Author Topic: Advice needed from those in real estate.  (Read 358 times)

candace0902

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Advice needed from those in real estate.
« on: December 22, 2017, 06:46:30 PM »
I used to think I would never sell the house; the last place we called home.  I need/want to downsize.  2 years ago, after my dad passed away, we did months work of remodeling.  We all came to the conclusion that the better way would have been to sell as is; which is what I want to do with my house.

It is structurally sound, I have gotten rid of all furniture and plan to stay in the area.  My first question is what its like to live in a condo or townhouse; I dont have either the skills or strength for lawn care, snow plowing, etc which is why I thought about the alternatives to buying another house.

The repairs are all cosmetic; what I would like to do is sell it as is to someone who wants to recarpet, refloor, etc.  I would be asking far below the zillow price, but even at the reduced amount I could pay off this house and have a very small mortgage for the condo;townhouse.

Is it better at this stage of life to just rent or actually own.  I've done some research and there are pros and cons to both sides.  I am now eligible for DH Soc Sec and could actually  semi retire.

Eddienhp

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Re: Advice needed from those in real estate.
« Reply #1 on: December 26, 2017, 12:14:55 PM »
My mom and sister both live in a condo community. 1/2 of it is 55 and older. Mom is on the 55+ side and my sister is on the no age restriction side. They both like it. The property has a clubhouse, bocce, tennis, community garden & pool. There is a social committee that hosts events throughout the year. My mom and sister enjoy socializing so the community is a perfect fit for them. Its a nice place to live. That said, you might hear noise from other tenants so it could be different than a house. The rents in our area are more than the cost of owning a condo especially if you have a small mortgage. Hope this helps.
My life is better because you were in it. You encouraged me to stretch my wings. I will forever be grateful. Rest in Peace Babe. Till we meet again.

soloact

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Re: Advice needed from those in real estate.
« Reply #2 on: December 26, 2017, 12:42:04 PM »
candace,

The rent or own decision often comes down to personal preference. That said we have a new Federal tax law that goes into effect 1/1/2018. In some instances the tax benefits of ownership will not be  as favorable under the new law as they are under current law.

Before you make a final decision it may be worthwhile to sit down with your financial advisor or CPA to learn how/if this will effect your choice.

Good luck!

candace0902

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Re: Advice needed from those in real estate.
« Reply #3 on: December 28, 2017, 04:34:39 AM »
Thanks for the infor; the other factor I didnt considerr was the HOA fees; some are higher  than my
current mortgage.
Eddie I actually am consitering a senior community; many in this area are more like transitional housing; start off independent, then into the semi assist and than totall nursing care like the one you mentioned. It sounds ideal.