Anyone move from a house to a condo? Need input

[englishteacha]

So here's the backstory: My hubby and I are looking to move in the next year or so. We live about 2-3 hours from family and friends and the isolation is killing me. We own a small 2 bedroom home and 5.6 acres of land in a fairly rural area. Our mortgage is CHEAP-We bought our home for $62K 9 years ago. We're looking to move to Southern Maine, where things are much more expensive. There are a few condos/townhomes that are selling for $50-70K. If we sold our home (comparable places in our area have sold for $90K and we have a lot more land), we could buy a condo and live mortgage free for a few years and save up for a house with some land again. Small houses in that part of the state are well over $150K...a big difference from our middle-of-nowhere area. Our incomes won't change much if we move and we don't want to spend every cent on a home. We have other priorities like travel. Financially it seems like a good idea, and it would put us so much closer to the people we love. If we're mortgage-free, then I'm not so concerned about taking a new teaching job where I don't have seniority. I'm petrified of being laid off if I change jobs because I'm primary breadwinner. Every school district is facing budget cuts, and the newly hired teachers, no matter their qualifications or experience, are the ones laid off.

Has anyone done this? We know we'd need to either rent a storage unit or convince one of my relations to let us put a shed on their land for some of our big stuff...hubby's tools (he has a full workshop here), our Christmas display (we're one of THOSE houses...crazy Christmas lights that dance to music), and some of the items stored in our garage that came from my late MIL. I'd love some advice. We've NEVER lived in an apartment. We moved from college dorms to this house when we were 22. I'd love some advice, some pros/cons that maybe I haven't thought of.

Thanks for reading my super-long post!

 

[dakcp2001]

My advice is to sell your home first. We moved sooner than we planned because of a job offer and our home still hasnt sold. So we are currently paying for both.

We ended up getting rid of a LOT of stuff. We donated for a tax writeoff, gave away thingsa our family could use, sold some on Craiglist (which was not worth the effort), and tossed a lot. It just seemed silly to pay for movers to move stuff that wasnt worth the haul.

Pros- no more shoveling or lawn care, that gets taken care of for us

Cons- Neighbors being so close, our neighbros have huge drag out brawls, we have called the police more than once. They scream throw things and chase each other around the parking lot. Parking can be an issue in the complex I live.

Neighbors on the other side are very nice, but smoke a lot of pot, and sometimes it is all you can smell YUCK.

For me, I am having a really hard time dealing with the smaller kitchen. No counter space and no storage.

Dont move until your home has sold, and get rid of as much stuff as you can!!

I highly recommend relocubes from ABF freight. They drop it off, you pack it up, then they transport it to you. We hired mover helpers from the UHAUL website to help us unload the cubes. Cheaper than movers, and super easy to work with.

BTW most condos offer storage closets or garages you can rent, but its really cheaper to toss adn replace stuff later. We also used my parents basement for some storage, but at this point it may end up there for awhile since we are out of state. I think my sis may end up with that furniture.

 

[scrapquitler]

So here's the backstory: My hubby and I are looking to move in the next yea If we sold our home (comparable places in our area have sold for $90K and we have a lot more land), we could buy a condo and live mortgage free for a few years and save up for a house with some land again.

Just make sure that you check the condo bylaws and financials carefully. Even if you are mortgage free, you'll have condo fees, and sometimes you can end up with large assessments (my parents had an assessment for like $2500 for a new roof for their condo building, and it was unexpected). You'll also still have property taxes and insurance, so between condo fees, and the tax and insurance, you might find that living in the condo isn't going to be that much less expensive than where you are living now. Just a thought....

 

[marlynnp]

Just make sure that you check the condo bylaws and financials carefully. Even if you are mortgage free, you'll have condo fees, and sometimes you can end up with large assessments (my parents had an assessment for like $2500 for a new roof for their condo building, and it was unexpected). You'll also still have property taxes and insurance, so between condo fees, and the tax and insurance, you might find that living in the condo isn't going to be that much less expensive than where you are living now. Just a thought....

This.

And If you sell for $90,000 and roll that total into a house you buy for $150,000 your mortgage may not be much more than association fees.

60k at 5.5% on a 30 yr is a monthly pmt of $340 (P&I only - did not bother to estimate taxes & insurance as you will have those no matter which property you buy)

I manage some properties that have association fees that high - snow removal makes a huge difference btw. In most condo properties the streets are private so the association must contract & pay for the maintenance of them.

 

[js]

Just make sure that you check the condo bylaws and financials carefully. Even if you are mortgage free, you'll have condo fees, and sometimes you can end up with large assessments (my parents had an assessment for like $2500 for a new roof for their condo building, and it was unexpected). You'll also still have property taxes and insurance, so between condo fees, and the tax and insurance, you might find that living in the condo isn't going to be that much less expensive than where you are living now. Just a thought....

This.

And If you sell for $90,000 and roll that total into a house you buy for $150,000 your mortgage may not be much more than association fees.

60k at 5.5% on a 30 yr is a monthly pmt of $340 (P&I only - did not bother to estimate taxes & insurance as you will have those no matter which property you buy)

I manage some properties that have association fees that high - snow removal makes a huge difference btw. In most condo properties the streets are private so the association must contract & pay for the maintenance of them.

Ditto.
I was just going to give some input regarding both of the above.
Please make sure you know exactly what you will need to be spending to see if you are breaking even or really saving money.

Good luck.

 

[amyy]

No advice. Just wanted to say hi. We live in rural Maine too but i would love to live in Southern Maine. Just to be closer to the airport and have quick trips to Disney