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Hi Georgia and all,
I just returned from a vacation of a life-time. (That's why I'm so late responding to your post). I went on a 10-day cruise to the Panama Canal on Holland America's Zierdam. I had never cruised before and it was the last cruise I will probably ever do because of the expense. A cruise of a life-time is what I call it.
And, now I am back to reality. Tomorrow, I am meeting with a realtor to look at some condos. I don't have a huge amount of money to work with, so the pickings are slim.
I've noticed that many of you live in apartments. Maybe I should rent an apartment for a while before thinking of buying something?
As usual, I'm confused!
Wow Sally, that sounds fabulous! I'm not a person to be confined, whether to a boat for more than a few days or to an apartment. The stories here abound with "terror" of repairs & maintenance, special assessments, associations, escalating fees, loss in the market, etc. and they are very happy to sign a 1-2 year lease and not worry about any of that (they got good discount for the lease.) If they want to move at the end, they can. Me, I want a house (my market is short-sale and houses less than 20 years) or the second choice is manufactured home--where you own your space in the park). Short-sales you have to wait and hope the lender approves, but the savings can be significant. My payments after my down, will be about same as rent $850 but it's mine (1250 sq ft, 3beds/2baths, garage & fenced yard in the SUN)!!!!!!!
The other one that some of the ladies I've met here do, is they bought with a granddaughter or with a daughter! Although if there are too many children, etc. that doesn't seem to work. These are singles.
I knew people who lived in condos in Illinois and there were a few precautions. One, they usually knew someone that lived there for a long time. Two, they had the association financials and by-laws checked out thoroughly by their accountant and laywer, because of shortagesand rules involved. Three, they also checked the association and who ran it. It's usually better to have it professionaly managed, Older condos about 10+ years and if you can do the ones with "precast concrete between the floors" as it's better for sound barriers. Buyer beware.
I wish you well, sounds like another adventure! www.aarp.org/community/editor/fckeditor/editor/images/smiley/msn/teeth_smile.gif" alt="" /> Good to hear from you, too!