Ask Terry Questions I am a senior selling my condo…

I am a senior selling my condo…

By Terry Savage on August 23, 2015 | Financial Planning / Retirement

I am a healthy 78 yo female. Have lived in an “adequate” third floor walkup condo for 22 years. We have had three foreclosures and the new board members have no desire to maintain our property or raise the assessment to do so. It is falling apart. I only have $220,000 in savings and who knows what I can get from the sale of this condo, not much ($50,000?). I would like to purchase another condo with a small mortgage. Only because it is necessary – you thoughts, please. We presently have three condos up for sale in the building.
Thank you much –

Terry Says:  Well, I agree with your idea to  move out of this building, especially if the other owners don’t want/or can’t afford to keep the place in good repair.  But my next thought might be a little jarring.  I think this is the perfect time to consider moving to a senior living community.  No, NOT a nursing home. And you might be very surprised at how this trend in senior living has developed in recent years in response to the baby boomers’ coming need for this type of lifestyle.  And most have “graduated services” so that if one day you need more assistance, you don’t have to move again.

I would NOT suggest that you “buy into” one of these communities — unless the amount is equal to or less than what you can get from the sale of your condo.  (Remember, there will be no taxes on the sale, but you might have closing costs, brokers commissions to deduct from the sale price.)  Then your monthly social security check, and savings can cover the monthly rental costs.

It’s time.  Take a look around. Right now you are healthy and if you move in now you can make friends, start a new life — and not worry about what happens when you can’t walk up stairs.  Take a friend, or go it alone on your expedition to see what else is out there for you.  And please write back and let me know what happens.



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