Looking for inexpensive areas to retire

tiffey · Joined: 29 Oct 2008 Posts: 7

We are retiring and looking to live in a warmer than Ohio climate. It seems like everything we read is geared toward over $50,000 a year living. We know there are places that have housing that is "affordable" but we never see any articles in this price range. Are we the only ones that lost money last fall on the market crash?? Share your wonderful secret places that you don't have to spend everything on housing.

Drumlin · Joined: 06 Sep 2009 Posts: 8

The key is to ask the developers and property managers. The affordable units in a community will NEVER be advertised, it seems. There is a brand new community near me, and I know they are going for $300,000 and up. I drove around there last night just to poke around, although that's WAY beyond my price range. A woman was standing outside her unit and we started chatting and she invited me in. She said her unit was one of the affordable units, and went for only $160,000!! It was gorgeous. So, most communities must have a certain number of "affordable" units, but you need to really dig to find them.

geaudy · Joined: 18 Jan 2009 Posts: 8

Thanks Drumlin - what a great piece of information.

Tiffey - I also was looking for a milder weather location. I found a few places online for New Mexico. I kept looking and found over a dozen or so communities. They have pre-manufactured homes and you rent the lot. Sort of like the old trailer parks except the homes are gorgeous. New Mexico is great - 350 days of sunshine I can take. They say if it snows it is usually gone by noon because of the sun. We traveled over 800 miles round trip to Albuquerque. I visited about 10 communities, various types. Some condos, cottages, rental, a mobile park and then the manufactured home parks. These homes were $60K - $130K. They would easily go for twice that on the east coast where I live now. Anyway the more reasonable prices are in the non-tourist towns. Las Cruces was my favorite. Good Luck. Yes I also lost a lot of money in the stock market crash - so much so that I have to delay retirements for a couple of years.

tiffey · Joined: 29 Oct 2008 Posts: 7

Thanks Drumlin, I think you are right they probably are there if you can dig them out. I do a lot of "digging" online. So I will just keep it up.
Geaudy - that was good information on New Mexico,have never been there ---yet. I think visiting the area is key. Hope to try Mississippi this fall, around the Tn line is Southaven. Reads well and lots of possibilites at least it sounds that way. Florida is also a possibility I just don't want to be where everyone else wants to be down there. Smile

Drumlin · Joined: 06 Sep 2009 Posts: 8

Hey, Tiffey, I just wanted to clarify....the affordable units are not something the developer is probably going to put on the internet (i.e., advertise). In some areas (Connecticut being one of them) a developer MUST provide affordable units, where the owner must meet income guidelines. This is not something a developer will be up front and open about. They want you to look at and buy the full price units, of course. So, don't be shy about asking point blank about affordable units, or you probably won't find the information. Good luck!!

geaudy · Joined: 18 Jan 2009 Posts: 8

Drumlin: I took your advice. There is a development a couple of towns from me. It is one of those up front deposit type communities where they hold your money until you leave. IE: $250K then you pay monthly for the rest of your stay and the up front money is part of your will or it is returned to you if you decide to move. Very much a resort type community with every amenity you can imagine. Anyway, I decided to go for a tour and then I sat down with a finance person. So I asked the question about any sliding scale or lower prices based on income. This is a very affluent town and before he could get a permit to build the contractor had to agree to offer a scholarship program for people who can afford the monthly rent but can not afford the money up front. The scholarship can be a portion or the whole amount of admission deposit. Your right they aren't going to advertise but it doesn't hurt to ask. They of course had a waiting list but it didn't matter I was over the monthly income range anyway. So I asked whether the $250K was negotiable and they said when I am ready to put a down payment they could talk about shaving off a few thousand. I think everything is negotiable now you just have to draw it out of them by asking. I will be adding this to my questions for all my future retirement community tours. Thanks

tiffey · Joined: 29 Oct 2008 Posts: 7

geaudy--- we have taken several tours and have one place that we would really like to live, but the initial up front money now is out of the question. We never asked the right questions I guess! Glad you had an opportunity to try out Dumlins advice already. We will definitly remember the advice from both of you.
So many of these offer too many amenties at this time in our life. We can wash our own sheets and towels and do not want someone to clean our apt. They offer too many services that we really don't want to pay for that we we dont need. So lets make a deal!!

geaudy · Joined: 18 Jan 2009 Posts: 8

Tiffey: Be sure to call the places you like and let them know how much you liked it and then ask the question. It isn't easy but you have to force yourself.Remember if it is available someone else will get it. The thing is once you are in the communities no one know if someone paid less, so don't worry about that part of it.

Drumlin · Joined: 06 Sep 2009 Posts: 8

Yay geaudy! So glad you got some useful information! When I was a Real Estate agent I often had first time homebuyers surprised when I told them they could offer many thousands below the asking price of a house, or ask for the seller to pay closing costs, etc. The worse a seller can say is "no" to your idea, they still want you to buy from them eventually! Even new developements are negotiable to a degree.

2putz · Joined: 20 Dec 2007 Posts: 27

There have been some terrific ideas here about how to buy inexpensively. My favorite is to buy in the resale market. Not only are the kinks usually worked out, but the sellers are usually very motivated. They need to move on and are probably more flexible than a development that has to hold the line on prices. But if you find the unit you want from a developer, don't be afraid to negotiate. Come in with a clean offer and a fast timeline and you might be pleasantly surprised.

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