Home Buying in Sarasota>Question Details

Dianala60, Real Estate Pro in Lyons, OR

I am 65 and retired. If I have $30,000 cash and my total income is $1800.00, can I afford to buy/rent a two-bedroom condo or villa in Sarasota Florida

Asked by Dianala60, Lyons, OR Fri Nov 22, 2013

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I did not say it was in Sarasota they are in Bradenton and there are a few there are 12 right now on the market Bayshore Condo's has 7 Raintree has 1. there is one in Serendipity another one off Cortez so don't say they are not available Tammy before you check.

Michael Beninato
1 vote Thank Flag Link Sat Nov 23, 2013
There are nice condo's here I can send them to you that are on the market for 20 to 30 thousand dollars 55+ communities very good locations and you just have to pay a maintenance fee of about $200 to $300 per month and your taxes which will be about $400 to $500 per year. They have swimming pools and shuffle board and tennis courts close to shopping come on down and enjoy great weather all year round.

Michael Beninato
RE/MAX Alliance Group
Cell: 941-479-2777(2SRQ)
email: michaelb1@remax.net
1 vote Thank Flag Link Sat Nov 23, 2013
Nice helpful information, Michael!
Flag Sat Nov 23, 2013
The answer is YES. We have several communities for the 55 and over homebuyer that are set up for limited incomes.

There are nice condos across the street from the South Gate Mall zip code 34239 in the $50-80,000 range.

We also have a community called Strathmore Villas that have boat docks and one story homes, villa style, all maintenance free. Both of the communities mentioned always have a few units available.

I would be happy to assist you further on your next visit to Sarasota.
0 votes Thank Flag Link Thu Dec 12, 2013
You probably can't purchase one in Sarasota County but I could find you a rental.
0 votes Thank Flag Link Mon Dec 2, 2013
Sarasota is a pretty pricey place to live. But it can be done. here's one way: I am in the process of cleaning out my birth mother's place in Sarasota and would like to sell. It is a double manufactured home in the Winds of St. Armands North - an over 55+, golf-cart community. I am surprised that it is bigger than most apartments and condos. It's a 2/2 (huge Master), Large Lanai, Wood floors throughout; new carpet in BR(s), Carport, Storage, Washer/Dryer, etc. Really great for 2 people! Location is fantastic! One mile to all the shopping and restaurants on University! If I were retiring to Sarasota, This would be great because you get to enjoy all that this great little town has to offer without the high price of living there. Where can you live for $600/month with that much space??? There is another home in the same park nearly identical at $16k. The first $10k takes it! tericooper@bellsouth.net
0 votes Thank Flag Link Mon Dec 2, 2013
Could you send me pictures? Or can my sister who lives in Sarasota look at it for me? Can the home stay in the park or would I have to move it if I purchase it? Do you know what the monthly fees are if I can live in it in the park? I am really interested. My email address is dianala60@hotmail.com. Thank you.
Flag Mon Dec 2, 2013
Hi Diana!

65 is YOUNG, young, young in Sarasota, so this gonna be a super fun place for you.

Forgive my delay, so I hope this input helps you and all our Baby Boomer Sisters -- there are so many way to make opportunities in ownership her -- just take the time to sit down with a top notch Realtor (like myself) and create a strategy that encompasses:

Your goals,
Your activities,
Your life pursuit’s,
Your loves.

We will gather the information and help you put it together for you.

Regards,

Sandra
0 votes Thank Flag Link Wed Nov 27, 2013
Another option is to buy a small house in a nice neighborhood and, if you don't want to mow the lawn, etc., you can hire a service to take care of your lawn and trim your bushes. While there are plenty of upsides to buying a condo, there are some heavy duty down sides: Assessments if there is not enough money in the bank to cover the cost of repairs, etc., you have a monthly fee, which can go up, making it more difficult to afford living there and you may have a neighbor who is difficult to get along with, which is more easily dealt with in a single family home. If you'd like to discuss further you can reach me at 941-504-3775 or email me at scottjohnson@c21be.com. I was in mortgage for many years, and I talked several of my customers into buying homes instead of condos, and I think all of them appreciated the advice.
0 votes Thank Flag Link Mon Nov 25, 2013
To check what is on the market for rentals, websites are very useful.

When it comes to a purchase, let us do a little math. If you use 1/3 of your income for mortgage, $600 should allow you to borrow around $100,000. That would mean you could purchase a condo for $130,000, which gives you a lot of possibilities around here.

Now we do not now your credit score, your ability to borrow and so forth. First you should check with a bank or a mortgage broker and get a pre-qualification. You will then know exactly what you can and cannot buy.

We can then work from there.
0 votes Thank Flag Link Sat Nov 23, 2013
It is very unlikely that you will find a condo in Sarasota to purchase for $30k. Right now there are none listed in the MLS. There are a few in Port Charlotte in the mid $30k range.

There are some 2 bedroom condos to rent starting at $775 per mo and up. Most are $1100 to $1300. I would be happy to send you some listings to review or you can search for them on my web site at: http://www.tammyhayes.remaxagent.com/

Tammy Hayes, Realtor
Re/Max Palm Realty
tammyhayesre@gmail.com
941-276-6185
http://www.tammyhayes.remaxagent.com/
0 votes Thank Flag Link Sat Nov 23, 2013
I'd be happy to give you the names of several local lenders/ mortgage brokers if you want to see how the numbers work out for you on a mortgage on a modest condo. Your better prices would be on those in communities that are 55+ or that have tighter rental restrictions as you typically would not be competing with investors looking for rental units.

As to rentals, many of the 2 bedroom units rent in the $900 to $1150 per month range in this area.

You would have to determine if those numbers would work with your budget and other expenses not given here.

I personally don't handle rentals but can give you some names of local condo rental companies if you want to contact me by email thru my website or by phone.

regards,

Diane Christner
Realty Executives Solutions
Sarasota, FL
(941) 726-7109
0 votes Thank Flag Link Fri Nov 22, 2013
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