Quote:
Originally Posted by theruizs
(Post 1821586)
We would prefer to see some condo options (own instead of rent). This is a retirement community. I can’t believe we are the only ones who would be interested in that. As we get older and maintaining the exterior and yard gets harder, a condo is looking better all the time. It would be too bad if we would have to move out of the TV to find something. Not interested in paying rent.
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Like you, I don’t like paying rent. There is certainly much to be said for owning a condo apartment, especially if it has a nice view. However, there are reasons to like renting, too. Some people only come to The Villages for a few months, or a few months at a time, and don’t want to have to deal with hiring people to take care of their place—which can easily be $500 a month, year round. Some people feel that their days are numbered, one way or another. If they fear they may need to go into an assisted living facility in a couple years, renting may be cheaper in some circumstances, and it may let people share the value of a major asset with children instead of watching it all go to a nursing home after a forced sale.
These apartments will probably be quite nice. But they aren’t cheap. The one bedroom apartments at The Lofts start at $1640 a month for 750 square feet. I don’t know if there are other fees that have to be paid. (WiFi, cable, covered parking space, amenities fee, electricity, etc.) Thus, the standard one bedroom apartment (various models combined, estimated) costs about what would you would pay monthly on a $350,000 loan these days. Most readers live in homes that cost much less than that but are closer to 1200 square feet. For what you would pay for a 1200 square foot two bedroom apartment—about the size of that courtyard home—you could buy a much larger home with a pool on a golf course, pay on a $350,000 mortgage, and pay all the fees and utilities and pool cleaning, and mowing and fertilizing and all that. Some people can afford that. Others can’t. The apartments would not be a budget choice. Certainly, they would be beyond the reach of most employees or anyone living only on Social Security checks. For some of us, that might be among the most attractive aspects of living there. Others might not like that.
This virus won’t last forever. I’m hoping that a year from now we won’t be worrying about what we might catch in the elevator. If money is an issue, though, you are probably better off where you are.
Of course, if, say, you have $200,000 to $300,000 in equity in your Villages home, you could sell, put the cash in your safe deposit box, and take out some every month to rent a one bedroom apartment with all expenses for about eight or ten years (wild guess) while having your entire Social Security check free for having fun. That might not be too bad if you are nearing 80. It’s much cheaper than an Assisted Living Center.
