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Old 03-12-2018, 06:55 AM
 
Location: SW Florida
9,121 posts, read 3,936,411 times
Reputation: 18807

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I'm a little past middle age but I bought a small 2 bedroom 2 bath single family home last year that was my late aunt's so I got it at a great price. Even though it's just me now it's nice to have that spare bedroom. It has a garage and a large fenced back yard so I was able to get a dog. I enjoy gardening and I've been able to start doing that.


The only downside is that the house is further from my job but I only work two days a week so it's not that bad.
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Old 03-12-2018, 08:46 AM
 
33,052 posts, read 12,521,075 times
Reputation: 20942
Quote:
Originally Posted by aslowdodge View Post
I'm going to be the odd duck.
Maybe I'll regret it, but I bought a 5200 sq ft 2 story home at age 60 and single.
It's my first house and a bit of a trophy house.
It made sense in that my housing cost was 1975 a month when I rented. It's now 2775 a month.
With tax deductions it comes down to 2184. So it's 200 a month more to live in a much nicer and larger house.
The Kicker for me is the walk out basement is a 1200 sq foot in law unit I get 950 a month for.
So my housing drops to about 1200 a month which is much less than renting was. I'm in a better neighborhood with better schools so I hope there is also appreciation.

Only time will tell if it was the right move. If it came down to it , I could rent the house and live in the in law unit with no stairs and the rent for the house for about 2600 and then housing would be only about 175 a month.
One of my dear friends owns two huge homes in two different areas.

She now lives in the in-law apartments and leases out the rest, though it was the reverse at both houses at one time.

Seems to work for her.
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Old 03-12-2018, 11:15 AM
 
29 posts, read 24,107 times
Reputation: 50
Age: 58
Type: SFH converted to a duplex
Why: Wanted to invest in a multi-family to generate additional retirement income.
Importance: Both are important but, I would rank space over commute although a short commute is very nice to have.
Price: Not a stretch for the budget but, my goal is to rent both units and find another multi to work on at some point.
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Old 03-12-2018, 11:23 AM
 
Location: Crook County, Illinois
3,003 posts, read 1,259,959 times
Reputation: 3669
I'm getting close to middle age (I'm 34), also single and childfree. I'm looking for a condominium in a suburban downtown. At this point, I'm too old for a hipster lifestyle in a gentrified city neighborhood, plus I can't afford it. But I also don't want to live in a remote, car-centric area where you have to drive to pick up a loaf of bread. I want to be able to walk to a grocery store, as well as to a neighborhood bar on a Friday night. So, suburban downtowns seem to meet my requirements pretty well. Plus, I don't care about school districts, so I can keep costs down by buying in an area with subpar schools.

I want a condominium for sure; I don't want to bother with shoveling snow in the winter and mowing the lawn in the summer. Plus, a building entrance where only residents and guests can get past adds a layer of security. One bedroom is plenty enough for me, but a second bedroom can be helpful if I have relatives in town. Otherwise, they can crash on my living room couch, college-style.

Last edited by MillennialUrbanist; 03-12-2018 at 11:49 AM..
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Old 03-12-2018, 11:41 AM
 
25,836 posts, read 49,741,556 times
Reputation: 19297
Quote:
Originally Posted by aslowdodge View Post
I'm going to be the odd duck.
Maybe I'll regret it, but I bought a 5200 sq ft 2 story home at age 60 and single.
It's my first house and a bit of a trophy house.
It made sense in that my housing cost was 1975 a month when I rented. It's now 2775 a month.
With tax deductions it comes down to 2184. So it's 200 a month more to live in a much nicer and larger house.
The Kicker for me is the walk out basement is a 1200 sq foot in law unit I get 950 a month for.
So my housing drops to about 1200 a month which is much less than renting was. I'm in a better neighborhood with better schools so I hope there is also appreciation.

Only time will tell if it was the right move. If it came down to it , I could rent the house and live in the in law unit with no stairs and the rent for the house for about 2600 and then housing would be only about 175 a month.
Know similar in other high cost areas or better neighborhoods...

My friend and her husband built a 5,000 home high in the Oakland Hills with panorama views if SF and the Bay... he passed away and everyone was sure she would sell being single and 62...

She rents out the In-Law which covers all her housing expenses and then some...
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Old 03-12-2018, 12:03 PM
KCZ
 
1,554 posts, read 767,823 times
Reputation: 4353
Please list age: Middle-aged

Type of property: Single Family home, new construction, on 2+ acre country lot.

Why did you choose this type of property? Bought it in 2006 just before housing market crashed. It was literally the only reasonably priced, good condition house within 20 miles of here. I had no other choices and had been looking for >2 years.

What is more important? Space or Commute to Work? Space/location were important to me but were outweighed by the lack of available properties. This was originally purchased as a vacation home so commute wasn't a factor. However, I am now living here full-time.

Price. Did you stretch your budget to get in to your desired property? Not really. I would have considered properties up to ~2 times this price.
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Old 03-12-2018, 02:48 PM
 
Location: Cincinnati near
2,509 posts, read 3,354,585 times
Reputation: 5611
My mother-in-law is 60 and widowed. Right now she lives in a 3000 sqft 4 bedroom house in a very suburban subdivision. She is retired but she has a very active social life and she ushers at local arts and sporting events.

She says she wants to downsize and my wife and her brother are very supportive of her. To possibly get the ball rolling a bit my wife introduced her to our friend who is a realtor to get her talking about what her needs are. It turns out her ideal house is a 2-bedroom ranch with a large patio or deck on an acre or two wooded lot that is 15 minutes from us and close to an interstate. She also wants a big driveway with off street parking for 15-20 cars or so for when she hosts the (60+ members locally) extended family for holidays. She wants a walkout basement, a first floor laundry room, and a kitchen with a scenic or river view.

She says that she doesn't want to move until she finds a property that checks all of her boxes. We suspect that she doesn't want to move all that much so she came up with unicorn-rarity specs.
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Old 03-12-2018, 03:39 PM
 
33,052 posts, read 12,521,075 times
Reputation: 20942
Quote:
Originally Posted by Ultrarunner View Post
Know similar in other high cost areas or better neighborhoods...

My friend and her husband built a 5,000 home high in the Oakland Hills with panorama views if SF and the Bay... he passed away and everyone was sure she would sell being single and 62...

She rents out the In-Law which covers all her housing expenses and then some...
Lot of people rent out the in-law or granny flat or ... and find that works out quite well.

Matt Damon/Rudy Baylor in The Rainmaker renting out Miss Birdie's apartment over the garage.
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Old 03-12-2018, 03:40 PM
 
33,052 posts, read 12,521,075 times
Reputation: 20942
Quote:
Originally Posted by Chemistry_Guy View Post
My mother-in-law is 60 and widowed. Right now she lives in a 3000 sqft 4 bedroom house in a very suburban subdivision. She is retired but she has a very active social life and she ushers at local arts and sporting events.

She says she wants to downsize and my wife and her brother are very supportive of her. To possibly get the ball rolling a bit my wife introduced her to our friend who is a realtor to get her talking about what her needs are. It turns out her ideal house is a 2-bedroom ranch with a large patio or deck on an acre or two wooded lot that is 15 minutes from us and close to an interstate. She also wants a big driveway with off street parking for 15-20 cars or so for when she hosts the (60+ members locally) extended family for holidays. She wants a walkout basement, a first floor laundry room, and a kitchen with a scenic or river view.

She says that she doesn't want to move until she finds a property that checks all of her boxes. We suspect that she doesn't want to move all that much so she came up with unicorn-rarity specs.
Sounds perfect to me.

If you're going to go to all the trouble of moving, might as well be to a place you want to live.
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Old 03-12-2018, 03:53 PM
 
Location: Colorado
1,694 posts, read 1,039,475 times
Reputation: 3524
Please list age.

45 at the time of purchase

Type of property:

1700 sq foot paired house on a 3000 square foot lot in an HOA.

Why did you choose this type of property?

I was flippin' done with my townhouse, squeezed in all sides, whiny next door neighbor who screamed about every little noise (and it wasn't just at me--*everybody* around her got treated to her complaining), my sister had moved out here and was living with me and was tired of musical cars, tired of guests having to park half a block away, wanted more space, wanted *some* sort of yard......but the *big* sale point of my current home was that it's four doors down from a large, wooded open space. Less people out this way, less crowded, more wildlife.....

What is more important? Space or Commute to Work?

Probably 51% commute, 49% space. My townhouse was 1000 square feet, current house is 1700 square feet. I wouldn't have minded a *little* bigger, but I would have had to go farther out to find something in my price range, and I hate commuting with a passion.



Price. Did you stretch your budget to get in to your desired property?


No. If anything, I went for something comfortably under my max. I didn't want to be house-poor.
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