(582) Buying a property in old age

One of my children is renting a room near his university. Just the other day I bumped into some one who owned a low cost flat in his area. When she heard that my son was the acting maid in his apartment, she happily offered to lease her three room  flat to him for the same amount of money he was paying for one room with a condition that he should not sub let. My son, Michael, went and viewed the flat. He said it is near his uni and it is a nice property. But it is basic. He could not afford to move. Well, now he shares water, electricity bills with four other guys. His chief tenant pays for the unlimited wireless connection. He merely taps into it whenever no one is using it or when his own prepaid service is used up. The landlord made available a fridge, a micro wave oven, a washing machine, hot water heater for shower and fans in every room as well as furniture. Even if he gives up all the conveniences to move, he would have to fork out more dough for wireless, water, electricity and maybe laundry service.

My friend Christine heard about it. She came from that university town. She is going to hitch a ride with us when we drive up to fetch him home. We will visit the lady key holder and request for a view of the flat. Christine will pretend to be a prospective tenant. Actually her interest is to see the design and location of the flat, she wants to find out the current selling price. If everything is satisfactory, she may just purchase a unit to keep as her retirement home.

By now, you know I am a story teller. I related all these to my mother. Much to my surprise, she asked me quite a fair amount of details. Subsequent to that, she said she too is interested to purchase a unit if the cost is around thirty five to forty thousand. I asked her what is she going to do with a flat that is two hours by car away. She said she would put my son in it with token rental. Then my son can sublet to a friend of his and she would collect whatever going rate. There is a third room, she would reserve it for her own use. It would be good to have a holiday home within walking distance to a supermarket. My! My! And this is an idea from a woman who will be eighty years old next year. I am impressed! Well, if these flats were built only three years ago as I was told, were sold first hand at twenty-five thousand each, there is just such a chance that it may be within the purchasing power of my aged mom.