+- MacResource (https://forums.macresource.com)
+-- Forum: My Category (https://forums.macresource.com/forumdisplay.php?fid=1)
+--- Forum: Tips and Deals (https://forums.macresource.com/forumdisplay.php?fid=3)
+--- Thread: I need help with my Mom’s situation (/showthread.php?tid=296036)
Re: I need help with my Mom’s situation - DeusxMac - 04-27-2025
Buy a condominium?
Re: I need help with my Mom’s situation - mattkime - 04-27-2025
This starts to get into what kind of care your mother may need toward the end of her life. Also, its complete common for older people to be too cheap when it comes to paying for their own care.
Hopefully you can have a voice in the matter as you'll be affected. Of course, that depends upon your mother's ability to ponder her own mortality.
Re: I need help with my Mom’s situation - rz - 04-27-2025
DeusxMac wrote:
Buy a condominium?
God, no. Bad idea. Fees and surprise assessments will kill you. We had a condo in a resort-ish area several years ago. First few years were good… we rented it out for four months/year, which was enough to pay the mortgage for the rest of the year. We were able to use it for ourselves the rest of the year. Then the housing market crashed and rental rates plummeted. We switched to renting it annually, which barely covered the mortgage. Sold it for a loss after about 12 years.
During that 12 years, I think the condo fee tripled. We had one special assessment for some building repairs at one point (I think it was a couple thousand dollars). Got a notice right after we sold that there was going to be another assessment for roof repairs that was several thousand dollars. Their repair reserves weren’t enough to cover it because so many people moved out or foreclosed. Then that condo collapsed near Miami and the state passed laws saying condos had to have a ton of money in reserves to pay for repairs. Might not be the same everywhere, but I’d never buy a condo again.
Re: I need help with my Mom’s situation - RAMd®d - 04-28-2025
Might not be the same everywhere, but I’d never buy a condo again.
Condos somewhere for some people might workout well.
But everyone I've ever talked to about their time in condo hated it.
Escalating fees were the biggest complaint, followed by overzealous HOA types, who thought they were in Beverly Hills.
So for everyone happy being in condo, good on ya.
For me, condo is like a boat — a hole in the ocean one throws money into.
I'd never try it myself.
Re: I need help with my Mom’s situation - kj - 04-28-2025
That's good to hear as we've considered condos and other similar setups. I don't think we'd have the problem of losing value, as our real estate market is not looking like it will cool off like other places. But I don't know what extra fees might be involved, so that's something to check out. I'm also glad to see the taxes aren't likely to be a big problem. We started packing things up today!
The big issue is going to be selling her house with the huge subsidized apartments being built a stones throw away.
Re: I need help with my Mom’s situation - mrlynn - 04-28-2025
kj wrote:
That's good to hear as we've considered condos and other similar setups. I don't think we'd have the problem of losing value, as our real estate market is not looking like it will cool off like other places. But I don't know what extra fees might be involved, so that's something to check out. I'm also glad to see the taxes aren't likely to be a big problem. We started packing things up today!
The big issue is going to be selling her house with the huge subsidized apartments being built a stones throw away.
Which means the value is likely going down; better move fast.
You might consider assisted-living places. You have to buy in, and they can be quite expensive, but proceeds from selling a house can sometimes cover it. They often have services on site (including medical care), senior meals and activities, vans for trips to malls, libraries, concerts, etc.
We moved my wife's mother from out-of-state into an assisted-living complex near us. It was a very nice, cheerful apartment with full kitchen, and some of her own furniture, which we had shipped down. Unfortunately, her health declined precipitously, and she was unable to remain there even a full year. But it would have been a good option for her.
Re: I need help with my Mom’s situation - Speedy - 04-28-2025
Age and health conditions matter. We lack this info.
Re: I need help with my Mom’s situation - macphanatic - 04-28-2025
Maybe she can sell it to the apartment complex builder. Might get a decent price and not have to pay all the closing costs, etc.
Re: I need help with my Mom’s situation - kj - 04-28-2025
She’s 80, still drives, is doing well health-wise. At this point, she’s going to make the choices, but we want to make sure she doesn’t do anything that costs her a lot unnecessarily. She doesn’t initially listen to us, but if we bring something up she looks into it, so we have some influence.
Yeah, the value of her place is likely going to be quite affected. I honestly don’t know if she’ll be able to sell it. Not much of this has happened in Boise, so my brother doesn’t think it will have any effects, and might even be good, but I’ve seen it in Cali, so I know how bad it’s going to be (at least that’s what I’ve seen). It would be best if she could stay where she is until she needs more help, but I understand her fear and I think she’s probably right. If construction is a year or two, that’s a mess for two years of what she has left. I wouldn’t want that either. Plus, that’s just the beginning.
It’s some sort of government apartment (federally funded, city involved, etc.) so it will be section 8 and will also house a fair number of people in a transitional program for people who are currently homeless. Needed, but not good for mom. 6 stories and 250 units, no parking (they’ll all use the bus :-) , No open space for kids. It’s ridiculous, but the money is available!
Re: I need help with my Mom’s situation - Speedy - 04-28-2025
I’m 75 so it’s nice to know 80 year olds still drive and can be healthy.