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| Screen Shot of Google Compare Mortgages |
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| Condo Example |
Here is my thinking...we paid less than $20000 for our Park Model BUT we pay over $400 a month for rent on the space. The positives of this situation is that we have an end unit that overlooks pickle ball and tennis courts plus a view of the mountains. We get a lot of light and have plenty of room...it is all relative folks. Now we have to ask ourselves "How much will $400 a month pay for on a real mortgage?" A 30 fixed rate on a second home with 10% comes in at about $500. Affordable? I think so. We would be building equity, I love designing small spaces and this might be a wonderful location. I am thinking we should all take a look and compare the two lifestyles.
So if you will type Affordable Housing (city of your choice) in the search on my sidebar and look at what is available and then do the same thing putting in Google Compare Mortgages, you will have begun the process. If it looks good to you, contact a real estate agent...believe me they will get back to you right away. These people are a treasure house of information.
Times have changed since I began writing this blog for boomers and snowbirds. It is always good to keep an open mind. Think about it!
I am interested in hearing about your experiences. Leave a comment and I will reply.
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Link to earlier post: Inexpensive Retirement
Comment (just FYI) :
- Thanks for visiting my blog. Affordable housing: that's why we're in France, as there is none in UK. Our first venture into French property was in 1989, and for £25,000 we bought a stone farmhouse with 3 barns and a big garden (at least it became a garden when we were there, before it was just a head-high wilderness. Our second house was a 300 year old stone barn (£5000)which my husband converted and extended into a 5 bedroomed house with an enormous living room. We wanted to be within walking distance of village, shops etc, so we had a new eco house built about 2 miles from the barn, which is where we live now. No mortgage, no debts, bliss.
Thanks for visiting my blog.
ReplyDeleteAffordable housing: that's why we're in France, as there is none in UK. Our first venture into French property was in 1989, and for £25,000 we bought a stone farmhouse with 3 barns and a big garden (at least it became a garden when we were there, before it was just a head-high wilderness. Our second house was a 300 year old stone barn (£5000)which my husband converted and extended into a 5 bedroomed house with an enormous living room. We wanted to be within walking distance of village, shops etc, so we had a new eco house built about 2 miles from the barn, which is where we live now. No mortgage, no debts, bliss.
Grass is always greener. The $400 won't be going towards your mortgage, it will be going towards your maintenance, property tax, insurance, furnishing.....Right now you have a $400 FIXED expense in rent. Now you'll have a $250-$1000+ variable expense. I have the mortage, I'm looking forward to just paying rent. I have been here 10 years and have yet to have a month where "some house expense" has come up.
ReplyDeleteWe just bought a beautiful condo in the foothills and are looking forward to retiring there. Prices are still fairly low for the location but going up rather quickly due to all the retiring boomers, of which we are in that category!
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