simply renting an apartment?

As far as moving from western NY to a warmer climate, that's not something we would ever consider since every single family member is here.

[jIM_Ohio]

a) What is a sfm?

b) no, not interested in assisted care

c) condo ownership is something we will investigate

d) condo RENTING is also something we will investigate since I never thought about renting a condo. But how would renting a condo be different from simply renting an apartment?

As far as moving from western NY to a warmer climate, that's not something we would ever consider since every single family member is here.

KellyJef- my whole family is from western NY too- most of my cousins and aunts/uncles live in Buffalo, and I grew up in Rochester. I know what you mean about not moving. I wish I could find a job in that area to move back. Go Bills.

sfm was a typo
sfh was what I meant- single family home which is a ranch.


condo renting was mentioned because of two possible factors-
1) was moving after a short period of time- so less risk to rent than buy for a 2-6 year flip
2) other reason to rent was to eliminate the risks another poster made-

if you own a condo they can assess you special fees
if you rent the same condo, those fees go to landlord, not the tenant

renting removes a risk or two
it adds another risk or two

My grandmother owned a condo in amherst which was within walking distance of UB and I was never aware of any fees they assessed. I could tell you how to get there... but I could not tell you the roads...

take 290 to nia falls blvd exit
pass target on right
at sunoco station, turn right (I think the gas station is not there anymore, but could be wrong...)
the road turned 90 degrees once, but the condos were off that main access to blvd.

As far as assisted care, know that there are various levels of assisted care. Some places provide you with your own kitchen to cook and similar (its like living in your own apartment) with nurses on staff to assist with medicine or therapists to assist with rehab. My other grandmother and her second husband lived in a very nice place in West Seneca, and I am sure there are more places like this- I visited her there and I would consider living in a place like that 50 years from now if I had to. She had all her independence except her car, which is what my father and his sisters knew she needed to get rid of for her own safety.


My experience with the Buffalo/Western NY area is this from what I saw with my two grandparents.

a) as a retiree, you want to focus on what you need in terms of amenities. Snow plowing and yard work should be at top of list for that area (or neighbors which help)
b) be able to drive short distance to a wegmans or other market without accessing main interstates (in large storms, makes it easier to get items you need)
c) single story (no steps) for living location
d) other (list them)

If you bought a ranch house (sfh), make sure either one of your children or a friend could plow the driveway when you get your storms and lake effect snow.

[KellyJef]

My grandmother owned a condo in amherst which was within walking distance of UB and I was never aware of any fees they assessed. I could tell you how to get there... but I could not tell you the roads...

take 290 to nia falls blvd exit
pass target on right
at sunoco station, turn right (I think the gas station is not there anymore, but could be wrong...)
the road turned 90 degrees once, but the condos were off that main access to blvd.


If you bought a ranch house (sfh), make sure either one of your children or a friend could plow the driveway when you get your storms and lake effect snow.

I'm in Niagara Falls and will definitely check out the condos in Amherst - thanks!

And we will also be checking out ranch homes as well as some nice apartments in 55+ communities.