Moving to a House or Apartment after Retirement

[JanetRose]

I was talking to someone recently about where I would like to live after retirement.

I would like to move to another state.

I am single.

I have a home now which may or may not be paid off at that time.

I would like to move to a small house.

My friend thinks it would be easier to move to an apartment where someone else is responsible for maintenance, etc.

What do you think or what have you done?

Thanks!

 

[minniecarousel]

I would prefer to own, if I could. The thought of always having to pay rent doesn't appeal to me. I want something to show for my monthly payment. Of course, it may depend on the area in which you want to buy.

 

[deegack]

I would go with a condo or townhouse. No maintenance but you own

 

[kaytieeldr]

Compromise: condo You own, someone else does the maintenance.

 

[doxdogy]

We are seriously considering selling our house and moving to a townhome. You own the home and the small piece of land. Yet the HOA does the maintenance to the exterior and the front part of the yard.

 

[JanetRose]

The one disadvantage I would see with a condo is that there’s a chance you may have noisy neighbors.

 

[newdrama12]

My mom's friend/boss is an assistant summer camp director and has a house that is on camp property that has already been paid off, so she just has her monthly utilities bills. She has decided that when she retires that she is going to move to Orlando, so she found the house that she wants down here. So, she went ahead and bought it, so she has already started making the mortgage payments on it with the plans that by the time her retirements comes the house will already be paid off or will be very close to being paid for. Now, when she get vacation time, she will come to Florida and work on the house. Moving some extra stuff in, painting and the like.

 

[bicker]

My friend thinks it would be easier to move to an apartment where someone else is responsible for maintenance, etc.

We jumped the gun a bit, and moved into a condo community made up of primarily retirees, many years before we're going to need to retire. It surely feels like the best of all worlds. I know my neighbors greatly appreciate the benefits of living in a community like this.

I would be sure, though, to buy into a condo that is especially inappropriate for families. That does seem to make a difference: The less the condo would work for families the better it seems to be for empty-nesters and retirees. The resources of the communities can be more thoroughly focused on the needs of older folks. (In our community, for example, we installed some new railings on inclined areas, perhaps instead of maintaining a playground, or somesuch.)

So generally, that means avoiding condos that offer three bedroom units; avoiding condos in especially good school districts; etc.

 

[The Mystery Machine]

I was talking to someone recently about where I would like to live after retirement.

I would like to move to another state.

I am single.

I have a home now which may or may not be paid off at that time.

I would like to move to a small house.

My friend thinks it would be easier to move to an apartment where someone else is responsible for maintenance, etc.

What do you think or what have you done?

Thanks!

I can say that owning a home is not easier for sure. It is certainly more private and quiet and you can do what you want on your property.

My parents live in an apartment and my MIL is in a condo.

Pro of apartment....
Not responsible for anything. You call maintenance to fix stuff. You do not have to rely on your kids to do anything for you house, yard, etc. which is very freeing.

Cons....
Sharing walls and close quarters with people.
Rent can increase at anytime.
Neighbors come and go. Sometimes you get "winners" and sometimes you get losers.

Condo

Pros...
Own it so you have control over the inside of the place. It is your interior.

Since you own it you can sell it if you need money and as far as taxes you can deduct it off your taxes.

Since people own in the complex you are not going to have as much transient neighbors popping in and out of the place.

Cons...
Same as apartment with neighbors, close quarters, etc.

Sometimes a special assessment can happen and hit you with a whopper bill in addition to the condo fee you have to pay to the association.

You are responsible for keeping up the interior and making repairs.

That is all I can think of for now. There is no "right" answer here. It is just what you can afford or be comfortable with.

 

[Colleen27]

I have no interest in paying rent. We live in a paid off home in the country, but when we retire we plan to sell it and buy a condo/townhouse in the city. I really don't want to have to think about shoveling snow and all that in retirement, especially since the plan is to buy a vacation property between now and then that would become our winter residence, but I still want the benefits of ownership and either a balcony or a small yard to grow a few plants.

 

[golfgal]

My plan is to move to a detached townhome. They are free standing, single family homes but in a townhome community where exterior maintenance is done for you. Some friends of ours just moved to a side by side townhome. THey never hear their neighbors. Most of the common wall is garage and closets. We have had mountains of snow this winter and they have not had to shovel one flake . I would prefer not to have a house/rent payment in my retirement years.

 

[tlbwriter]

We lived in an apartment for one year and I don't ever, ever, EVER want to share a wall with other people again. For me, a modest detached home is better than the most luxurious apartment/townhome/condo (unless that luxury includes soundproofing!).

 

[LuvOrlando]

You can always go down to the retirement communities in NJ. A DF of mine just sold her Mom's home & my MIL is trying to get rid of one they inherited. From what I understand there is a huge surplus down there near Tom's River. Most retired folks love them. They are very elderly friendly with bus trips everywhere and all sorts of community outreach programs to help folks get to & from Dr's ect. The closer you are to the club house & pool the easier it is to stay involved. Holiday City is the location all my friend's grandparents moved too, but there are others.

 

[MickeySP]

My plan is to move to a detached townhome. They are free standing, single family homes but in a townhome community where exterior maintenance is done for you. Some friends of ours just moved to a side by side townhome. THey never hear their neighbors. Most of the common wall is garage and closets. We have had mountains of snow this winter and they have not had to shovel one flake . I would prefer not to have a house/rent payment in my retirement years.

ITA!! This fits my plans also, now just gotta decide where.

 

[GeorgeG]

There are a lot of things to consider and many are specific to your personal tastes and needs. When I retired we moved from New York to Florida. We bought a smaller home that is still big enough for the two of us and two cats. I prefer owning over renting because we never have to worry about rent increases and, more importantly, the owner selling and us having to move.

Spend some time researching your options. Not all retirement communities are the same. Our's is huge ad offers a wide variety of homes from smaller villas to large homes. There's something for everyone with lots to do besides golf and shuffleboard. Consider the states and climates that initially appeal to you and do as much research as you have time for. A major concern is how close you would be to medical facilities and shopping.

 

[ugadog99]

I'm also considering this issue. My plan is a bit different, though, but I still don't know which way to go. I have no ties here in Georgia, so I plan to finally fulfill my dream of working for Disney! I am single and will have this house to sell first, of course. I still have a few more years left to teach, too. I am torn between renting and owning because it's been so hard on me as a single mom to own this house. However, I'm not crazy about apartment living. I'd love to find a townhome/condo situation, but I don't want stairs. Is that possible?

 

[golfgal]

I'm also considering this issue. My plan is a bit different, though, but I still don't know which way to go. I have no ties here in Georgia, so I plan to finally fulfill my dream of working for Disney! I am single and will have this house to sell first, of course. I still have a few more years left to teach, too. I am torn between renting and owning because it's been so hard on me as a single mom to own this house. However, I'm not crazy about apartment living. I'd love to find a townhome/condo situation, but I don't want stairs. Is that possible?

Absolutely. My parents are looking at detached townhomes to retire to and many of them are single levels or even single levels with a basement (which isn't common in the south, I know).

 

[ugadog99]

Thanks, golfgal. If I can find a condo/townhouse development with one story units then that's what I'll do. Now...I just have to pass the time until I can retire.......

 

[golfgal]

Thanks, golfgal. If I can find a condo/townhouse development with one story units then that's what I'll do. Now...I just have to pass the time until I can retire.......

They are pretty common. Around here the most common ones would be a one story on a slab or with a craw space with 2 bedrooms, LR/DR/Kit and a sun room. Usually they have a master bath and a main bath as well.

 

[ugadog99]

That would be exactly what I want. Hopefully, they are common in central Florida, too.