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Buying or Selling a Home/Buying a condo or mobile home at retirement


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.

Hi Bob,

Thanks for your questions.

If you can pay cash for a condo it will lower you monthly living expense as you will then only have common charges and taxes.

And yes, prices are very low now and expected to rise so it would be a good investment as prices rise you equity would grow.

You have a good plan and good luck with it!


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Hans Weber, Licensed Broker Associate


I am able to answer questions related to buying or selling residential real estate in New York. There are many questions buyers and sellers have about the process of buying or selling a home that they are afraid to ask or that might seem too simple to ask. For instance: in a house, why do some doors open in and some doors open out?


Licensed real estate agent in New York State in 1988.
Serving buyers and sellers as a full time occupation since 1988 with over 300 successful residential real estate transactions.

National Association of Realtors.
Westchester County Board of Realtors.

Graduate of Pace University in 1988 majoring in business and minors in taxation and computer science.

Awards and Honors
Consistently one of top sales awarding winning agents for Coldwell Banker in Westchester County.

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