House living vs. Condo living

House living vs. Condo living

I am sending this out to all my frugal friends. My husband and I have lived in this house for over 26 years. We have been looking at condos for a number of reasons. We want to get rid of all this STUFF. Liberate our selves. We want to stop dumping money into our house. It seems that all the

age, alberta, bee, brand, care, clean, frugal, hat, house, living, money, number, rid, space, stop, stuff, time, today, work, years, condo, mary, indecision, washy, past, takes, acreage, wishy, downsizing, loved, 1275, bedrooms, feet, square, neighbourhood, wonderful, happy, decision, viewed, replacing, condos, reasons, sending, lived, husband, friends, liberate, enjoy, yard, dumping

Page 1 of 2 12 LastLast
Results 1 to 8 of 13
  1. #1
    Deal GURU
    Join Date
    Mar 2007
    Posts
    4,567
    Downloads
    0
    Uploads
    0

    Default House living vs. Condo living

    I am sending this out to all my frugal friends. My husband and I have lived in this house for over 26 years. We have been looking at condos for a number of reasons. We want to get rid of all this STUFF. Liberate our selves. We want to stop dumping money into our house. It seems that all the time we are renovating something or replacing something else. We don't need all this space, we don't really enjoy it, we just clean it. We don't like yard work at all, besides we have a cottage on an acreage that takes care of that. Has anyone else done this downsizing? How do you get past the indecision of it? Were you happy with your decision? Today we viewed a wonderful condo in our neighbourhood, brand new, 1275 square feet, two bedrooms and a den. We loved it, but we are so wishy washy! Anyone? Help!
    Mary in Alberta
    ~*~*~*~*~*~*~*~*~*~*~*~*~*~*~
    All of my posts were transferred from
    the budget101 Discussion list
    ~*~*~*~*~*~*~*~*~*~*~*~*~**~*~

  2. #2
    Deal GURU
    Join Date
    Mar 2007
    Posts
    4,567
    Downloads
    0
    Uploads
    0

    Default

    We are considering the same thing. We are in our latter 50's, tired of
    having a 4/5 bedroom, though modest, home which is chuck full of too
    much stuff and we both HATE yardwork. Condos are looking pretty good
    right now but one drawback is that we would like to move to where we see
    ourselves retiring when we do downsize. It doesn't seem to make sense
    to downsize now and then move 2-3 years down the road to another state.
    Plus one tends to wonder where their children will end up and hope to be
    somewhere accessible to them . In our case we have one on the East
    Coast and one moving to CA this month. I'm telling my husband we might
    as well split the difference and move to Texas.

    If we were considering condos right now, I'd definitely look at how
    long the condos have been around, talk to the homeowners association and
    see what they have to say about them, find out if there are any "hidden"
    costs (i.e. different membership fees, etc.) that you need to know
    about...all the usual stuff to consider. Find out if they have different
    activities offered to residents and clubs , if you like those kinds of
    things. Talk with a trusted realtor about the perceived resale value of
    the condos you are interested in, in case you change your mind later
    after moving into them and want to sell yours. Read some books on
    downsizing . They also have good pointers.

    Dee in PA
    ~*~*~*~*~*~*~*~*~*~*~*~*~*~*~
    All of my posts were transferred from
    the budget101 Discussion list
    ~*~*~*~*~*~*~*~*~*~*~*~*~**~*~

  3. #3
    Deal GURU
    Join Date
    Mar 2007
    Posts
    4,567
    Downloads
    0
    Uploads
    0

    Default

    My parents went from a 2 story home with a full walkout basement, 2 car garage
    and a storage shed, 4 bedrooms in the home to a 2 bedroom apt. with a single car
    garage. They loved it! Never looked back. Their rule of thumb was this: they
    picked out the furnishings they NEEDED, then offered ones that they wanted to
    stay in the family to us kids, then sold everything else. They got rid of it if
    they didn't love it, hadn't used it, or didn't want it anymore.

    It was hard for me to see the house go, since I was born there but my dad was so
    happy to sell his lawnmower and shovel knowing he would never have to use them
    again! LOL.

    Zanna
    ~*~*~*~*~*~*~*~*~*~*~*~*~*~*~
    All of my posts were transferred from
    the budget101 Discussion list
    ~*~*~*~*~*~*~*~*~*~*~*~*~**~*~

  4. #4
    Deal GURU
    Join Date
    Mar 2007
    Posts
    4,567
    Downloads
    0
    Uploads
    0

    Default

    LOL. This would be my husband. Lovingly explaining the quirks of the furnace
    to the new owners. And then never looking back. Another one for my file.
    Thanks Zanna.
    Mary in Alberta
    ~*~*~*~*~*~*~*~*~*~*~*~*~*~*~
    All of my posts were transferred from
    the budget101 Discussion list
    ~*~*~*~*~*~*~*~*~*~*~*~*~**~*~

  5. #5
    Deal GURU
    Join Date
    Mar 2007
    Posts
    4,567
    Downloads
    0
    Uploads
    0

    Default

    I live in Texas (Houston area). They have retirement communities here
    with either condos or patio homes. The community has busses &
    activities for the members of it. You would just have to take care of
    your back yard.

    Patio home.... a small home where the instead of being connected to your
    neighbor, you are connected by a fence. But like the condos you pay
    maintenance charges, so the front lawn & other maintenance (like
    plumbing problems) is taken care of by your fees.
    ~*~*~*~*~*~*~*~*~*~*~*~*~*~*~
    All of my posts were transferred from
    the budget101 Discussion list
    ~*~*~*~*~*~*~*~*~*~*~*~*~**~*~

  6. #6
    Deal GURU
    Join Date
    Mar 2007
    Posts
    4,567
    Downloads
    0
    Uploads
    0

    Default

    Thanks Dee. Good point about asking the realitor about resale value. I never
    thought of that. Into my file it goes. You and I sound like long lost
    sisters. LOL Yardwork - Blah!!
    Mary in Alberta
    ~*~*~*~*~*~*~*~*~*~*~*~*~*~*~
    All of my posts were transferred from
    the budget101 Discussion list
    ~*~*~*~*~*~*~*~*~*~*~*~*~**~*~

  7. #7
    Deal GURU
    Join Date
    Mar 2007
    Posts
    4,567
    Downloads
    0
    Uploads
    0

    Default

    I owned a condo for nearly 15 years. It's a good arrangement for someone who doesn't have the desire to keep up a yard, etc. That said, do your research and have a clear understanding of what a condo is.

    ***You own nothing except the space between the walls and what's inside those walls. (Ok, so the drywall is yours too.)

    ***Make sure you review the condo association by-laws and documents carefully. Pay particular attention to the condo fee and how it's increased or decreased over the years.

    ***Read board meeting minutes, checking carefully for any big projects that may be in the offing. Those could mean a big increase in the condo fee or a special assessment.

    ***Pay attention to what the condo fee covers. Are these amenities meaningful for you or are they including a bunch of stuff you won't ever use?

    ***What kind of restrictions are placed on you? For instance, my condo had hardwood floors that I had to keep covered with wall-to-wall carpeting because of the condo association regulations. (Noise reduction.) Not all personal vehicles could be parked in the parking lot. Curtains had to have white liners. The list goes on and on. For some it's not burdensome to deal with all these restrictions, for others it can be very invasive.

    *** You will still have to deal with problems in your home. Your heating, plumbing, appliances, etc., are still your responsibility.

    ***Think very carefully about what it means to live in a multi-family building. Shared walls mean shared noise. Privacy will be reduced.

    ***Spend some time on the condo grounds, try to talk to other folks that live there. Find out about the board members. I went through the regime of more than one controlling jerk there. Look at the cars in the parking lot. Peek into people's balconies and patios. It's nosy but it gives you some idea of the people you're going to be living very closely with.

    I'm afraid this all sounds very negative but I did like my condo and the only regret I had with it was getting a one bedroom. I needed more space. I just wanted to emphasize that it's very different from owning a single-family house. Your autonomy regarding what happens to and in your home can be severely limited depending upon the condo association by-laws. And you are living in very close quarters with strangers.

    Lori.
    ~*~*~*~*~*~*~*~*~*~*~*~*~*~*~
    All of my posts were transferred from
    the budget101 Discussion list
    ~*~*~*~*~*~*~*~*~*~*~*~*~**~*~

  8. #8
    Deal GURU
    Join Date
    Mar 2007
    Posts
    4,567
    Downloads
    0
    Uploads
    0

    Default

    We rented a condo before we bought our house and I really liked it. I would have
    to add that storage is a consideration. I had a laundry room and a walk-in linen
    closet in my condo and they were a life saver for storage. I was able to keep a
    small chest freezer in the laundry rooom and that was great . I had apartments
    before where we had to put the freezer in the living room. Not a pretty
    accessory lol. Another thing we had was a small patio (it was a ground floor
    condo). It was wonderful to have a bit of outdoor space. We had a table out
    there and a few flower pots. I would check out the general population of the
    building, is it mostly seniors, families with kids, college students. This will
    have a huge impact on noise levels.
    Carrie
    ~*~*~*~*~*~*~*~*~*~*~*~*~*~*~
    All of my posts were transferred from
    the budget101 Discussion list
    ~*~*~*~*~*~*~*~*~*~*~*~*~**~*~

 

 
Page 1 of 2 12 LastLast

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •