Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

What To Look For When Buying A Condo For Your Retirement Years

by Luke Fields

If you're tired of caring for a yard and maintaining a home, then moving into a condo could be a good idea, especially if you're nearing your retirement years. Without all the worry of property maintenance, you have more freedom to travel and be away from home for extended times. Condo life is different from living in a single-family home, and it may take some getting used to. Here are some of the things to look into when you look at condos for sale:

Condo Association Dues

The monthly association dues can be quite hefty in some condos, especially those on a beach or other prime location. Be sure to factor the dues into your expenses so you don't end up losing your condo due to inability to pay the dues in a few years. Also, be sure you understand what is included in the monthly fee so you know exactly what you get for your money. In some cases, water, cable, and lawn care are included and that helps offset the fees.

If possible, look into the financial status of the condo community to see how the funds are reserved. There should be a fund set aside for repairs and maintenance. If there isn't enough money to pay for new roofing or for paving roads in the community, the cost will be divided by the residents and that unexpected expense may be difficult to pay once you're on a fixed income after you retire.

Condo Association Rules

Find out about rules concerning pets, parking, and overnight guests. Rules vary among condo associations, so you want to understand beforehand what you won't be permitted to do. While the rules may seem confining, they also apply to your neighbors so the rules can keep disagreements under control.

However, there is often a lot of drama that goes along with condo life, so find out how disagreements with neighbors are handled. Talk to people living in the community to see if they are happy with their neighbors and the management. Try to get copies of past association meetings to see what kind of complaints are aired and how your potential neighbors conduct themselves.

Condo Features

Looking at condos for sale is a lot like looking at homes for sale. You want something that fits your personality and has ample storage since you won't be able to store things in a shed in your yard or an attic. You may want a penthouse for a fantastic view, or you might prefer the first-floor condo so you can open the door and walk outside. You have many options when it comes to condos, and they can be purchased in a wide range of prices. Just be sure you understand exactly what you're getting into because you don't have as much freedom when you live a condo. However, that could be just what you need when you're downsizing for retirement.


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.