Apartment complexes can be future condos. It was a pretty common event in the Chicago area. (as a subnote there has been a trend lately to reconvert them back to rentals).
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IMHO, most people who would consider downsizing, are persons who lose a spouse--when this happens lots of times there is a severe income loss too--if your house is paid for, you will lose a significant cut in lifestyle if you become a renter in the lofts
I know woman who had to leave TV when her spouse passed and another woman who has to rent her house one month in order to live here--another aspect of high rise living, which we experienced was having to haul every thing up in an elevator & then haul it down a long hall way--In Cary our condo had a multi-level parking deck & we could park fairly close to our unit--in Palm Coast we had to take everything up 8 stories & walk down a 200' walk way-- a real pain |
We have friends who lived on Palmer sell their 4000sf home, and move to the assisted living. They do not need the assistance. No up keep, have amenities, just leisure. But they are paying over $4000 a month. Not sure of their SF, but they are looking at the Lofts for much less money.
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I think you don't get much for a lot of money.
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Here is an estimated comparison of a 1014 SF, 2 bedroom apartment to a 2 bedroom courtyard villa:
Rent, $2,145 x 12 = $25,740 The Lofts estimate for amenities, electric, water, sewer, trash, cable, $355.25 x 12 = $4,263 Total cost, $30,003 CYV costs for the same items: Tax bill, $3,800 Electric, $85 x 12 = $1,020 Water, sewer, trash, amenities, $225 x 12 = $2,700 Cable (same as The Lofts estimate), $60 x 12 = $720 Yard maintenance, $60 x 12 = $720 Total cost, $8,960 These costs do not include mortgage interest, investment costs, or appreciation for the CYV. |
Another aspect about apartment living--vermin--one unit gets roaches--everyone will have them sooner or later--and you haven'r lived till you had to make a trip to the communal trash compactor that's filled to overflowing-some condos/aparments have trash chutes--they work better than a common compactor site--gross
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Seems like a lot of money to live in a closet.
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The good news is that only those that want to live in the Lofts will live there.....and I doubt any of them will care what others think. It still amazes me how many on here can always find something negative yet, I assume, still stay here.
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You still need insurance in an apartment, and possibly interior paint.
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I don't think comparing costs is being negative.
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