BIG NEWS - I bought a condo ...
Find a Conversation
|Wed, 05-21-2014 - 10:20am|
You are all probably going to think I am insane, but here goes ... I bought a second condo :)
Okay I had to be dramatic, lol. What I actually did was buy a condo in a building that is being built and will be ready June 2017 . . . for my mother to live in.
My mom owns a small condo in a city adjoining mine and her building isn't the best. She and I were going through the numbers and her retirement income isn't going to be all that great so the goal was to have her pay off her condo by the time she retires so that she can live decently. Unfortunately while she is on track to pay off the condo, she isn't at all happy where she is. But she can't afford to move to a better area at the moment.
So she is going to stay where she is until 2017. Once the condo is ready she will move in and pay rent. Any money she makes from selling her condo (if any at that point - the building really isn't great) is going right into her retirement fund. The rent will be enough to meet government requirements for "market value" but low enought that she can afford it. The building is located next to a train station/'bus hub and a walmart so as she gets older and can't drive, she still has access to transportation and can walk to get groceries etc. It has a second bedroom that my aunt will more than likely move into (her retirement is looking worse then my moms')
Ironically, it is my father who is helping me out with the logistics of this (he is my financial planner). My parents are divorced and they don't get along but he recognizes that one way or the other I will have to take care of my mother when she is older and this is a perfect plan to do it. I benefit from having an investment property and she benefits from living in a safe, accessable area.
So that is my news. I'll keep you posted on how things progress :)