Ask Terry Questions Rent in Senior Housing or buy a Condo under $50,000.00 as first time buyer?

Rent in Senior Housing or buy a Condo under $50,000.00 as first time buyer?

By Terry Savage on April 20, 2013 | Housing / Real Estate

Hi,Terry how are you doing? I am living in a apt.,with a bad smell inside and neighbors who are very loud and possible illegal drugs. I never owned a place,i am a senior,disabled but can get around. Thinking about buying in a senior condo development. The thing is I have $6,000.00 to spend of which the banks will eat up most for fees and closing costs,i also need a lawyer,inspector, movers, monthly property taxes,assc. fees, 3-1/2 to 5% down etc. Do you know of any grants for the disabled or grants that can help me get into a low-end condo or townhome for 50,000.00 or under Terry? What are the chances of this year or next home prices dropping 25% or more? Terry please use the name Scott if writing my message in your columns. Thank You So Much, Terry.

SAVAGE SAYS: There are much, much better choices for you — and you don’t have to spend all your money to buy a condo. You’re online, so I’m going to suggest that you search:? low income senior housing” and then put in your city so you get local information. Some help is offered by churches or community groups. Much of this housing is subsidized. And your city surely has a department of aging that can help you. If you live in Illinois, here’s a link to all the services the state provides for seniors:? http://www.state.il.us/aging/

I hope this? information helps you get to a more secure and appropriate place to live. And remember to keep your money safely in the bank. Write back if you need more help.

 

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