Traditional Condo vs Co-Op

[tvguy]

Does anyone have real life experience with this? My 87-year-old mother-in-law (widowed about a year and a half) is currently in a home. She has a renter in a detached garage. Her granddaughter just got her real estate license.

Granddaughter found a co-op close to her and her parents (and away from my family). This came up for sale yesterday and they are pushing her to buy into it now without understanding co-op. Also the HOA is an additional $500 a month.

Can any of you share your experiences? I know nothing about it either.

$500 a month HOA?!?!?! That is nuts. My mom stayed in her home of 53 years until age 90 when she passed. No way did she spend $500 a month on upkeep. Keeping the house was cheaper. Plus we're in California where moving to another place would have boosted her property taxes.

 

[tvguy]

I can’t comment on the co-op because I have no experience. However, I am almost 70 years old and have been widowed for 13 years. I currently own a condo. I promise you that by the time I am 87, I will NOT want to OWN anything - home, condo or co-op. Even now, I think about moving into a nice apartment. As a condo owner, I am still responsible for everything on the inside and some things outside. At age 87, when something goes wrong, I just want to call someone and know they will handle it.

Have you considered a 55 and over senior apartment complex or even Independent Living for her? What does she think?

Good luck! I hope it all works for your family.

My mom's friends who went into apartments totally regretted it. You can get lucky and get a quiet complex, but the big issue was the rents kept getting jacked up and they had to move every two or three years. Not something that is easy for an elderly person.

 

[tcufrog]

We recently moved my mom who wasn't excited about it, into a brand new senior adult apartment complex and she loves it. She's made lots of new friends and the complex hosts all sorts of activities she likes such as crafts, a Mother's Day tea, and happy hour every Friday afternoon. DS10 stayed over on Friday night and had fun swimming in the complex's pool while my mom relaxed poolside. The bonus is that not only is the place only 10 minutes from my house, but they allowed us to hire our own contractor to make the bathroom handicapped accessible.

 

[antmaril]

My mom's friends who went into apartments totally regretted it. You can get lucky and get a quiet complex, but the big issue was the rents kept getting jacked up and they had to move every two or three years. Not something that is easy for an elderly person.

Well, I am not doing it any time soon. If I live long enough, I might move into an Independent Living situation. We shall see.

 

[stitch'sgirl]

$500 a month HOA?!?!?! That is nuts. My mom stayed in her home of 53 years until age 90 when she passed. No way did she spend $500 a month on upkeep. Keeping the house was cheaper. Plus we're in California where moving to another place would have boosted her property taxes.

Totally agree!!

 

[JimMIA]

$500 a month HOA?!?!?! That is nuts. My mom stayed in her home of 53 years until age 90 when she passed. No way did she spend $500 a month on upkeep. Keeping the house was cheaper. Plus we're in California where moving to another place would have boosted her property taxes.

Depends on where you live, the age of the condo, number of units, and the management.

My late MIL lived in a small (not many units to share the cost) 40 year old condo that "had" to have it's "40-year update." Her HOA fees were more than $500 per month, and they had TWO $15,000 assessments in about 6 years. They did do a lot of work, but I think the management company made a ton of money in the process.

When she passed, DW was reluctant to sell for sentimental reasons but she didn't want to rent it out. We were VERY relieved to be able to unload that place!

 

[tvguy]

Depends on where you live, the age of the condo, number of units, and the management.

My late MIL lived in a small (not many units to share the cost) 40 year old condo that "had" to have it's "40-year update." Her HOA fees were more than $500 per month, and they had TWO $15,000 assessments in about 6 years. They did do a lot of work, but I think the management company made a ton of money in the process.

When she passed, DW was reluctant to sell for sentimental reasons but she didn't want to rent it out. We were VERY relieved to be able to unload that place!

My daughter ran into some nice condos when she was home shopping, but the HOA fees put them out of reach. But I think the most expensive one was $250 a month. She bought a duplex instead for the same price, but no HOA fees.