Is Condo Ownership The Most Affordable Retirement Housing Option?

You know you are old when you start to daydream about moving to a smaller residence instead of a bigger one. Young people, especially if they are susceptible to consumerist content, dream of buying a mansion, where they can host lavish parties or just sprawl out as much as they want to. If you have ever achieved the dream of moving from an apartment to a single-family home, you know that maintaining a bigger residence is even more work than maintaining a smaller one. The housework tasks seem overwhelming even during weeks when you are not working full time. It is no wonder that so many retirees choose to move to smaller accommodations. Of course, smaller accommodations come in different varieties, from the structure of the living quarters to how you pay for them. Should you choose a tiny house, a granny pod, assisted living, or some other option? Especially in Florida, owning a condo seems like the ideal way to retire in style; once you are mature enough not to try to chase your youth in a little red sportscar, retiring in a classy condo is an affordable way to show yourself and others that you have made it. At least, it seems that way on the surface, but everything in Florida has hidden dangers, including condo ownership. For help strategizing about your retirement finances, including the costs of housing, contact an Orlando estate planning lawyer.

At Least You Don’t Have to Worry About the Rent Increasing

When retirees decide to sell their empty nest, the discussions often center on where they can afford to rent an apartment and how many years of rent they can pay for with the proceeds of the sale. Of course, you are always in a more stable financial position if you own your residence instead of renting. Since condominium units are apartments and not entire houses, they cost much less. Therefore, the sale of your house can yield enough money for a paid off condo, or at least a modest mortgage payment. While adjustable-rate mortgages can lead to unexpected increases in housing costs, buying a small property with the proceeds of the sale of a big one gives you access to desirable mortgage loans, so you probably will not have to deal with unaffordable mortgage payments.

Beware of Condo Fees and Special Assessments

Another benefit of condo ownership is that the condo fee usually covers your utility bills, but condo fees can increase unexpectedly. The even bigger risk, though, is for special assessments, which cover major maintenance and renovation projects; these can require you to pay tens of thousands of dollars over a short period of time.

Contact Gierach and Gierach About What’s Next After Your Empty Nest

An estate planning lawyer can help you make a wise choice about what to do with the proceeds of the sale of your house, if you decide to sell it.  Contact Gierach and Gierach, P.A. in Orlando, Florida to discuss your case.

Source:

wsvn.com/news/help-me-howard/woman-buys-condo-battles-special-assessments/