Gay realtors: I need your help!

Locatia, Locatia, Locatia

At this stage avoid anything with stairs.

Ask the seller about how much it costs per month for ALL the utilities.

Pay close attention to the age of the HVAC system. If over ten YO, ask for a new system.

How old are you? How much are you financing? Where are you buying?

if nothing else, get a bidet

R3 - all new AC systems are going to cost 25% more next year due to new fed regulations with coolants. All the old 410a coolant systems are being phased out and won't be available next year.

HVAC system, roof, appliances, foundation, windows - there's a LOT to look at.

Are you paying all cash?

Did you come into some money?

He did, R8.

Do they give loans to elderlies???

R10 All financed loans frontload the interest.... you don't pay any of the principal for years. OPBoy could live 10 years and croak and he won't have paid any of the principal.... Bank making bank.

Tips from another eldergay. Hopefully you're looking at a condo-type properties so that there is zero maintenance for you as owner. You may be physically capable now at 60 but consider how you might be in 10-15 years. You don't want to be moving again when you're 75 years old. When looking at properties, consider how they will help you "age in place". The layout of the bathroom and kitchen should be laid out in such a way to allow you to maneuver with a walker. You want a shower versus a tub to bath unassisted. From the sidewalk or driveway there should be few to no steps. Complexes with a doorman or delivery room will help with package and food deliveries. A spare bedroom would come in handy if you need live-in or full-time care (versus an assisted care facility).

I'm an elder gay (74). I own my home (no mortgage) on 5 acres - 19 years. Lots of work but worth it for the peace and privacy. But, if you've never owned be prepared for maintenance/upkeep on a regular basis. If you are not handy or willing to do the necessary things make sure to have lots of $$$ to pay someone to do what you can't/won't. If buying new you may have some sort of warranty from the builder. If buying used then have a through inspection and be prepared to put out money right away to fix/replace things. I assume you are buying a single family home - if so watch out for HOA's. If buying a condo/townhouse - same thing but at least your monthly 'fees' will cover the exterior - but not the interior or mechanical (HVAC, WH, etc.). If you've got big bucks and like to drive/travel you could get a motor home and see the USA! Good Luck.

Thanks, gays.

No, I’m looking at townhouses or rowhouses. No “driveways” as I don’t own a car.

If you properly capitalize “Realtor,” he will take a greater interest.

If a condo, perchance, definitely research the homeowner association’s monthly fees, assessments and common-area insurance claims history.

Ease of ordering an escort on a short notice i.e. location, location, location!

Gay realtors are whores?

My friend pays about 8k a month in mortgage.

"If a condo, perchance, definitely research the homeowner association’s monthly fees, assessments and common-area insurance claims history. "

Also, look at minutes of the condo's HOA meetings. Do they devolve into contentious bitch fests?

And look at the condo's reserve? Do they have any money socked away for an act-of-god event? Or are you one hailstorm away from a big ass assessment?

OP, at this stage the only place you should buy is a burial plot.

R21 thinks he’s funny.

Likely no HOA

R22 is not amused.

[quote]I'm a eldergay, and only now late in life am I prepared to buy a place. what should I do? extra credit for gay tips

From your post, OP, it's plain you need a nice "gay" place that keeps the door locked so you can't wander on the street with your ass out.

I hope OP pronounces Realtor correctly. I cringe when I hear someone say, "real ah tur."

OP if you need a Realtor, I'm your gal!

[quote] Are you paying all cash?

Do NOT pay all cash! You need the tax deduction from mortgage interest, especially in retirement. You also need to invest your cash savings because retirement brings a great deal of financial uncertainty. Better to have your cash growing and available than to tie it up in home equity and risk losing some of it if home values drop.

[quote]Pay close attention to the age of the HVAC system. If over ten YO, ask for a new system.

I have to disagree with this. The older units were built to last. The newer units over the past ten years were built to break down within a year or two.

If OP is considering a condo or any kind of 'community', he best be checking out THEIR financials for the past decade and see how high the condo fees have gone up, what has been replaced (such as siding on the buildings, parking lots, etc,) and what is being planned. Otherwise, he is in for a shock when he gets his first re-evaluation (like some of my friends have experienced ).

well, the place I was looking at had a furnace clearly from the sixties. the piping into the rest of the house was brand new, but the furnace was older than even I am!

Guaranteed, that furnace will outlive you and everyone you know. They were built to last forever back then - with yearly maintenance you will have no problems with it. I guarantee it.

Gas furnace?

yes. and I'm surprised to hear thatR31, I've had a furnace go out that was from the seventies.

We had an oil furnace that worked great but the oil was costly and my partner wanted something more environmentally suitable: heat pump. So we got it.

Now when it gets below 30 degrees, we have to use space heaters because the heat pump struggles and sometimes won’t even come on when it’s really cold. We pay more in utility bills than we paid for oil.

OP, since you are older and looking at townhouses or row houses, ask yourself how you will get upstairs when you age and stairs become a problem.

Also, if you will be getting a mortgage, be sure to check you can add extra money with your monthly payment to be applied directly to the principal of your mortgage. Get an amortization schedule and whenever possible add extra funds to the principal. If you get a mortgage with a lower rate (so you are paying less monthly interest to the lender) you can pay off a mortgage sooner if you reduce the balance with extra payments. I did this when I bought my house. Took a long mortgage with a lower rate, but ended up paying it all off in a much shorter time.

right, I do want that

r34 -- is connected to the home heating oil biz in some way. And lives in an old, barely insulated house. Most peeps love their heat pumps and save money. Sucks to be you and hubby.

R29 - bullshit. Their are good HVAC brands and bad ones. Carrier is excellent. Goodman and some of the others not as good.

Be careful of any 'white-labeled' systems from HVAC companies - it's typically 'their' system, but it's a cheap version and prone to breaking down.

Sometimes you truly do get what you pay for. But mark my words - all new HVAC systems are going to cost considerably more next year with the new regulations.

What is the update

Verificatia of locatia.

see R1

Why on earth would you consider NOW a smart time to buy a property? If you have never owned before this sounds absurd. My partner and I are thinking of selling the home we have owned for 30 years (no mortgage) and moving to a more practical space that would accommodate our current lifestyle. Thinking long term it would be a ranch fitted properly if we should have physical limitations as we age. Don’t need it now, but thinking of the future.

We could take proceeds from sale of our house and do extensive travel or perhaps buy a place in an area where we can rent it out part of the year and live there when we want.

Think about it. Don’t buy, just because you can.

Interest rates are going to come down. That often means home prices will go up.

[quote]I've been looking at townhouses/rowhouses

A small rancher would be better idea going forward. The only stairs would be to the basement or part of an outdoor deck maybe.

Did I miss what city OP is looking in? And what's the budget. Do you have a pet? Do you mind being around kids? Do you travel out of town a lot? Do you have friends or relative who visit. Some simple things about your lifestyle need to be discussed with your realtor.

r28, are you insane? Husband and I are selling our house from a big city to a small town in order to not have a mortgage. Why would we pay 7% interest on a mortgage for the sake of a tax deduction when we only earn 4.5% annually on our 401K?

Stay out of my neighborhood

And off my lawn!

OP, what’s the proposed location?

You can always buy now and refinance later

Did I miss what city OP is looking in? You did

And what's the budget. On the low side

Do you have a pet? Two cats

Do you mind being around kids? Nope

Do you travel out of town a lot? Yes

Do you have friends or relative who visit. Nope

Some simple things about your lifestyle need to be discussed with your realtor. Thanks

OP, I don’t know if you can swing it, but you might consider a duplex. Rent out one unit and the rent will help cover your mortgage. I have done this, and it is a great option for single-income people. As long as you have some basic skills in terms of repairing things in the home-or are willing to learn. It is never too late to learn. Don’t listen to some of the cunts on this site.

PS, I’m not a realtor.

[quote]A small rancher would be better idea going forward.

As a house or as a rentboy?

[quote]Do NOT pay all cash! You need the tax deduction from mortgage interest, especially in retirement. You also need to invest your cash savings because retirement brings a great deal of financial uncertainty. Better to have your cash growing and available than to tie it up in home equity and risk losing some of it if home values drop.

Are you posting from 2017? Fewer than 10% of taxpayers itemize deductions anymore. If OP is single, the standard deduction is $14.6K. Total itemized deductions would have to exceed that it make it worthwhile, and then you're only getting the benefit of the amount over that figure. (Standard deduction is even higher if he's over 65 or married.)

That’s Realtor, capital R.

I'm 71, single, no heirs. I have two houses (one is a rental.) I've been thinking that it doesn't make much sense for me to die with two large assets (together they're worth probably $1.2 million.) So maybe I should just sell and rent for the rest of my life. I could live like a king and go wherever I wanted.

*Ask the seller about how much it costs per month for ALL the utilities.*

If you have to ask you can't afford it *snif*

[quote] [R28], are you insane? Husband and I are selling our house from a big city to a small town in order to not have a mortgage. Why would we pay 7% interest on a mortgage for the sake of a tax deduction when we only earn 4.5% annually on our 401K?

Because you're old, on a fixed income and cannot predict your future expenses. Don't put all your wealth into home equity, in an uncertain real estate market.

[quote] I'm 71, single, no heirs.

Can I have your stuff?

r54 I meant the house but a live-in rentboy exchanging housekeeping, repairs or renovations for sex would also be a good idea.

Helping my parents out now I really have to emphasize what others have said about looking ahead.

Get a single level (or at least, you can live comfortably on a single level (including laundry).

Look HARD into the HOA's finances. I'm really kind of surprised to see articles about how poorly these Florida HOA's were managing their properties. A $20K assessment (which does not seem totally out of the blue) is unmanageable for a lot of people.

If you want a yard, be prepared to pay for it. My parents have a big yard, and they like having it so whatever, but lawn care (mowing, sprinkler maintenance, etc.) averages out to $400 a month (during the summer).

Walk in showers are easier.

Factor in a cleaning service if you are particular about that.

It isn't all doom and gloom. My parents do fine, and they are very middle class and my Dad retired with around $400K (in addition to full SS). They do fine.

Their home is paid for though. If they were still paying a mortgage, it would be rough.

OP, are you in a city? Big? Middle? Small? Or a suburb?

[quote] Because you're old, on a fixed income and cannot predict your future expenses. Don't put all your wealth into home equity, in an uncertain real estate market.

That might be an option when mortgages were 2% but even then, it's precisely because you can't predict the future that you don't want to worry about making mortgage payments. Plus mortgages have fees and requirements. The buyers of our townhouse were almost turned down for a mortgage because the provider didn't like the ONE month in 25 years we had low HOA reserves. They made the buyers put down a larger down payment. It was ridiculous.

Pay cash for the house if you've got it, assuming you have enough savings to pay for 15-20 years of HOA and property taxes. Put money in savings accounts that are now 5.15%. If you don't have a mortgage you don't have to have home insurance which is now a ripoff for a townhouse. I never once used it in 40 years. We had leaks and a new roof which are covered by the HOA. Put money aside for HVAC and plumbing repairs.

Finally, if your place is paid for you can still tap the equity with a HELOC not that I recommend that unless it's to pay property taxes.

[quote] As long as you have some basic skills in terms of repairing things in the home-or are willing to learn. It is never too late to learn.

Huh? This sounds stressful for both OP and the renter. Landlord coming over and learning on the job.

R57 do you really want to deal with landlords, rent increases, end of tenancy, etc at this point in your life if you don’t have to?

Some don’t have other options

I’ve found that my tight pants, off the shoulder tops and batting my false eyelashes only engender guffaws at this stage of my life when negotiating with renters.

[quote] Pay cash for the house if you've got it, assuming you have enough savings to pay for 15-20 years of HOA and property taxes. Put money in savings accounts that are now 5.15%. If you don't have a mortgage you don't have to have home insurance which is now a ripoff for a townhouse. I never once used it in 40 years. We had leaks and a new roof which are covered by the HOA. Put money aside for HVAC and plumbing repairs.

Most HOA CC&Rs will require an individual owner to maintain a walls-in home insurance policy. HOA only covers structure and common area. Savings accounts will not yield 5.15% when the Fed starts chopping rates next month. Who can pay for a home in cash, still have cash reserves for "15-20 years of HOA and property taxes" AND put money aside for HVAC and plumbing repairs?! I am assuming OP is not rich since he said he can only now get into the housing market.

[quote] Finally, if your place is paid for you can still tap the equity with a HELOC not that I recommend that unless it's to pay property taxes.

You can't get a home loan if you have no income. Savings will not help you qualify for a HELOC. Get your mortgage before you stop working.

R11, I don’t think that is the case 100% of the time.

Twat?

Definitely no HOA. Aren’t those only in the suburbs?

[quote] Savings accounts will not yield 5.15% when the Fed starts chopping rates next month.

Right. Just like they were chopping last meeting, and the meeting before that, and the meeting before that...

r72 lives in Croatia.

nope, on the east coast. but aren't those for condo associations and things like that? rowhouses don't typically have HOAs, no?

east cost of vietnam?

no..

What you need to do is learn how to use a toilet

I bought my condo when I was 68. It's basically an apartment in a 3 story building I'm on the first floor with the parking garage underneath my unit. Over the past 5 years I replaced my HVAC system, got granite counters, and removed the tub and renovated my bathroom. I got a home improvement loan to do it, and even though the payments were about 450 a month I paid it off over 4 years.

I pay $1,450 a month for my condo including HOA. Water, trash collection, security, and parking is included. Gated community. I went on budget billing for gas and electricity. I'm doing fine. Best decision I ever made. My place is a one bedroom, one bath. Sometimes I wish I had something bigger, but I can afford this.

My friend pays 1000 for his condo fees every month. His mortgage is over $ 7k a month for 1 bedroom in Brooklyn

I'd suggest you expand your call for help to include Straight Realtors.

R80 Property taxes?

Ugh, no gated communities for me. I need to walk. Like to things like groceries.

Why not just tell us how much money you have OPIE.

OP is looking for a quality cardboard box and a new sidewalk preferably in an area with mild winters.

R46, your 401K is only making 4.5%? What are you, only in bonds or fixed income? No matter your age, you need SOME exposure to the market through equities.

r87, yes, pretty much. I do have SOME exposure to equities but it's small and market fluctuations make me nervous. I wish that Fidelity would just shove my 401K under my mattress. It's $750K and I have no clue if that was enough for retirement before I bit the bullet and left my job at age 62. Not planning to take SS until age 65, but some people are recommending that I do it now. Haven't drawn on the 401K or SS yet because I have 1-2 years of cash savings. Thanks for your response. Am open to suggestions. I do realize that although I live in expensive California, my financial situation is stronger than so many others' situations late in life and my heart goes out to them. Partner and I are trying to downsize and get a new house in a cheaper area and not have a mortgage. But if our home sells for less than we hope, we might need to end up having a partial mortgage, but at 7-7.5%, that seems daunting. We've lowered our expectations in terms of where and how we will live in retirement accordingly. I'd rather die than move to a cheap red state.

My property taxes are folded into my mortgage payment.

I would tell you that I have ample acreage to walk around in my gated community, and t he supermarket is less than a mile away so easily within walking distance. I

[quote] Also, look at minutes of the condo's HOA meetings. Do they devolve into contentious bitch fests?

Meeting minutes are seldom so specific. Most are neutral or non-descriptive to the point of unhelpfulness. It's all to avoid legal issues.

My Homeowners Ashosshiashin are horrible Naziss taking ordersh from the Bill Bells!

R88. you should be able to managae. You've not said much about your partner's assets, but you need to plan jointly. You may want to consult a fee-based financial planner for a few hours of consultation and planning advice. How are you spending your retirement time? Could you do that anywhere? If you sell in California, you can probably buy a comparable (or slightly downsized) place almost anywhere in the country except metro New York.

Read up! The standard advice, which is still not too shabby, is that you can take 4% of the balance in your 401k every year. That assumes some mix of investments. The old rule was your age was the percentage of bond or fixed income investments. I've stayed nearly fully invested in equities and have done well, though in recent years have shifted a larger portion to triple tax free bonds that are yielding about 5%.

The fed will probably cut rates by .25% or .5% in September, which will drive down mortgage rates a bit.

But mostly, you need to educate yourself about options and read up. Susie Orman is actually pretty good stuff.

r92, eldergay69, thank you for your response. Spouse gets $3,000/mo after taxes from SS and a modest pension. I'm not 65 yet (so no Medicare) and am on his union health plan, which is why I was able to retire somewhat early. It's a huge gift. We married last year after a long, long-distance relationship. Trying to sell his condo in a hot market back East. Expecting $150K proceeds. Hoping to net $400K-$500K out of the sale of our funky, old CA house. That leaves us something to put down on a new home in a cheaper city in a blue state. We want to stay in CA. Might need to take a $100-200K mortgage to get our dream retirement home, which would be a modest, 2br/2ba with no stairs or hills and a place for growing tomatoes and strawberries. 7.5% mortgage seems impossible and disgusting, even if we could qualify with such low paper income.

My astute mom, combined with Suze Ormond, is the reason why I own a home (albeit with a $500K mortgage) and have a 401K and no other debt. Am aware of the 4% 401K withdrawal "rule". Partner and I have serious medical issues and aren't planning for longevity. Have been watching that fabulous Berkeley Dyke for decades. We are old and panicking.

One of my old buddies works in hospitality. His income on paper is very low coz I don't think he reports his cash tips, has lots of cash...I wonder if he can get a mortgage