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Buying or Selling a Home/Should I buy a condo at age 62


Hello sir. Thanks for taking time to answer my question.

Essentially, I am turning age 62 in a few months. I am working full time at an ESOP owned company and I am fully vested in the profit sharing. I presently rent for $1010 a month and have rented my entire life.

Now I am thinking I need to live cheaply since I might retire in a few years or be forced out of my job due to restructuring.

I only have Social Security and my profit sharing that will support me, and/or part time work.

Is it wise to buy a condo now? Condo prices in my area - Chicago, IL - are way down in price. And I thought my monthly housing cost would be much less than renting.

Or, is it wise to buy a mobile home instead?

Or, simply remain a renter?

My intention is simply to have a much lower housing cost so I can live on my fixed income.

Thanks for your help.


This is a personal finance question, and I don't know the full scope of your finances, but based on the information you have given me:

1) Rent, over the long term, goes up.  It is generally less than ideal for folks on a fixed income.

2) 30 year, Fixed-rate Mortgages, however, remain fixed.  They can be an ideal situation for people on a fixed income.  There is also the added tax benefits and potential appreciation benefits, both of which can offset the expenses of home ownership quite nicely.  It is worth noting that the TAXES on your home are NOT fixed, and will go up over time, as the value of the property improves.

3) Although I don't know your health situation, many people live to their mid 80's today.  I would make a 20 year bet on Chicago real estate in a heart beat.  

Purchasing looks like a slam dunk to me, but discuss with family and a tax advisor/financial planner to get to the specifics of what makes sense for you.

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Matt Heisler


I can answer questions about buying or selling your home, and questions about the market in Massachusetts, with detailed answers if you ask about my specific area in Mass, Metrowest. I can help with Investment property and the basics of financing. How to construct deals and how to find bargains and how to protect capital. Land, home sales, rehabs, fix and flips, income property are places where I could be able to assist you. I can also answer basic questions about foreclosure, short-sales, 1031 exchanges, and basic questions about how the economy and credit markets are functioning and how that affects you.


My company sells residential real estate in Metrowest, and we have had a been selling real estate in the area for 20 years. My Blog can be read at Real Estate Sales in Massachusetts

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