[USER]

We retired last year from med-high paying jobs thinking we can do lean fire, yet without being able to control rent increases and with inflation we feel less and less “stable” and are looking at part time jobs that we can manage, as well as to buy a small and affordable home.

As background we are in our mid 50s and left jobs for health reasons. We are not in a rush to buy, but would like to do so with cash next year (may not be able to qualify for mortgage without jobs).

My question is: if we want this home to be the last we own (live in it till we die) what would you look for in terms of making sure it has vs doesn’t have…

We owned 4 other homes over the years as we moved due to jobs/divorce, downsized from the first one of 4000 sq ft, to now renting a 700 sq ft in which we feel perfectly comfortable.

We want something less than 1000 sq ft (budget is under $150k), but we don’t know if to go for a house or townhouse, leaning towards the later as hoa cleans the yard and shovels the snow.

Property tax plus hoa should be as small as possible, we know that.

Many of the small residential homes we see are build in 1950 – are those homes reliable or would you never buy something like that (looking for expert opinions on this).

We are also looking at age of roof, plumbing, water heater, HVAC etc for the homes we consider and checking which costs and when they would hit us in the future.

Thinking less stairs is better – for older age and mobility issues looming in… Also proximity and quality of healthcare, grocery shopping…

What else are we missing?

This is a huge decision and we don’t want to mess up…

Thank you!

[Beth]

Would avoid townhouse/condo due to HOA, small older single family home

[张扬]

Here’s what I would look for:
-Single story

-No steps

-Flat lot

-A/C filters located at or near ground (not in ceiling)

-Fire alarm not located at top of valuted cellings

-No condos with unpredictable HOA assessments

Think about how easy or difficult normal tasks are going to be for you if you were to become disabled, and use that as a guideline on what to look for in a home.

[Melissa]

Large door openings, big enough for wheelchairs, wide hallways, no barrier entry shower stalls, low upper cabinets, main floor bedroom or no upstairs even better, no stairs in or out of house.

[Jill]

Location was what forced my parents out of their home & it changed my thoughts for my future retirement home.

Location must be in a area with ample home health care available. Don’t take that for granted- there are a lot of cities where in home care is sparse and retirement assisted living housing is required.

Older houses are usually well built but might not have the space needed if you have mobility issues.

Definitely a one story house with a small yard, attached garage & small easy to maintain driveway (1st floor laundry too).

Flooring that is not slippery or hard & a low maintenance exterior.

Good luck finding your new perfect home!

[Sylvia]

I am not an expert, but my husband and I have done complete renovations on four homes, built in 1890, 1950, 1966, 1977.

My opinion is that as long as the foundation is solid, and the house has good “bones”, you won’t go wrong with 1950s home typically.

I will agree with other commenters that I would go for a single family home vs a condo personally.

Something with a small yard / not a lot of outside maintenance required ($$$).

[Deborah]

Suggest older, single story, but maybe plan to gut it. Ideally. You’ll likely need a new electrical with grounding wires and an expanded electrical panel, change out pipes if lead, replace sewer if steel/clay, install central heat/cooling (or similar) if not installed.

You’ll want wider doors, a reasonable sized bathroom with small/zero entry shower and a toilet that allows you to get close with a wheelchair.

You may want to reconfigure the closet as well as the laundry space also.

Be on the lookout for lead paint and possibly asbestos along the way.

Some of this can be done later, but it’s best to do the infrastructure (electrical, plumbing, hvac) while it’s gutted.

Not to put a damper on things, but having physical issues can be more easily managed at home than if one of you starts having memory issues.

Just hire a yard person once you can’t do it.

They will likely be cheaper than your hoa dues.

[Chris]

I too will be shopping for my forever home later this year/ next year. I’m avoiding HOAs and condos.

Looking for a single story or a 2 story but with a bedroom/bathroom on the first floor and an attached garage.

If I find the house of my dreams but with no first floor bedroom I will make sure the stairs have enough room to install a chair lift later if necessary.

[Victoria]

Maybe do a smaller condo complex, so there is not too much to maintain.

Make an appointment to see to a local librarian researcher to see what geological studies may have been done in the areas of interest, what developments are planned, etc.

so that you are prepared for foreseeable acts of God and changes in the neighborhood and the terrain.

These might affect your dues. As others said, single story, first floor, etc.

If you have neighbors above, make sure you can live with the building noise levels.

Also, you are so close.

Wait and buy into a 55+ community?

[Rick]

Would buying a duplex or triplex to rent the other parts be appealing to you?

Goal would be to keep your housing costs low or near zero.

That is probably to only way I would accept the inflexibility, illiquidity, massive leverage risk, dealing with all the deferred maintained when I buy, sinking funds for maintenance going forward, expenses that have shown to have higher inflation than most other areas, human nature desire to renovate something big in the house every 5-7 years, and 5-10% fees to prep/list/negotiate/repair/sell of becoming a home debtor again.

[Dara]

Rent increases versus HOA fees? You understand when the bones of the HOA start aging or their are regulations requiring updates- such as new elevators or paving the parking lots, or redoing the pool, or new roofs etc this is split between all residents in addition to your regular HOA fee.

This means that you could easily need to pay 8-30k per year in addition to your HOA fee.

Real estate investors know that HOA’s are the worst investment.

You want to buy your own row or town home with no HOA. Or a small ranch/cape cod with manageable yard.

Look for low taxes, rural is nice near a town since rural doesn’t offer many amenitites like sidewalks or libraries.

But if you are 5 min outside a town you can utilize all the parks, sidewalks, libraries and support without having to pay the taxes on them.

[Rachael]

Door knobs that are levers instead of having to turn.

[Angela]

I recommend also prioritizing location and moving somewhere that is super convenient to whomever may be your caregiver.

That may not be this move, but your next/last one.

[Deborah]

Deborah Hempel-Medina
Plan for transportation. Unless autonomous vehicles are available then, it won’t always be safe to drive.

What then?

There’s often a good chunk of time between “no longer should drive” and needing to go to nursing care.

[Betsy]

I came from larger homes and moved into a studio on the Atlantic Ocean and loved it.

I could lay in bed and watch the sunrise.

It was built sometime in the 50s but it was completely redone.

My insurance was really cheap like $350 a year.

The condo fees included everything. They paid for new roof,flood insurance, pools and firealarm was conected to fire department I would not get a house again.

A villa or condo.

I have to move closer to family but I really miss that place.

You can also get a 1 bedroom. That is just my opinion

[Kayren]

If you do have stairs, make sure you could have bathroom and bedroom on first level.

Easy access from outside.

Large enough doorways and openings for mobility aids.

[Cindy]

One story, older homes better built! Retirement communities are nice.

[Eileen]

My late husband and I chose our 1950 rancher for just these reasons. It’s only 1,300 sq. ft. (easy to clean/maintain), no more than one or two steps at the front and back, has a lovely 1/4-acre back yard with a storage shed and patio, a garage for more storage, and a nice-sized front lawn with trees and lots of perennials planted all over.

He always said it would be perfect for when we got “old and fell apart,” and it was a godsend when he became ill (COPD) and couldn’t get around easily

Now that it’s just me (with adult kids occasionally moving in to save money), it’s a perfect house for my retirement years.

No HOA, reasonable utilities, and I can still do my own lawn care.

The roof, HVAC system, windows and appliances are all just 15 years old, so they’re good for another 5-10 years (I hope!).

The house is built from cinderblock and brick, and is rock solid; no basement or attic to worry about.

For me, it’s a perfect age-in-place home

[Kate]

We are about to build an age in place home.
It will be one story and we are having 4 foot wide hallways, 3 foot wide doorways and rimless showers.

Those are just some features to look for in a future home if you plan to stay there forever.

Also I agree with the no HOA suggestion.

When on a fixed income you want to reduce your monthly expenses period.

But also you do run the risk of the HOA fees increasing overtime and that will be completely out of your control.

Also God forbid you break a rule and start to accrue fines you just would be better off avoiding the additional expense and unnecessary headaches that come from HOAs in general.

[Author]

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