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


Hello Connie. 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,

Well let me start with, please see a financial adviser... you have been renting all this time, and unless you are paying cash and still have money to live on later, you don't want to tie up your funds on a property that may never get paid off... you may do better putting the money in an investment vehicle that creates monthly income for you.,,

See a Mortgage Broker to see what loan you can qualify for and what it will cost you montly, don't forget to include HOA fee, property tax, insurance, and maintenance inside the unit, all the things your current landlord pays for now,...

Good luck

Buying or Selling a Home

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Connie Wildasinn-Broker,GRI,CPRES,RealtorŪ


Broker,CPRES,GRI,RealtorŪ, Investor since 1979. Buying or Selling Residential and Income/Investment Properties, How to understand the process, how to negotiate through the transaction, What to Look for - But more importantly 'What to lookout for!', How to tell if the time is right - or hold on and wait. Why "Not to listen to your friends and even your family members", Who really has your best interest at heart?. Understand why any market is a good market and how to spot a good investment for you! If you are looking in California.. check out my website and if you need assistance in a neighborhood I don't service, I will locate a local agent to that area who actually knows their profession and can assist you in your needs!


4th generation Realtor in the real estate business, I have helped for over 2 decades clients buy and sell, I am the owner of a local brokerage in the Los Angeles /Long Beach area, and have been a top producing agent in the area since I became licensed. Working through a deal is different to every client, no two people or deals are exactly the same. Knowing how to bring professional advise to the table with clear and concise understanding of real estate world. I can help you handle your buying, selling and investing, managing a 1031 Exchange, working with Equity Sales,Certified in Probate Sales (one of a handful!), Pre-Foreclosure, Regular and Short Sales there is little that I have not seen come across my desk over the decades!


Publications Member, Broker Agent Magazine, Long Beach Business Journal, Long Beach Press Telegram, Signal Hill Tribune, Grunion Gazette, All Experts, Zillow - Lead Agent - Advise Expert, Truila - Advise Expert,

Broker-owner, CPRES - Certified Probate Real Estate Specialist, RealtorŪ, GRI,e-Pro, SSG-Short Sale Certified

Awards and Honors
Managing Broker for WGroup Realtors 19 years running top selling agent in Long Beach, South Bay area California. Top Producer 11 years straight Re/Max - Lifetime Achievement Award Winner, C21, Realtyworld.

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