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Forum » Buying a retirement home one bedroom apartment? (pics)
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Thread: Buying a retirement home one bedroom apartment? (pics)

post 1678969193 03-14-2023, 05:38 PM
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  1. Vascularmanlet
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Buying a retirement home one bedroom apartment? (pics)

Is it possible for someone my age to do this or will the lenders refuse? Heard they’re usually only for 55+.

As a guy who will most likely be single my whole life and doesn’t plan to settle down wouldn’t mind living here tbh.

Saw this for 96k and it looks fresh AF tbh. Wouldn’t mind putting down a deposit and getting a mortgage for this


[/url]

[img]https://i.ibb.co/31jCq3P/0-F52-B380-851-B-4-A9-E-8120-40-F79827-E13-B.jpg[/img][/url]

[img]https://i.ibb.co/y4npj8c/796-A040-E-BFD5-4979-8-D8-C-7-EE4857396-D5.jpg[/img][/url]

[img]https://i.ibb.co/3B0rk6R/52-E33178-D769-40-DE-8-C76-CCC469-A0-F365.jpg[/img]

[img]https://i.ibb.co/x2ttVTN/070-A1807-555-C-41-C8-A259-4352-E7-A33-D13.jpg[/img]

[img]https://i.ibb.co/j6WQght/D5-D46-ADC-348-A-46-BA-81-D9-654-AB4-CCEED7.png[/img]
post 1678969433 03-14-2023, 05:44 PM
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  1. gmenfan40
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LOL at needing a mortgage for a property costing 96k. (Ded fkn Srs)
post 1678969583 03-14-2023, 05:47 PM
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  1. digital022
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A a condo in a fooking senior citizen complex?

I'd rather buy a small plot of land to build on.
Your schtick sucks and it screams insecurity.
post 1678969673 03-14-2023, 05:50 PM
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  1. guest89
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Probably depends on your income and your debt to income ratio.


Age should be irrelevant otherwise.
post 1678969693 03-14-2023, 05:51 PM
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  1. Kev1972
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Get a beach condo that you can air bnb when you're not there.
Motorcycle crew
Army veteran crew
One Meal a day crew
post 1678969823 03-14-2023, 05:53 PM
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Better off buying something to live in now and the best but cheapest you can afford in the most desirable location of where you want to be now.
Sell in a couple years, and roll that into something bigger when pay increases, or you meet that special someone, sell again ac ouple years after that when the market increases, and so on.

I've done this my entire life and now own 2 homes, main house paid off (880k value) and my retirement cabin almost paid off..that is what I would recommend
post 1678969923 03-14-2023, 05:56 PM
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Must smell like Piss N ****e... just move Back to India
MR.PHF '09

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'Cause I went from negative to positive

And it's allGood..."


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post 1678970513 03-14-2023, 06:06 PM
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95K pounds is about $115K... why is it so cheap? There must be something wrong with it.


BTW, in the US, most 55+ communities, by law, has to be occupied by someone 55+. A person under 55 can't legally live there unless someone 55+ lives there as well. I also don't think you can buy them as investments since that will drive up costs for seniors who will have trouble affording. But I"m not sure how it is in the UK.
Everything I post is satire.
Tricknology Grand Master.
post 1678970673 03-14-2023, 06:09 PM
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OP is 27 and has already given up on life.
When it comes your time to die, be not like those whose hearts are filled with the fear of death, so that when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song and die like a hero going home.
post 1678971123 03-14-2023, 06:15 PM
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Sounds cost effective / frugal tbh. Would encourage you to save more since the $96k mortgage would be cheaper than probably most anything you can get as far as rent/mortgage goes. That said, even though the finances are there, there's still other costs:

- all neighbors are old people, no one young or your age to meet and be friends with
- location might suck
- might be hard to sell later when you're ready to move again
- you may own the apartment but the building owners might have lots of annoying policies and rules you'd have to live by

Other than that I'm wondering if there's any additional hidden costs (HOA or similar).

All in all I'd say no thanks to that deal. What's your income at OP? How much can you save for a down payment by say, next year, or even 2025?

I recommend using this calculator tbh, to determine how much you can really afford. It's likely more than you think. Even with nearly $0 down, the site ends up telling you you can afford about 3-4x of your annual gross income in a house if it's 30 years fixed rate.

https://www.nerdwallet.com/mortgages...-affordability
post 1678989983 03-15-2023, 04:45 AM
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  1. Vascularmanlet
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Originally Posted By Visel⏩
Sounds cost effective / frugal tbh. Would encourage you to save more since the $96k mortgage would be cheaper than probably most anything you can get as far as rent/mortgage goes. That said, even though the finances are there, there's still other costs:

- all neighbors are old people, no one young or your age to meet and be friends with
- location might suck
- might be hard to sell later when you're ready to move again
- you may own the apartment but the building owners might have lots of annoying policies and rules you'd have to live by

Other than that I'm wondering if there's any additional hidden costs (HOA or similar).

All in all I'd say no thanks to that deal. What's your income at OP? How much can you save for a down payment by say, next year, or even 2025?

I recommend using this calculator tbh, to determine how much you can really afford. It's likely more than you think. Even with nearly $0 down, the site ends up telling you you can afford about 3-4x of your annual gross income in a house if it's 30 years fixed rate.

https://www.nerdwallet.com/mortgages...-affordability
Yeah I have enough for a 5% deposit but I suppose it’s better to save more.

Once I reach 20-25%I can get some good rates.
post 1678990063 03-15-2023, 04:47 AM
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Plus it comes with all the GILFS you can manage. Just stock up on sherry.
post 1678990203 03-15-2023, 04:52 AM
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Bro, if it were me, I wouldn't buy a unit in a retirement village. WTF kind of plan is that?


Why not put the money towards a self-sufficient off grid cabin? I've been in contact with a few people who do this sort of thing, and you could get a great project up and running for $70k. And this is a complete log cabin that you could live in which includes septics and appliances and gas heating and a water well, everything.

I haven't calculated the ongoing costs of this because I'm not 100% serious about it, but surely this would be a better way to escape the rat race, and a far more fulfilling sense of achievement, than buying some crappy old persons retirement unit?

A complete off-grid cabin would be something that forges your legacy too, and you could leave it to your family. Can you do the same for a retirement unit? Hey family, here, have this crappy funky-smelling retirement unit. No thanks.
Back off, Warchild.

Seriously.
post 1678990263 03-15-2023, 04:53 AM
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  1. CockHorse
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Originally Posted By Vascularmanlet⏩
Yeah I have enough for a 5% deposit but I suppose it’s better to save more.

Once I reach 20-25%I can get some good rates.
Lol. Wut? You have 5 grand and you are apartment shopping?

Better get used to paying your landlord 12 times a year. You are going to die doing that.

Also OP. That is a DEPOSIT on the apartment.

You still pay rent on that, You get the 96K back when you die or move out. That’s how retirement places work. You don’t “own” it. Bank will not give you a loan for this.
post 1678990283 03-15-2023, 04:54 AM
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  1. Mikuljordan
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Originally Posted By gmenfan40⏩
LOL at needing a mortgage for a property costing 96k. (Ded fkn Srs)
UK and US salaries arent the same ****g0t

US 100k is like a UK 45k (srs)
Originally Posted By Godfrd824⏩
OP is 27 and has already given up on life.
He really has
post 1678990463 03-15-2023, 05:02 AM
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  1. Polaris
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Originally Posted By Mikuljordan⏩
UK and US salaries arent the same ****g0t

US 100k is like a UK 45k (srs)
lol@ crumpetcels
post 1678990593 03-15-2023, 05:07 AM
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Originally Posted By Polaris⏩
lol@ crumpetcels
Yeah I'm kinda UK'd out now, america seems like a trash country too

might give ***** a try or something
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