I AM Back, Finally Sold My Old Home, In New 55+ Community, What I learned, Was It Worth it?

[Panina]

It is interesting how so many of us want that sense of community and participation that is lacking in our lives today.

Panini’s experience gives us all hope!

PS I agree Panina is an awesome person! We need her here on TUG!

I think we can call Tuggers “The Awesome Club”.

Hope means we never give up and strive to reach our dreams.

 

[Panina]

Congratulations, I wish you much happiness in your new home. 2 years ago we moved to a 55+ community. We each have our own small house (mine is about 1200 ft, 2 BR, 2 BA, garage and basement). We have a few rules but hardly any. No clotheslines, no loud music. You can do anything to your house and yard but if you keep it like a junk yard they will hire someone to clean up and bill you. We have an active HOA but we don't take advantage of many of the activities because we are still working. These retired people do everything ON the holiday - weekends mean nothing to them LOL. So they have the Halloween party on 10/31 and the St. Patrick's Day dinner/dance on 3/17. Tomorrow we are going to the holiday wine and cheese social. When we retire we hope to become more active. Regarding pets - the agreement says that if you have a dog or cat (or several) you can move in with them, but upon its demise, you may not get another. That sounds good on paper, but I see a lot of people walking puppies around here. I asked someone and they told me "you can't tell a senior they can't have a pet - they need pets!"
I am very happy we made the move. Our neighborhood where we lived for over 30 years was turning over to young families and I no longer felt the connection to the community like I do here.

Thank You. Glad you found a great community too.

 

[Panina]

Congratulations on your successful transition! Despite the challenges, it sounds like it's all going to work out well. I'm very happy for you.

I'm one who (for now) will stay in my current home on retirement. After my spouse is retired in a few years, we may opt to move somewhere else, but for now, we kind of have the best of all worlds right where we are. Not the least of which is a home on a large corner lot we bought new 16 years ago, that we've fixed up to our own standards, "correcting" some things the Builder didn't do the way we wanted them done. After house hunting in our area for the last few years, we've learned downsizing in our town is not a financially sound idea - homes much smaller than ours, on postage-stamp lots in less-than stellar neighborhoods, are selling for 25% higher prices than our current home is worth - with a corresponding higher mortgage payment. We've decided to stay in our home, until and unless something extraordinary happens. (Lottery winner, anyone?) Once spouse is retired, we can take another look at things, and decide if a warmer climate, with all that entails, is a viable option.

Dave

Thank You. Downsizing in my area, especially when buying new, costs more. It amazes me as it isn’t logical.

 

[#1 Cowboys Fan]

I


The funny story of the night was when a group of residents asked us if we were part of the 20% that can be under 55. They though we were in our 40’s. My other half told them to dye their hair like we do and they can look 45 too. Everyone was laughing.

Panina,

Your avatar definitely makes me think you are less than 55 !!! haha!

 

[WinniWoman]

Thank You. Downsizing in my area, especially when buying new, costs more. It amazes me as it isn’t logical.

I really think that is in most places and with most things these days.

As I have mentioned before - our new little cottage of 4 rooms on a postage size lot that we do not own (the HOA will own it eventually. right now the builder owns it), with almost none of the amenities our former home on 10 1/2 acres had, will cost more (especially since we will have to do some work to it after we move) than our former home sold for.

Any resales we looked at in NH for what we could spend using the proceeds from the sale of our home needed work- bigger or smaller homes. Crazy.

That said-it was good we did not listen to the realtor and listed it lower than they recommended right from the start. I just saw that a brand new construction home in the area where we used to live- as big as our former home but on a lot less land- sold for just $22,000 more than our home did.

 

[WinniWoman]

Congratulations, I wish you much happiness in your new home. 2 years ago we moved to a 55+ community. We each have our own small house (mine is about 1200 ft, 2 BR, 2 BA, garage and basement). We have a few rules but hardly any. No clotheslines, no loud music. You can do anything to your house and yard but if you keep it like a junk yard they will hire someone to clean up and bill you. We have an active HOA but we don't take advantage of many of the activities because we are still working. These retired people do everything ON the holiday - weekends mean nothing to them LOL. So they have the Halloween party on 10/31 and the St. Patrick's Day dinner/dance on 3/17. Tomorrow we are going to the holiday wine and cheese social. When we retire we hope to become more active. Regarding pets - the agreement says that if you have a dog or cat (or several) you can move in with them, but upon its demise, you may not get another. That sounds good on paper, but I see a lot of people walking puppies around here. I asked someone and they told me "you can't tell a senior they can't have a pet - they need pets!"
I am very happy we made the move. Our neighborhood where we lived for over 30 years was turning over to young families and I no longer felt the connection to the community like I do here.

Sounds great. Where is this on Long Island, Jackio?

 

[Sugarcubesea]

Thank you. I can understand how you feel. In time you will find what is right for you. By the way, you are awesome too.

Panina: thanks so much.... I know that I will find the right spot to meet our needs...

 

[Panina]

I really think that is in most places and with most things these days.

As I have mentioned before - our new little cottage of 4 rooms on a postage size lot that we do not own (the HOA will own it eventually. right now the builder owns it), with almost none of the amenities our former home on 10 1/2 acres had, will cost more (especially since we will have to do some work to it after we move) than our former home sold for.

Any resales we looked at in NH for what we could spend using the proceeds from the sale of our home needed work- bigger or smaller homes. Crazy.

That said-it was good we did not listen to the realtor and listed it lower than they recommended right from the start. I just saw that a brand new construction home in the area where we used to live- as big as our former home but on a lot less land- sold for just $22,000 more than our home did.

My old home showed like a model, that is what the showing agents said, but I lost many buyers to new construction which cost more. New construction homes were smaller, less garages, no bonus space and no private backyard like my home but what they did have that lacked in mine was the white kitchen with huge island and larger bath with soaking tub with dark floors which is what the younger generation prefers in my area.

 

[WinniWoman]

My old home showed like a model, that is what the showing agents said, but I lost many buyers to new construction which cost more. New construction homes were smaller, less garages, no bonus space and no private backyard like my home but what they did have that lacked in mine was the white kitchen with huge island and larger bath with soaking tub with dark floors which is what the younger generation prefers in my area.

Yup. I saw those photos of your house and it was beautiful!

Our home was recently totally remodeled and updated and the realtors told me we did not even have to stage it as the way we lived in it it was like being staged. LOL!

It had a very modern kitchen (with the white cabinets- well- three different color cabinets used in the design) with an island, and a master bathroom that was like a spa with a steam shower and all wood floors throughout the house. It was lacking a huge open floor plan- had just a small open floor plan- kitchen/den.

I thought that is what the HGTV generation wanted- but we hardly had any people look at it- just the first week and then it died. Thankfully- the buyers of our home were the first ones to look at it and we all made it work so they could buy it.

Considering we are now living in their former house I can see why our house was like a palace to them and I can see how this house should stay a rental as I don't know how they would sell it without extensive work. Unless they offered it for a real low price as the area it is in is really ideal.

My brother has a house in Manhasset- ok different category of home as that is an expensive/exclusive area. After three months and a bunch of showings and open houses- no offers and he pulled it off the market. They had done so much work de cluttering it and staging it. The markets are really weird right now I guess.

Thankfully both you and I sold our homes at least. But I have to tell you right now I am missing our home terribly and I often wonder what the hell did we do? But your experience is keeping me going!

 

[WinniWoman]

Congratulations on your successful transition! Despite the challenges, it sounds like it's all going to work out well. I'm very happy for you.

I'm one who (for now) will stay in my current home on retirement. After my spouse is retired in a few years, we may opt to move somewhere else, but for now, we kind of have the best of all worlds right where we are. Not the least of which is a home on a large corner lot we bought new 16 years ago, that we've fixed up to our own standards, "correcting" some things the Builder didn't do the way we wanted them done. After house hunting in our area for the last few years, we've learned downsizing in our town is not a financially sound idea - homes much smaller than ours, on postage-stamp lots in less-than stellar neighborhoods, are selling for 25% higher prices than our current home is worth - with a corresponding higher mortgage payment. We've decided to stay in our home, until and unless something extraordinary happens. (Lottery winner, anyone?) Once spouse is retired, we can take another look at things, and decide if a warmer climate, with all that entails, is a viable option.

Dave

Dave- you are so right. Same in our former town. I don't have to rehash my story. If it weren't for the isolation and loneliness, and some events that are occurring in the area, staying in our former home would have been good for us. We had everything we needed there in terms of the house itself. Property taxes were high, but all else considered we would have been fine.

BTW- Ever since we moved I have been playing the $2 Win For Life scratch offs! LOL! I never played the lottery before but now once per month I buy one ticket, hoping to win $1000 per week for life. I'm not greedy. But this retirement thing scares the hell out of me!

 

[CalGalTraveler]

@Panina Congratulations on your move. I am amazed you did this in record time (although it prob. doesn't feel like it for you.)

I always worry about my college age kids boomeranging and needing a place to live with us. Don't these over 55+ communities have restrictions?

 

[AnnaS]

Nice to see you Panina and congratulations on your new home. Sounds like you are all settled and fit right in.

Good luck. I think you will be very happy. There is not one person I know who has moved into a 55plus community who did not rave about it. I wish we had a few here where i live. I believe there is only one. There is always talk of building one......but nothing yet. We also don't have a great selection of condo communities - maybe townhomes. There is a ton in NJ - but I am not willing to move there - my two sons are here (and daughter in DE).

My son's in-law's just sold their home (and it was small like mine) and moved into a condo/townhome community. The actual sq. footage is same as the home she lived in but without storage or basement. The fees are reasonable. No need now for a landscaper and no worries about shoveling snow anymore which the husband can't do anymore. It's also ground floor so no steps to climb (they only had a few on their ranch). Might be an option for the future if they really like it.

Enjoy it and looking forward to your posts/experience

 

[WinniWoman]

@Panina Congratulations on your move. I am amazed you did this in record time (although it prob. doesn't feel like it for you.)

I always worry about my college age kids boomeranging and needing a place to live with us. Don't these over 55+ communities have restrictions?

They do. We think the same now- we will have a tiny house in NH- but it is not an age restricted community, though most of the people there are over 50. But- no room for our son if he - heaven forbid- needs to live with us again. Of course, he is older than your kids- a man in his 30's

Then again- maybe that is a good thing! Sorry, you are on your own- no room at the inn... LOL!

We at one point even thought of getting a two family house or at least one with a separate apartment. Decided against it as it would be not really downsizing and also the cost involved and the work most of them needed. Not the lifestyle we envisioned.

 

[Panina]

@Panina Congratulations on your move. I am amazed you did this in record time (although it prob. doesn't feel like it for you.)

I always worry about my college age kids boomeranging and needing a place to live with us. Don't these over 55+ communities have restrictions?

Thank You. It seemed forever even though it was a short timeline.

In my community as long as the kids are over 20 they can live with you. The potential problem can be if a child needs to come back with a grandchild, that is much more limited, just a few months is allowed.

 

[Panina]

Nice to see you Panina and congratulations on your new home. Sounds like you are all settled and fit right in.

Good luck. I think you will be very happy. There is not one person I know who has moved into a 55plus community who did not rave about it. I wish we had a few here where i live. I believe there is only one. There is always talk of building one......but nothing yet. We also don't have a great selection of condo communities - maybe townhomes. There is a ton in NJ - but I am not willing to move there - my two sons are here (and daughter in DE).

My son's in-law's just sold their home (and it was small like mine) and moved into a condo/townhome community. The actual sq. footage is same as the home she lived in but without storage or basement. The fees are reasonable. No need now for a landscaper and no worries about shoveling snow anymore which the husband can't do anymore. It's also ground floor so no steps to climb (they only had a few on their ranch). Might be an option for the future if they really like it.

Enjoy it and looking forward to your posts/experience

Thank You. Hopefully, in time, something new will be built. With all the baby boomers lots of 55+ Communities are popping up.

 

[CalGalTraveler]

I would be very selective of a 55+ community. There was an article in the WSJ about a week ago that said that the millennials don't want boomer communities and they expect that many of these homes will dramatically lose value due to lack of demand as elderly age out / pass away. They cited Sun City in Arizona as an example. They said that coastal regions (eastern seaboard, California) will fare better because the value of the land/home will be bought for other uses.

 

[Panina]

I would be very selective of a 55+ community. There was an article in the WSJ about a week ago that said that the millennials don't want boomer communities and they expect that many of these homes will dramatically lose value due to lack of demand as elderly age out / pass away. They cited Sun City in Arizona as an example. They said that coastal regions (eastern seaboard, California) will fare better because the value of the land/home will be bought for other uses.

Millennial is the 23-38 year range. Most don’t envision themselves aging so a 55+ Type community is not what they would want now. A few aches and pains, higher city expenses, loneliness, etc might make them see things differently when they age. I remember thinking I would never live in a 55+ community because they are too old, I obviously changed my mind.

 

[bnoble]

If it weren't for the isolation and loneliness, and some events that are occurring in the area, staying in our former home would have been good for us.

One of the things I really like about living in a university town is that there is something for *anyone* to do---music, sports, lectures, theater, etc. Many more opportunities than one would expect given the population base. I would be hard pressed to live somewhere without those amenities.

no room for our son if he - heaven forbid- needs to live with us again. Of course, he is older than your kids- a man in his 30's

Never say never. At the age of 48 I lived in my mom's basement bedroom for about two months between moving out of the house and subletting an apartment.

 

[WinniWoman]

One of the things I really like about living in a university town is that there is something for *anyone* to do---music, sports, lectures, theater, etc. Many more opportunities than one would expect given the population base. I would be hard pressed to live somewhere without those amenities.


Never say never. At the age of 48 I lived in my mom's basement bedroom for about two months between moving out of the house and subletting an apartment.

We could throw him on the floor on an air mattress, but he would have to put everything he has in storage and couldn’t afford that I’m sure.

As for the college town thing- yup. One only 25 miles from where we are moving - our son lives there. Plus we are moving to a resort town so lots to do. That is why this location will be perfect for us.

 

[jackio]

My brother has a house in Manhasset- ok different category of home as that is an expensive/exclusive area. After three months and a bunch of showings and open houses- no offers and he pulled it off the market. They had done so much work de cluttering it and staging it. The markets are really weird right now I guess.

Our community is in Calverton, which is in the town of Riverhead, exit 73 (the END) of the Long Island Expressway. It is still very rural here, with wild turkey and deer walking through the yards all the time. I work about 30 minutes west of here, and DH works about 35 minutes west.

On Long Island the starter and lower priced homes are selling quickly. We didn't even put our house on the market. My Son-in-law works with a woman who mentioned she was looking to buy a house. He said "my in-laws are planning to sell" and they took it right away.

The problem with the high end Long Island communities is that they have very high property taxes (my taxes were under $10,000/yr, which is very reasonable here). With the changes in the tax laws, people can only deduct $10,000/yr in real estate taxes combined with their state taxes, so the buyers are not getting the tax breaks they used to depend upon to afford their homes. The market is slow with the higher end houses.

 

[rickandcindy23]

We looked at Sun City in Hilton Head. Wow, I loved those houses, but the grandkids would be too far away, all in Colorado. We just couldn't do that. Our home of 41 years is just so comfortable, and Rick has updated it so much, I see no real reason to move. What community did you move to, @Panina.

 

[bogey21]

One of the things I really like about living in a university town is that there is something for *anyone* to do---music, sports, lectures, theater, etc. Many more opportunities than one would expect given the population base. I would be hard pressed to live somewhere without those amenities.

Pacific Retirement Services, the company that manages my CCRC is currently building one on the campus of Arizona State University. If it wasn't such a hassle, I'd consider moving there...

George

 

[WinniWoman]

Our community is in Calverton, which is in the town of Riverhead, exit 73 (the END) of the Long Island Expressway. It is still very rural here, with wild turkey and deer walking through the yards all the time. I work about 30 minutes west of here, and DH works about 35 minutes west.

On Long Island the starter and lower priced homes are selling quickly. We didn't even put our house on the market. My Son-in-law works with a woman who mentioned she was looking to buy a house. He said "my in-laws are planning to sell" and they took it right away.

The problem with the high end Long Island communities is that they have very high property taxes (my taxes were under $10,000/yr, which is very reasonable here). With the changes in the tax laws, people can only deduct $10,000/yr in real estate taxes combined with their state taxes, so the buyers are not getting the tax breaks they used to depend upon to afford their homes. The market is slow with the higher end houses.

Yes, I have a friend who lives in Centereach. Her sister lives there also and her sister's neighbor was looking for a larger home but had a hard time finding the perfect one even after a year! He agreed to sell my friend his house (which she wanted for retirement as it was smaller than hers and was move in ready), once he found one so she could move to be near her sister and also her daughter. So- she put her house up for sale and it sold fairly quickly but she had to rent temporarily until the guy she was buying the house from found a house for himself and his family.

She said the homes are so crazy expensive on LI as well as the 55+ places.

As for the high end homes- my brother had said one issue was when they updated the house they did everything by the book getting all the proper permits and so forth- therefore his taxes went up. Other homes that have sold might have gotten away with not getting permits and their taxes are lower. Although when you are talking million dollar homes you would think taxes would not matter that much to people that can afford those houses int he first place.

Second he said this administration has put a stop to a program (forget what it is called) that brought a lot of Asians into the country and into the market where he lives. The past few years all the buyers in his neighborhood were Asian. In fact, that was part of what drove up the prices so high.

 

[WinniWoman]

I would be very selective of a 55+ community. There was an article in the WSJ about a week ago that said that the millennials don't want boomer communities and they expect that many of these homes will dramatically lose value due to lack of demand as elderly age out / pass away. They cited Sun City in Arizona as an example. They said that coastal regions (eastern seaboard, California) will fare better because the value of the land/home will be bought for other uses.

I read an article that was similar but actually said a lot of coastal places like Florida and California are going to lose value because of climate change and rising waters, increasing heat, earthquakes, hurricanes and so forth. Something millennials are afraid of- climate change.

Really who knows? Anyway- we will be dead. Who cares about the house appreciation? We were always told, owning a home was an investment that always increased in value. Many of us in most parts of the country know how that turned out...Now at this stage of life we need a decent place to live and thrive and that is all that matters.

 

[Panina]

Our community is in Calverton, which is in the town of Riverhead, exit 73 (the END) of the Long Island Expressway. It is still very rural here, with wild turkey and deer walking through the yards all the time. I work about 30 minutes west of here, and DH works about 35 minutes west.

On Long Island the starter and lower priced homes are selling quickly. We didn't even put our house on the market. My Son-in-law works with a woman who mentioned she was looking to buy a house. He said "my in-laws are planning to sell" and they took it right away.

The problem with the high end Long Island communities is that they have very high property taxes (my taxes were under $10,000/yr, which is very reasonable here). With the changes in the tax laws, people can only deduct $10,000/yr in real estate taxes combined with their state taxes, so the buyers are not getting the tax breaks they used to depend upon to afford their homes. The market is slow with the higher end houses.

RE Taxes for my new home I estimate will be around $2650, lower when I am 65, the house I moved from was only $1800. They use the purchase price. I wasn’t reassessed in the 8 years I lived there. I think they said next year they will be reassess.

Low RE taxes is one of the reason retires are coming to SC. The weather is another.