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Consider the Advantages of Condo Living When House Hunting

~by Marco Benevides

When you are ready to do some house hunting, consider the advantages of condo living. Living in a condominium is not for everyone, and it is very different than living in a single-family unit. In addition, if you have a family, many condos do not accept children under a certain age or pets. There are even condos that you will not be able to get into until you are over 55.

Therefore, have your own criteria as to what the benefits are, and you must weigh those against whatever is listed as a benefit. It may be that your wants and needs are very different, and condo living may not be right for you. Continued at the bottom right....

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January 22, 2012 ~ Vol V Issue 4

In each new issue of Top Active Adult Communities, we bring you new and established active adult communities from across the country. Not all of these developments are age-restricted - some of them attract singles and families - but many of them offer the amenities and lifestyle sought by retirees and empty-nesters.

Grand Highlands at Bearwallow Mountain

512 N. Main Street, Hendersonville, North Carolina 28792

(888) 474-2450

249 custom homes

Priced from $300,000s

Age Restriction: All ages

Web Site

Clubhouse, barn and equestrian center, pool, wooded trails

Spanish Village

23501 U.S. Highway 27 South, Leesburg, Florida 34748

(800) 585-8026

Manufactured homes for sale and lease

Priced from $34,900 (pre-owned); from $72,900 (new homes) and from $800/month (rentals)

Age Restriction: 55+

Web Site

Parties, special events, group activities, golf amenities

Los Prados

Las Vegas, Nevada

(702) 438-2007

Single family homes and town homes

Priced from $69,900

Age Restriction: All ages and 55+

Web Site

Established community with 22 neighborhoods, about half of which are age restricted; green spaces

Black Bull

4711 Love Lane, Bozeman, Montana 59718

(406) 556-5011

Single family homes and home sites

Lots priced from $91,250 and homes from $505,000

Age Restricted: All ages

Concierge caretaker services, large lots, Tom Weiskopf Signature Championship Golf course

Web Site

Wymberly

4600 Columbia Road, Martinez, Georgia 30907

(706) 863-2390

Manufactured homes

Priced from $29,900

Age Restriction: 55+

Web Site

Established community, quiet country setting outside of Augusta

Consider the Advantages of Condo Living When House Hunting, continued....

On the other hand, if you want a chance at home ownership and equity building at costs that are usually lower than other real estate options, condo living offers that advantage. Condo living also offers advantages for those who are looking for something in an affluent neighborhood, close to the beach, or with a great view. There are people who are willing to pay a premium to enjoy those things.

Condos are often located close to downtown, which offers many amenities besides what is already included in the condo. If the place where you work is downtown, you will no longer have a long commute in traffic that seems to be going nowhere. You will be close to restaurants, theaters, shops, supermarkets, schools and many other places that are considered a must by many homeowners.

The amenities that are offered by most modern condos are also an advantage. Many condos have tennis courts, swimming pools, spas, gyms, recreation rooms, and some may even have golf courses. All of these and other amenities will come with the added advantage that you will not have to pay to have them installed in your home, and you will not have to bear the maintenance cost alone.

Condos also tend to be more secure because there are many people sharing common areas who tend to get to know one another. Some condos have private security, which is an added advantage for those who are really security conscious. You will be able to rest easier knowing that there is monitoring, and that someone is keeping an eye on things.

Take into consideration that when you buy a condo, you will get the title to the space within your walls, that you will generally have common walls with other neighbors, and that your ceiling may be someone else's floor and your floor may be someone else's ceiling. What is inside those walls is yours, but everything else will be considered a common area, and it will be owned collectively by the condo association, which is made up of the unit owners.

You will usually have to pay a condo association fee which will go toward maintenance. That means that you will not have to pay to fix the plumbing or a roof leak, unless it is determined that you caused the problem. Perhaps simply not having to mow the lawn, rake leaves or shovel snow will be enough of a benefit by many people.

~There is great property for sale at Condos for Sale in Gilbert and 3 Bedroom Properties in Gilbert AZ. Article Source: http://EzineArticles.com/?expert=Marco_D_Benavides

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Paying for Retirement

Photo: Stacks of U.S> bills in a pile.

As we retire, stop working and grow older, we still need to pay for expenses, which, in some cases, may still include paying a mortgage. Many seniors will rely on Social Security, although that proposition looks less secure as time goes on, and Social Security was never designed to support retirees for 20, 30 or 40 years. Others seniors will tap into pensions, 401Ks and other retirement plans, and others will need to work part-time. There are some other ways to pay for retirement and related issues that will arise, including the cost of health care.

Buy long-term care insurance. LTC plans typically cover assisted-living, independent-living and nursing-home costs, and depending on the plan, in-home care. The best plans have inflation riders and guarantees that the premiums will not rise unreasonably. These plans are not cheap, but the younger you are when you buy one, the less the premiums are each month, and considering that a nursing home can cost up to $15,000 per month, they are very often worth the price.

Tap into a reverse mortgage. These have changed a lot in the last two decades; the coverage has gotten better and the fees have lessened. If you own your own home, have equity and are at least 62 years of age, then these mortgages are a way to access cash, stay in your home and eliminate your mortgage payment, if you have one. The mortgage company will buy the note on your home and then give you a lump sum of money or a monthly check, depending on the amount of equity you have in the home. This money is yours to do with as you please and does not have to be paid back. When you die or leave the home, it is then sold to pay off the loan (this is when the mortgage company makes its money). The downside is that the home cannot be willed to heirs since it must be sold to pay off the loan, and the loan amount has been increasing since the loan was originally purchased by the reverse mortgage company. The chances are slim that there will be extra money to will to heirs after the home is sold.

No original part of this electronic publication may be reproduced without the express written consent of Webwerxx, Inc. Various attempts were made to verify the accuracy of the information contained in this bulletin, but some information may have changed since publication. Webwerxx, Inc. cannot be held responsible for information that has changed since this publication appeared online. We are not Realtors.