Considering move to apartment in retirement

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Topic Author
placeholder
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Considering move to apartment in retirement

Post by placeholder »

Updated: if you're seeing this for the first time please know that there is a significant 9/9/2023 update from me so don't reply to this.

For a number of years I lived in a basic apartment that I started in during college and kept because it was convenient then bought a house in 1999 which is now paid off and I have been retired since early 2018 so I am thinking of make a change back to renting but in a more upscale way.

Some notes:

1. I'm getting a bit tired of the homeowner life as I get older and kind of desire a fresh start.
2. This would be a fairly upscale accommodation with some nice amenities.
3. The one I'm looking at currently is near downtown of a desirable local city (Clayton MO for those familiar with the area).
4. It's relatively costly for this area with a two bedroom somewhere in the $3000 per month range.
5. Of course even a paid off house isn't free so I would save some money on explicit costs on some utilities and reduction of heating and cooling expenses plus no upkeep costs or property tax and reduced insurance costs with only the necessary renter's to maintain my umbrella policy.
6. One aspect that's a downgrade is parking as I would go from my private garage to an attached parking garage.

I have not yet arranged a site visit but I want to do that soon so I would be interested in hearing from anyone who made a similar move and what things I should look for and ask the property representative.
Last edited by placeholder on Sat Sep 09, 2023 7:35 pm, edited 2 times in total.
Mr. Rumples
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Re: Considering move to apartment in retirement

Post by Mr. Rumples »

This might have some similarities to living in a condo building...if its a mid-rise or high-rise, I'd ask how they handle water shut offs for plumbing repairs. Are they able to isolate individual units or do they have to shut off water to the entire building? If they are able to isolate individual units, are the shutoff valves for one unit located in a adjacent unit? All of this sounds crazy, but when we moved to CO, we found many of the mid-rises built in the 1970's were plumbed in just this manner.

If its a central water AC/heat unit, is it two or four pipe? In a two pipe system the heat or AC is either on or off; a four pipe system means some units can get heat while others can have AC.

Are washer/dryer units in each apt. If not, are they permitted?

Are Airbnb's permitted? If so, it might feel like living in a hotel.

Is renter's insurance required?

If you cycle, where are bikes stored?
"History is the memory of time, the life of the dead and the happiness of the living." Captain John Smith 1580-1631
student
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Re: Considering move to apartment in retirement

Post by student »

Mr. Rumples wrote: Fri May 27, 2022 5:19 am This might have some similarities to living in a condo building...if its a mid-rise or high-rise, I'd ask how they handle water shut offs for plumbing repairs. Are they able to isolate individual units or do they have to shut off water to the entire building? If they are able to isolate individual units, are the shutoff valves for one unit located in a adjacent unit? All of this sounds crazy, but when we moved to CO, we found many of the mid-rises built in the 1970's were plumbed in just this manner.

If its a central water AC/heat unit, is it two or four pipe? In a two pipe system the heat or AC is either on or off; a four pipe system means some units can get heat while others can have AC.

Are washer/dryer units in each apt. If not, are they permitted?

Are Airbnb's permitted? If so, it might feel like living in a hotel.

Is renter's insurance required?

If you cycle, where are bikes stored?
+1. I also think a condo is a better than renting an apartment because you don't have to worry about rent increase. But of course, the downside is you cannot move easily.
humbledinvestor
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Re: Considering move to apartment in retirement

Post by humbledinvestor »

But condo fees can and do go up, assessments can happen.
student
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Re: Considering move to apartment in retirement

Post by student »

humbledinvestor wrote: Fri May 27, 2022 6:50 am But condo fees can and do go up, assessments can happen.
Yes they can but those are necessary maintenance cost. I am concern about market rate adjustment like what they have in Florida right now. https://www.wptv.com/money/real-estate- ... in-florida
Valuethinker
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Re: Considering move to apartment in retirement

Post by Valuethinker »

student wrote: Fri May 27, 2022 6:10 am
Mr. Rumples wrote: Fri May 27, 2022 5:19 am This might have some similarities to living in a condo building...if its a mid-rise or high-rise, I'd ask how they handle water shut offs for plumbing repairs. Are they able to isolate individual units or do they have to shut off water to the entire building? If they are able to isolate individual units, are the shutoff valves for one unit located in a adjacent unit? All of this sounds crazy, but when we moved to CO, we found many of the mid-rises built in the 1970's were plumbed in just this manner.

If its a central water AC/heat unit, is it two or four pipe? In a two pipe system the heat or AC is either on or off; a four pipe system means some units can get heat while others can have AC.

Are washer/dryer units in each apt. If not, are they permitted?

Are Airbnb's permitted? If so, it might feel like living in a hotel.

Is renter's insurance required?

If you cycle, where are bikes stored?
+1. I also think a condo is a better than renting an apartment because you don't have to worry about rent increase. But of course, the downside is you cannot move easily.
A condo is a serious financial commitment and should be approached with caution.

Better to rent for a year or two and see how that life suits.

Main problem is much later in life, you can be evicted (depending on local and state law) because landlord wants to sell or redevelop. That's incredibly traumatic for someone in poor health or over 80, say. Have experienced that with some of my relatives - one who had been in her apartment since it was first built (1966)-- she managed over 50 years!

Conversely the problem of underinvestment in condos repair & maintenance (see the disaster in Miami) is very broad. A big crop of condos built in the early 1970s, I think, coming up to the age when they need major structural repair and renewal. And many of the owners either lack the financial resources OR they only intend to hold for the short term.

In Canada, I look at all these glass panes & fancy kitchens, etc, and I think "what is this going to cost to replace in 20 years?". Just glass and steel and plasterboard (gyprock).

Older apartment buildings, owned by professional companies such as REITs, can be very good or very bad. But they tend to have more & bigger closet space, I think.
Valuethinker
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Re: Considering move to apartment in retirement

Post by Valuethinker »

placeholder wrote: Fri May 27, 2022 2:17 am For a number of years I lived in a basic apartment that I started in during college and kept because it was convenient then bought a house in 1999 which is now paid off and I have been retired since early 2018 so I am thinking of make a change back to renting but in a more upscale way.

Some notes:

1. I'm getting a bit tired of the homeowner life as I get older and kind of desire a fresh start.
2. This would be a fairly upscale accommodation with some nice amenities.
3. The one I'm looking at currently is near downtown of a desirable local city (Clayton MO for those familiar with the area).
4. It's relatively costly for this area with a two bedroom somewhere in the $3000 per month range.
5. Of course even a paid off house isn't free so I would save some money on explicit costs on some utilities and reduction of heating and cooling expenses plus no upkeep costs or property tax and reduced insurance costs with only the necessary renter's to maintain my umbrella policy.
6. One aspect that's a downgrade is parking as I would go from my private garage to an attached parking garage.

I have not yet arranged a site visit but I want to do that soon so I would be interested in hearing from anyone who made a similar move and what things I should look for and ask the property representative.
One thing you will probably do (if you are like me) is put a lot of stuff in personal storage.

Don't. You'll spend thousands on storing it and it will all get thrown out eventually.

Chuck it when you first move. Even expensive stuff like furniture. You won't miss it anything in proportion to the hassle and mindshare it will take up if you have it in storage.

Anyways probably you are more mature than I am.
runninginvestor
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Re: Considering move to apartment in retirement

Post by runninginvestor »

Valuethinker wrote: Fri May 27, 2022 7:08 am One thing you will probably do (if you are like me) is put a lot of stuff in personal storage.

Don't. You'll spend thousands on storing it and it will all get thrown out eventually.

Chuck it when you first move. Even expensive stuff like furniture. You won't miss it anything in proportion to the hassle and mindshare it will take up if you have it in storage.

Anyways probably you are more mature than I am.
I'll echo this. We've moved 4 times in the past 6 years. Other than my wife's increasing book supply and our board game supply, we've more or less had the same amount for each move. Mainly bc I adopted the process when we 1st moved that anything still in a box (aside from sentimental items and things we can't replace) when we moved next would be rid of since it meant it wasn't used anyway.

So if you do use a storage, I'd highly recommend after 1-2 years to go through it and anything with an unopened box, strongly consider getting rid of.
OnceARunner
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Re: Considering move to apartment in retirement

Post by OnceARunner »

I didn't dislike condo/apartment living with the lone exception of noise. Really no way to guarantee not hearing your neighbors. I am probably more sensitive than most to this, but I did not like hearing music, foot steps, etc all the time (even on a top floor unit). Even in upscale, solidly built units. PRobably the only reason I'll be in a SFH as long as I'm able.
RedDog
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Re: Considering move to apartment in retirement

Post by RedDog »

Valuethinker wrote: Fri May 27, 2022 7:08 am
placeholder wrote: Fri May 27, 2022 2:17 am For a number of years I lived in a basic apartment that I started in during college and kept because it was convenient then bought a house in 1999 which is now paid off and I have been retired since early 2018 so I am thinking of make a change back to renting but in a more upscale way.

Some notes:

1. I'm getting a bit tired of the homeowner life as I get older and kind of desire a fresh start.
2. This would be a fairly upscale accommodation with some nice amenities.
3. The one I'm looking at currently is near downtown of a desirable local city (Clayton MO for those familiar with the area).
4. It's relatively costly for this area with a two bedroom somewhere in the $3000 per month range.
5. Of course even a paid off house isn't free so I would save some money on explicit costs on some utilities and reduction of heating and cooling expenses plus no upkeep costs or property tax and reduced insurance costs with only the necessary renter's to maintain my umbrella policy.
6. One aspect that's a downgrade is parking as I would go from my private garage to an attached parking garage.

I have not yet arranged a site visit but I want to do that soon so I would be interested in hearing from anyone who made a similar move and what things I should look for and ask the property representative.
One thing you will probably do (if you are like me) is put a lot of stuff in personal storage.

Don't. You'll spend thousands on storing it and it will all get thrown out eventually.

Chuck it when you first move. Even expensive stuff like furniture. You won't miss it anything in proportion to the hassle and mindshare it will take up if you have it in storage.

Anyways probably you are more mature than I am.
+1 this.

As a retired military member that moved 10 plus times and after having helped my dad move out of his home of many decades…get a dumpster and don’t get too carried away donating.
Bud
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Re: Considering move to apartment in retirement

Post by Bud »

+1 rent increases
+1 home owners association fees and increases (condos)
+1 evictions (having to move)

You may want to check what it would cost to have others do maintenance on your home like mowing, gardening, or other regular service.

All the best.
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tennisplyr
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Re: Considering move to apartment in retirement

Post by tennisplyr »

This forum might be useful for your situation:

www.city-data.com/forum
“Those who move forward with a happy spirit will find that things always work out.” -Retired 13 years 😀
evelynmanley
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Re: Considering move to apartment in retirement

Post by evelynmanley »

When I got divorced in my early forties, we sold our home and I was so excited to be able to live anywhere I wanted and not be stuck anywhere. I've been renting apartments and living in different parts of the country for the last 26 years. As I've gotten older, I've found that things that never bothered me before now drive me insane: leaf-blowers at all hours from the maintenance crews; noise from neighbors and their dogs; management charging for every little thing - $100/yr more for Amazon lockers, $100/yr for parking in the parking lot, $50 for car stickers; $100/year "amenity" fee, and, the worst, untenable rent increases. I've been renting a house for the last three years, and it's been night-and-day compared to living in apartments, a million times better, although the rent increases continue. However, at my age now (68), I would give anything to own a home again and have that sense of security. If I had to do it over again, I would have rented out the house we owned when we divorced, and I would be living in it now. We sold it for $247k in 1996 and it's worth over a million now. It's in a town I love, and it has a pool and large garden. You don't want to be feeling the way I do now.
Last edited by evelynmanley on Fri May 27, 2022 8:47 am, edited 2 times in total.
desiderium
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Re: Considering move to apartment in retirement

Post by desiderium »

Whatever your current opinion about EVs, they are likely the future. Many apartments and condos are going to have to figure out how to bring in charging infrastructure and allocate costs.
iamblessed
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Re: Considering move to apartment in retirement

Post by iamblessed »

evelynmanley wrote: Fri May 27, 2022 8:03 am When I got divorced in my early forties, we sold our home and I was so excited to be able to live anywhere I wanted and not be stuck anywhere. I've been renting apartments and living in different parts of the country for the last 26 years. As I've gotten older, I've found that things that never bothered me before now drive me insane: leaf-blowers at all hours from the maintenance crews; noise from neighbors and their dogs; management charging for every little thing - $100/yr more for Amazon lockers, $100/yr for parking in the parking lot, $50 for car stickers; $100/year "amenity" fee, and, the worst, untenable rent increases. I've been renting a house for the last three years, and it's been night-and-day compared to living in apartments, a million times better, although the rent increases continue. However, at my age now (68), I would give anything to own a home again and have that sense of security. If I had to do it over again, I would have rented out the house we owned when we divorced, and I would be living in it now. We sold it for $247k in 1996 and it's worth over a million now. It's in a town I love, and it has a pool and large garden. You don't want to be feeling the way I do now.
Your like me. I have a saying I say own something. It does not have to be big and fancy.
quietseas
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Re: Considering move to apartment in retirement

Post by quietseas »

There are always pros and cons. I'd try to find a small, single story patio home (attached or detached), with at least a single car garage (2 car preferable), just a patio, and association maintained landscaping. For me I'm glad the HOA rules are in place; I don't want to live next to a 10 foot tall dolphin fountain or a house covered with a blue tarp over the roof for years.

I'd stay away from high rise condos where there's more risk of high cost assessments especially in a coastal area. That's me, but if you want such a lifestyle just know going in it can very well come with some surprise costs (and more resident politics since people are closer together and there are more dependencies on things like common hallways, elevators, parking garages, etc. that all can cause "drama").
adamthesmythe
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Re: Considering move to apartment in retirement

Post by adamthesmythe »

quietseas wrote: Fri May 27, 2022 11:29 am There are always pros and cons. I'd try to find a small, single story patio home (attached or detached), with at least a single car garage (2 car preferable), just a patio, and association maintained landscaping. For me I'm glad the HOA rules are in place; I don't want to live next to a 10 foot tall dolphin fountain or a house covered with a blue tarp over the roof for years.

I'd stay away from high rise condos where there's more risk of high cost assessments especially in a coastal area. That's me, but if you want such a lifestyle just know going in it can very well come with some surprise costs (and more resident politics since people are closer together and there are more dependencies on things like common hallways, elevators, parking garages, etc. that all can cause "drama").
I, too, moved to a townhouse/ patio home upon retirement. My monthly costs are far less that the $3000/ month OP is contemplating, and the association takes care of landscaping and exterior maintenance.

I anticipate future increases in fees but they will be much less than likely increases in rent.
likegarden
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Re: Considering move to apartment in retirement

Post by likegarden »

I am 82 and wife and I live in our house since 1987. Home repairs happen and for lawn mowing I have my grandson. My landscaping is too complex. But others over 80 have demonstrated to continue living in their houses by limiting the need for future repairs by doing all repairs early, and simplify drastically landscaping, and hire out all yard work. I still need to simplify my landscaping.
rich126
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Re: Considering move to apartment in retirement

Post by rich126 »

I'm in my late 50s and the only time I've lived full time in an apartment was back in my college days. Last year I moved back east due to my father's health. Since I figured it was a short term move I didn't want to buy anything so I ended up in a nice apartment. My concerns with apartments were the common ones: noise, parking, maintenance (how quickly they fix things).

In my case I've been lucky where we haven't had major noise issues, maintenance has been exceptionally fast and I paid extra for an underground parking reserved spot.

Issues we have had:
1. Smoking. A non-smoking building apparently confuses some people. The managers have been pretty good at warning people and finally identified the people and since then it hasn't been an issue. Fortunately it was very limited issue for us.
2. Pets. Seems like 80% of the people here have dogs. Generally it has been pretty good but in my imaginary world, it would be pet free.
3. Flooding. Fortunately not us but apparently one couple thought they could just modify the toilet themselves and add a bidet attachment. Then they went away for a weekend and it flooded their apartment, seriously damaged the apartment below and affected 2 others. And of course, the culprits did not have any insurance. That will be interesting since the damage certainly has to be in the tens of thousands plus they had to relocate at least one renter due to the damage.
4. Cost. Haven't seen out numbers since I had signed a 15 month lease but rent is going up AND utilities will no longer be included in the rent.

Personally I couldn't imagine retiring to an apartment or even a condo. I don't want to have neighbors above/below/attached to my residence. I also want my main cost (rent) to be known (either a mortgage or paid off house). Sure I will have maintenance costs but many of them I can determine when and how they will be done. Only certain things (leaking roofs, pipe issues, etc.) are things that usually have to be fixed right away.

I haven't seen anything in nearly my year here that would cause me to reconsider and rent full time. I'm enjoying the lack of maintenance issues but I'll take that over the unknown factors of having people surround me on multiple sides, unknown rent costs, etc. The only way I could see renting again would be in some kind of retirement center but hopefully we won't need to go that route.
----------------------------- | If you think something is important and it doesn't involve the health of someone, think again. Life goes too fast, enjoy it and be nice.
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placeholder
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Re: Considering move to apartment in retirement

Post by placeholder »

Mr. Rumples wrote: Fri May 27, 2022 5:19 am This might have some similarities to living in a condo building...if its a mid-rise or high-rise, I'd ask how they handle water shut offs for plumbing repairs. Are they able to isolate individual units or do they have to shut off water to the entire building? If they are able to isolate individual units, are the shutoff valves for one unit located in a adjacent unit? All of this sounds crazy, but when we moved to CO, we found many of the mid-rises built in the 1970's were plumbed in just this manner.
I would call it a mid rise about 5 or 6 floors and I will put that on the list to check.

If its a central water AC/heat unit, is it two or four pipe? In a two pipe system the heat or AC is either on or off; a four pipe system means some units can get heat while others can have AC.
I'll ask about that but given the local climate individual controls are almost a certainty.

Are washer/dryer units in each apt. If not, are they permitted?
Yes they are included.

Are Airbnb's permitted? If so, it might feel like living in a hotel.
A very valid concern after some events that have taken place in the main city.

Is renter's insurance required?
I think it doesn't matter because I have umbrella so renter's would likely be required to replace the homeowner's.

If you cycle, where are bikes stored?
I don't but storage in general is on my list to ask about.
Topic Author
placeholder
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Re: Considering move to apartment in retirement

Post by placeholder »

student wrote: Fri May 27, 2022 6:10 am +1. I also think a condo is a better than renting an apartment because you don't have to worry about rent increase. But of course, the downside is you cannot move easily.
No certainly not at this time because if I don't like this I would be leaving after a year.
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Re: Considering move to apartment in retirement

Post by placeholder »

Valuethinker wrote: Fri May 27, 2022 7:03 am
A condo is a serious financial commitment and should be approached with caution.

Better to rent for a year or two and see how that life suits.
That's my view.
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placeholder
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Re: Considering move to apartment in retirement

Post by placeholder »

Valuethinker wrote: Fri May 27, 2022 7:08 am One thing you will probably do (if you are like me) is put a lot of stuff in personal storage.
I'm not that attached to stuff and my stuff isn't that great so I would go through and only move stuff I planned to use in the new place then donate or give away or have hauled away the rest and then buy new stuff and have it delivered to the new place.
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placeholder
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Re: Considering move to apartment in retirement

Post by placeholder »

Bud wrote: Fri May 27, 2022 7:43 am You may want to check what it would cost to have others do maintenance on your home like mowing, gardening, or other regular service.
That is a consideration.
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Re: Considering move to apartment in retirement

Post by placeholder »

desiderium wrote: Fri May 27, 2022 8:09 am Whatever your current opinion about EVs, they are likely the future. Many apartments and condos are going to have to figure out how to bring in charging infrastructure and allocate costs.
I believe charging stations are available but I can check that.
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placeholder
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Re: Considering move to apartment in retirement

Post by placeholder »

likegarden wrote: Fri May 27, 2022 12:11 pm I am 82 and wife and I live in our house since 1987. Home repairs happen and for lawn mowing I have my grandson. My landscaping is too complex. But others over 80 have demonstrated to continue living in their houses by limiting the need for future repairs by doing all repairs early, and simplify drastically landscaping, and hire out all yard work. I still need to simplify my landscaping.
It isn't whether I can manage to stay in my house I certainly could but I'm not attached to it and not getting much benefit from a yard and such plus frankly thinking of leaving the area anyway so I want to improve my situation.
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celia
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Re: Considering move to apartment in retirement

Post by celia »

OnceARunner wrote: Fri May 27, 2022 7:20 am I didn't dislike condo/apartment living with the lone exception of noise. Really no way to guarantee not hearing your neighbors. I am probably more sensitive than most to this, but I did not like hearing music, foot steps, etc all the time (even on a top floor unit). Even in upscale, solidly built units. PRobably the only reason I'll be in a SFH as long as I'm able.
+1
Not only do you hear your next door neighbors at all hours, but apartments also tend to be on/near main roads, while keeping most of the street traffic out of the middle of a neighborhood. The busier the traffic, the more you will hear sirens going down the street, trucks, and larger vehicles.

Then there is usually more turn-over in apartments as the tenants move more often than homeowners. This means moving vans show up more frequently and you start all over meeting new neighbors. If there is a pool, will you use it, or just hear the sounds of others using it? You're paying for it indirectly, so take that into account, too. What else will the complex have that you have to pay for but will rarely use? clubhouse? gym? playground?
Mr. Rumples
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Re: Considering move to apartment in retirement

Post by Mr. Rumples »

Note on individual controls for AC/heat in building. If its a water two pipe system, its either heat or AC depending on how its set at the central source, commonly in the basement. This determines if hot or cold water is going through the pipes. Thus, if there is no cold water through the pipes (the building having not been "switched from heating"), the folks wanting AC - for instance on the top floor facing south - won't have AC no matter how they set their thermostat. A four pipe system is a lot more expensive to build.

Depending on what's at the central source for the heat/AC, switching isn't necessarily a matter of pressing a button, it can take several days for some older systems, hence a reluctance to switch back and forth during temperature swings in the fall and spring.

This may not be an issue, since the unit might be "insulated" by units adjacent to it, but something to be aware of.

For more: https://louisville.edu/housing/policies/procedures/hvac

Good luck on your move. There is a lot to be said for living in a well maintained rental unit. When we sold our house in 2008, we lived in a mid-rise which was well run until we moved west for a few years. No worry about the rain and the roof, no worry about repairs, it was peace of mind. Now, with rentals, it is less expensive to own than to rent, but its tempting.
"History is the memory of time, the life of the dead and the happiness of the living." Captain John Smith 1580-1631
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placeholder
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Re: Considering move to apartment in retirement

Post by placeholder »

celia wrote: Sat May 28, 2022 2:45 am Not only do you hear your next door neighbors at all hours, but apartments also tend to be on/near main roads, while keeping most of the street traffic out of the middle of a neighborhood. The busier the traffic, the more you will hear sirens going down the street, trucks, and larger vehicles.
It seems like people think I've always lived in a house but as I said above I lived in apartments for a number of years so basic information about apartment living isn't necessary.
If there is a pool, will you use it, or just hear the sounds of others using it? You're paying for it indirectly, so take that into account, too. What else will the complex have that you have to pay for but will rarely use? clubhouse? gym? playground?
I certainly plan to use the amenities and since I'm retired I can have the day hours to use them then because I'm renting if I find that the lifestyle doesn't work I can do something different after the lease period.
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Re: Considering move to apartment in retirement

Post by placeholder »

I looked up the building that I'm currently considering and here is some information: This apartment community was built in 2018 and has 7 stories with 228 units.
randomguy
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Re: Considering move to apartment in retirement

Post by randomguy »

placeholder wrote: Sat May 28, 2022 2:40 pm
celia wrote: Sat May 28, 2022 2:45 am Not only do you hear your next door neighbors at all hours, but apartments also tend to be on/near main roads, while keeping most of the street traffic out of the middle of a neighborhood. The busier the traffic, the more you will hear sirens going down the street, trucks, and larger vehicles.
It seems like people think I've always lived in a house but as I said above I lived in apartments for a number of years so basic information about apartment living isn't necessary.
I think a lot of people have only ever lived in the cheapest possible apartment. There are plenty of apartments that aren't on main roads, have enough insulation so you don't hear your neighbors, and so on. If you the person that wants 4 acres between you and anyone they aren't good. Living on some 12k lot where you are peering in your neighbors windows? I prefer the nice apartment.
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GerryL
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Re: Considering move to apartment in retirement

Post by GerryL »

Been in my house 30+ years now. It's a two-story with a small yard. I'm of an age that if I were to decide to move, it would probably be to a place geared for seniors. That is, something like a CCRC with options for active, independent living plus assisted living. I am currently a member of an age-in-place Virtual village, so I can get help with tasks around the house as well as some transportation, if needed. And I've made a lot of friends in the "village." But I do think about "what if" and keep an eye on what the options are in my area.

OP,
You didn't indicate where you are in your life cycle. Are you thinking about where you will want to be if the day comes that you need some help ... and whether you would want to move again?
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Re: Considering move to apartment in retirement

Post by placeholder »

I took a look at the building in google and the roof has bunches of air conditioning outside units which is what I figured for a building in this climate and likely electric furnaces inside the unit as was the case for the previous apartment I lived in.
sandan
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Re: Considering move to apartment in retirement

Post by sandan »

I would also take a look into 55+ coops.

I helped a relative downsize into one and it has been very nice for her. Its pretty much modeled after a hotel. Weekly cleaner, nice subsidized dinning area, gym classes, all maintenance included etc. As with most HOAs etc. the coop can get tricky for people with outsized egos, but overall I think the board does a really job. Then again, I have an affinity for living in areas where retired and experienced professionals have time to volunteer for board positions. I guess my only advice is that if you look into a coop, find a way to look at the board election material. They will list their occupations prior to retiring and the other volunteer work they do. It should give you a good sense of how well the community is operated.
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Watty
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Re: Considering move to apartment in retirement

Post by Watty »

One problem to keep in mind is that with an apartment that is owned by an individual they may decide to not renew your lease and you may be forced to move. That could be hard to deal with when you are older.

In many condos you can either rent or buy in the same building so one option would be to rent a condo for a year to see if you like it then buy one when it becomes available. That way you could also wait for one of the better ones like a corner or higher floor on the best side of the building.
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Re: Considering move to apartment in retirement

Post by johnny »

DW and I are downsized, almost empty nesters who have rented upscale apartments for the last three years due to relocation.

Sometimes we miss our 2200 sqft suburban house:
1) room for entertaining
2) 2 car garage for occasional auto maintenance
3) fire pit in the backyard
4) tons of storage space in basement

However, we don't really need all that room, and there are good things about Apt living:
1) No more Saturdays lost to yardwork
2) Snow removal - it's great
3) Pool (w/o maintenance)
4) Major appliance breaks, replaced same day (happened twice in 3 years)

For us, sound from neighbors is minimal, and we generally appreciate kids playing in the neighborhood. Not a bad way to live. I think it will be more cost effective long term to buy a house to retire in, but we're not in a rush.
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Re: Considering move to apartment in retirement

Post by VictoriaF »

placeholder wrote: Sat May 28, 2022 12:47 am
Mr. Rumples wrote: Fri May 27, 2022 5:19 am Is renter's insurance required?
I think it doesn't matter because I have umbrella so renter's would likely be required to replace the homeowner's.

What matters is whether other tenants are required to have insurance. Somebody has posted up-thread about neighbors who did not have insurance who installed a bidet and flooded other apartments.

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Re: Considering move to apartment in retirement

Post by brian91480 »

placeholder wrote: Fri May 27, 2022 2:17 am I would be interested in hearing from anyone who made a similar move and what things I should look for and ask the property representative.
My brother lived in a fairly expensive/ upscale condo building in Minneapolis. The people upstairs make a ton of noise. The ceilings/ floors don't have enough noise insulation.

A teenager in the upstairs unit has disabilities and often times stomps on the floor... rattling my brother's ceiling. My brother had to move out because it drove him nuts.

Will something that extreme happen to you? Not likely... but it could. Ask the property representative about noise protections.

-- Brian
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Re: Considering move to apartment in retirement

Post by Wannaretireearly »

We’ve made our current abode too nice. Multiple bedrooms and bathrooms on two stories. Very convenient to age in place. No steps at all from curb to/thru the house on the first level.
Very little maintenance left.

I would think buying into a retirement community is an option we may consider, if only for social reasons and we are no longer mobile
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Re: Considering move to apartment in retirement

Post by placeholder »

Watty wrote: Sun May 29, 2022 9:50 am One problem to keep in mind is that with an apartment that is owned by an individual they may decide to not renew your lease and you may be forced to move. That could be hard to deal with when you are older.
That's useful if I have to redirect my search but the place I'm looking at has no condos and all rentals are through the property manager.
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Re: Considering move to apartment in retirement

Post by placeholder »

brian91480 wrote: Sun May 29, 2022 5:56 pm Ask the property representative about noise protections.
Definitely on the list.
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Re: Considering move to apartment in retirement

Post by placeholder »

VictoriaF wrote: Sun May 29, 2022 4:20 pm What matters is whether other tenants are required to have insurance. Somebody has posted up-thread about neighbors who did not have insurance who installed a bidet and flooded other apartments.
Yes that's a good point and I will add it to the list.
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Re: Considering move to apartment in retirement

Post by Mr. Rumples »

Living in an apartment building - or condo for that matter - requires a different mind set. More annoyances have to be accepted. Our condo building was built such that I rarely, I dare say ever, hear anything from above, below or next door. What irritated us was the slamming of apartment doors when folks entered or left and hallway noise. Then there was the issue of dogs in the elevators jumping up on folks. When I was on the board, there was an ongoing dispute between two owners, one smoked on his balcony, one objected. My neighbor was always smoking marijuana on his balcony after legalization, it would waft into our unit, we did not mind, but others might find the smell nauseating.

On the other hand, right now my neighbor's teenage son is into cars. He's out there working on his with his friends, the stereos sometimes too loud for me, but alas, it's part of life these days; it's certainly better than some things they could get into.

It's a tradeoff in the end.
Last edited by Mr. Rumples on Mon May 30, 2022 6:51 am, edited 1 time in total.
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Re: Considering move to apartment in retirement

Post by Sandtrap »

placeholder wrote: Fri May 27, 2022 2:17 am For a number of years I lived in a basic apartment that I started in during college and kept because it was convenient then bought a house in 1999 which is now paid off and I have been retired since early 2018 so I am thinking of make a change back to renting but in a more upscale way.

Some notes:

1. I'm getting a bit tired of the homeowner life as I get older and kind of desire a fresh start.
2. This would be a fairly upscale accommodation with some nice amenities.
3. The one I'm looking at currently is near downtown of a desirable local city (Clayton MO for those familiar with the area).
4. It's relatively costly for this area with a two bedroom somewhere in the $3000 per month range.
5. Of course even a paid off house isn't free so I would save some money on explicit costs on some utilities and reduction of heating and cooling expenses plus no upkeep costs or property tax and reduced insurance costs with only the necessary renter's to maintain my umbrella policy.
6. One aspect that's a downgrade is parking as I would go from my private garage to an attached parking garage.

I have not yet arranged a site visit but I want to do that soon so I would be interested in hearing from anyone who made a similar move and what things I should look for and ask the property representative.
An additional thing to consider besides the actual change to renting vs home ownership is the change in lifestyle in terms of costs, changes to monthly expenses, and intangible conveniences and inconveniences.

Is it possible to rent and apartment for perhaps 6 to 12 months "while still owning your home", (without much financial impact) and try living in an apartment to see how it "feels" to you first?

As for the cost differences: It may not be as great a difference as first perceived and calculated so. . . tread carefully and realistically.

As for questions to the property managing/leasing agent/sales person, beyond what you already mention:
1. Copy of House Rules
2. Copy of CCR's
3. Copy of anything else for prospective and existing tenants
4. Copy of HOA documents and also as they pertain to renters vs owners.
5. Etc.

Also, really get to know the place and the "climate" of owners and renters and between each other, etc.
Also, really really get to know one's prospective neighbors. (a potential deal breaker at one point or another).

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Re: Considering move to apartment in retirement

Post by placeholder »

Sandtrap wrote: Mon May 30, 2022 6:41 am
An additional thing to consider besides the actual change to renting vs home ownership is the change in lifestyle in terms of costs, changes to monthly expenses, and intangible conveniences and inconveniences.
Sure and I have only done a very high level look rather than crank out a complete spending analysis.

Is it possible to rent and apartment for perhaps 6 to 12 months "while still owning your home", (without much financial impact) and try living in an apartment to see how it "feels" to you first?
It's certainly possible although for insurance reasons I'd have to maintain residence in some form because I would not be interested in renting it out.

As for the cost differences: It may not be as great a difference as first perceived and calculated so. . . tread carefully and realistically.

As for questions to the property managing/leasing agent/sales person, beyond what you already mention:
1. Copy of House Rules
2. Copy of CCR's
3. Copy of anything else for prospective and existing tenants
4. Copy of HOA documents and also as they pertain to renters vs owners.
5. Etc.
Assuming I move into the building I'm eyeing there are no condos no board no hoa just the building owner/management and whatever rules they have but of course those will important especially things like use of the balconies.

Also, really get to know the place and the "climate" of owners and renters and between each other, etc.
Also, really really get to know one's prospective neighbors. (a potential deal breaker at one point or another).
I'd guess but don't know that given the location and cost it will mostly be professionals and others with discretionary income.
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Re: Considering move to apartment in retirement

Post by Jazztonight »

This thread has been fascinating for me on several levels: First, the downsides and upsides of owning your own home. Second, the downsides and upsides of renting. Ha!

For 23 years, DW and I lived in our own home, in the hills, wooded, view of SF Bay, pretty nice street. I only had to drive 1/2 a mile (minimum) to get down the hill to where any services existed. (Think regular brake jobs and wear & tear on our vehicles.)

I loved the view, I loved my hot tub, and we owned it long enough to pay it off. We had lots of stairs to climb, and that kept us in good shape. (Don't ignore the basic rule: Use it or Lose it. Stairs are good for you!)

At some point I grew weary of home ownership in this location:
We had to drive to get anything.
Barking dogs.
Hotrodders and motorcyclists at 2 or 3 am driving through the hills.
Property insurance and homeowners taxes went up and up.
Our mortgage insurance was cancelled because we live in a fire zone. We got coverage from a new company, but the rates were very high. Then our neighbor's insurance was dropped by the same company we used. (Insurance companies are the Devil imho.)
Earthquake insurance was dropped by private companies and picked up by the state; it was incredibly expensive.
All the wonderful critters that live in the woods wanted to move into our home: rats, raccoons, skunks, mice. Often they did (no one has mentioned this yet).
I got tired of climbing on the roof to clean off the pine needles.
All of the regular maintenance of such a property, e.g. dry rot, regular painting, deck care, weed clearance, etc., was wearing me down.

Finally, we found a co-op apartment in a 55-unit building in downtown (not a condo, btw). We sold our home and bought the 3BR/2BA apartment. When we moved in we renovated and put in extra sound insulation, new windows, new flooring, ceiling fans, and new appliances. DW was happy; still is.

All of the bad things that have been mentioned exist--outside noise, assessments, and so on.

All of the good things that have been mentioned also exist--we can walk to shopping, recreation, the library, even the doctors and hospital. If I need to drive myself or my wife someplace, I do. We now have 1 car instead of 2. With only 55 units in the building, we have a good Board--people care. It's a "security building," and our garages are safe and convenient.

An owner on our floor rented their unit to a couple we know. The rent about 8 years ago was $4,000/mo. Now it's $6,000/month or more. They can afford it and love living here.

I can afford it, and I also love living here. Is it perfect? No.

When I think about the OPs challenges, I realize THERE IS NO PERFECT PLACE. If there were, maybe everyone would live there.

Good luck, my friend.
"What does not destroy me, makes me stronger." Nietzsche
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Re: Considering move to apartment in retirement

Post by placeholder »

Today I had a site visit to the apartment building I am primarily considering at this time and here are some impressions and information from the leasing agent:

The amenities that I would be interested in include:
• An outdoor pool so seasonal only
• An exercise facility that's relatively small but has treadmills that I would mostly be using
• An indoor entertainment area with seating and limited kitchen facilities
• An outdoor entertainment area with seating and gas grills

At 3pm on a weekday these were basically unused but I would expect weekends and evenings to be busier when the working people are home.

Some supplemental cost information provided by the leasing company:
• Utility Estimate: $200-255 per month (Water, Sewer, Trash, Electricity, and AT&T)
• Parking: 1st vehicle is $100 per month, 2nd vehicle is $75 per month, and guest parking is complimentary
• Pest Control Fee: $5.00/mo

As a downtown facility the apartments are not terribly spacious but decent size with the 1bdrm about 750sqft and the 2bdrm at about 1000sqft and as I'm used to a separate office area and such the 2bdrm are where I'm most interested.

One thing I didn't expect and is a concern is that not all units have a balcony including the 2bdrm one that's available in october that's a good fit otherwise although there is one available in september that would work.
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Re: Considering move to apartment in retirement

Post by rgs92 »

For permanent apartment living I think the best place is New York, or the nearby NJ places like Jersey City.
Just about everybody lives in a rental or condo or co-op and you can walk everywhere and you don't need to drive.
And there are lots of public services, especially in the 5 boroughs. Manhattan and Queens are nice IME.
Pretty safe, good weather, and lots of senior people around.

You can get lots of nice 1 or 2 bedroom places in nice areas of Queens (about 1000 sf) in the $2500 range. They are near the subway too, so it's really convenient and you can get anywhere cheaply.

Check out streeteasy.com, the main site for NY real estate.
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Re: Considering move to apartment in retirement

Post by placeholder »

rgs92 wrote: Mon Aug 22, 2022 7:59 pm For permanent apartment living I think the best place is New York
I'm not planning on moving from this metropolitan area.
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Re: Considering move to apartment in retirement

Post by tj »

rgs92 wrote: Mon Aug 22, 2022 7:59 pm For permanent apartment living I think the best place is New York, or the nearby NJ places like Jersey City.
Just about everybody lives in a rental or condo or co-op and you can walk everywhere and you don't need to drive.
And there are lots of public services, especially in the 5 boroughs. Manhattan and Queens are nice IME.
Pretty safe, good weather, and lots of senior people around.

You can get lots of nice 1 or 2 bedroom places in nice areas of Queens (about 1000 sf) in the $2500 range. They are near the subway too, so it's really convenient and you can get anywhere cheaply.

Check out streeteasy.com, the main site for NY real estate.
Good weather? They get snow. 😅
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