Author Topic: Retirement "Bug In" Condo?  (Read 1667 times)

OlderFIRE

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Retirement "Bug In" Condo?
« on: March 15, 2016, 05:26:04 PM »
I'm 53, husband is 60. We sold our houses in the Bay Area (geez if we'd only waited a couple more years!) and live in New Mexico now. No current employment but maybe our hobbies might turn into something.

We like living with some space around us--right now we're renting a place on ~1 acre, but it could be less. BUT, since seeing a couple of family members with their health problems, and neighbors here who are having to move to a bigger city for health care or *shudder* a retirement community, we were thinking of maybe buying a condo somewhere--maybe touristy Santa Fe, but really open to suggestions--with easier transport, closer and better health care, etc. We wouldn't live there unless we needed to, and would rent it out in the meantime.

Is this a good way to think of this? Is anyone here old enough to be thinking about this? :) TIA.

zephyr911

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Re: Retirement "Bug In" Condo?
« Reply #1 on: March 17, 2016, 09:07:19 PM »
I'm thinking of holding a similar property for different reasons. As long as the rental math works out, it's a viable strategy. Just make sure your lease has some kind of contingency so you don't have to wait for months to move, and realize you may need to make some kind of concessions in return - lower rent or a buyout fee, etc.

arebelspy

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Re: Retirement "Bug In" Condo?
« Reply #2 on: April 03, 2016, 04:40:20 PM »
Shopping for a home that might fit your needs as you age (one story/first floor if in a complex, possibly hand railings, etc.) is a good idea.  Even if you don't need it now, thinking about the future (even, and probably especially, the aspects we don't want to think about) is a good idea.
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Cassie

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Re: Retirement "Bug In" Condo?
« Reply #3 on: April 03, 2016, 04:46:45 PM »
4 years ago at 53 & 58 we down sized into a much smaller one story home. Everything we do is geared to low maintenance.  It doesn't rain much here so we put in AstroTurf, wrought iron fence instead of wood, painted outside of house, etc.   If we get really old and want to downsize further we would do a condo but I see our small house/yard being perfect for years to come. We also bought in town so would take bus instead of drive when that time comes. I think it is smart to plan ahead.  But I don't think I would want to buy property somewhere that I had not lived for awhile to make sure I like it. Santa Fe is beautiful but again you want to make sure it is your cup of tea.

meadow lark

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Re: Retirement "Bug In" Condo?
« Reply #4 on: April 07, 2016, 09:15:00 AM »
Santa Fe?  For healthcare?  You're loco!🙂

 Sorry, you need to look at Albuquerque, maybe Rio Rancho, but even that is a stretch.  My DW is a nurse in the transfer center at a hospital in ABQ (she coordinates the transfer of patients from all around the state into our hospital) and I am a nurse that calls people after they are discharged from the hospital.

I think you are actually really smart to think about this before hand.  I can't tell you how many people I call who explain to me they can't get their insulin/heart meds/blood thinners for a week because they are 60 miles from a pharmacy or grocery store, can't drive because they had a stroke, their husband is blind, they can't get home care nursing or PT b/c no company covers their part of the state.  And they forgot to get it before they left ABQ but their kid (who lives in Seattle) is coming down in a week for 2 days to help them.  We literally have several calls like this a week.