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It seems to me as though some couples enjoy doing projects together around the house.
To others, it is just necessary drudgery, and this difference plays into the decision as well.
To my husband and I, if we have waning energy and endurance we would rather spend it at the theater and museums and entertaining friends. We look at this time in life as a period of well earned play. We choose a condo in NYC. Groceries are delivered at our door, and there is no problem if we just up and leave on a last minute deal for a cruise.
We sacrificed a great deal during our youth for this time and fortunately are healthy enough to enjoy it.
What I'm seeing here on this thread is that a house is a money pit, but it is also a chosen lifestyle. Some of us put money into our homes, hoping for a return (moi) and some of us shell out the money because although we will never get it back, we would not want to live any other way than in our own house (moi, for now).
The difference in health and/or energy between the ages of early-mid sixties (most of us??) and mid-late seventies (where we're headed) can be significant, and those years fly. So to me, planning is very important. Will we age in place in our own current homes (as my mother did, past 90), no matter what? Will we say okay, this (where we are now) is fine for a few years, and then the cost money-wise and personal energy-wise may be too much, and then what? I think it's always a good idea to have a Plan B at this age.
As for money pit, I'm pretty convinced that the $ outlay will probably not bring the return on the investment, as the housing inventory will increase nationally, younger folks will probably not want the kinds of houses we have, and many of us are in areas that will not be good for resale. Our home, as others have said, is no longer a major investment. With that in mind, we can make our decisions from there.
I quite agree on all counts. One "benefit" for us is that we've never looked upon our home as an investment. It's always been and will remain our home; nothing more, nothing less. If our children reap some benefit from its sale when we assume room temperature, that's their good fortune but for us, it's not a matter for consideration.
Plan B - a smaller place closer to "civilization" if the time comes that we need it and we pay for gardening and repairs as necessary. If I go first my wife may sell and move back to the left coast, close to her children and grandchildren, but she'd have to rent as the costs of homes there, when coupled with the costs of upkeep, would likely be out of reach for her. If she's the first to depart, I'll stay as long as I can and then we'll see - perhaps Ohio close to my sons and their families. I will NOT return to California where my daughters and their families live, EVER! All three of them are too much like their mother (the ex) and I no longer care for my native state
As for money pit, I'm pretty convinced that the $ outlay will probably not bring the return on the investment, as the housing inventory will increase nationally, younger folks will probably not want the kinds of houses we have, and many of us are in areas that will not be good for resale. Our home, as others have said, is no longer a major investment. With that in mind, we can make our decisions from there.
Mrs. Tek and I have talked about this. We had a realtor go through our house a couple of years ago and tell us what we should do. The most important things to her were the counter tops and, maybe, appliances. Perhaps by then carpeting - we'll do the family room for sure. Painting is no biggie. Most is the right color (neutral) and what isn't is small rooms.
I think about replacing, or paying someone to replace, the counter tops and it doesn't make sense to me. Why go to all the trouble and expense to replace counter tops only to possibly discover the "best" buyer is shying away because they don't like what we did?
Why not simply explain we haven't done that work so they could do it the way they want to and give them a credit on the price of the house?
I find no logic in investing $15k in the house only to realize $10k in profit, which by any measure is a loss.
Mrs. Tek and I have talked about this. We had a realtor go through our house a couple of years ago and tell us what we should do. The most important things to her were the counter tops and, maybe, appliances. Perhaps by then carpeting - we'll do the family room for sure. Painting is no biggie. Most is the right color (neutral) and what isn't is small rooms.
I think about replacing, or paying someone to replace, the counter tops and it doesn't make sense to me. Why go to all the trouble and expense to replace counter tops only to possibly discover the "best" buyer is shying away because they don't like what we did?
Why not simply explain we haven't done that work so they could do it the way they want to and give them a credit on the price of the house?
I find no logic in investing $15k in the house only to realize $10k in profit, which by any measure is a loss.
I agree. Many are more interested in a low price/good buy so they can fix/remodel it the way they want. The younger and more handy they are, the more this is their attitude.
I can fix/remodel anything in a home but as I aged, I lost interest in doing so. This time last year I bought down for a retirement home. Bought a new small patio home and outfitted it exactly the way I wanted to. It is under an HOA and they do all outside maintenance including the exterior of my home.
One trouble I have with mobile home parks is that in most cases you don't own the land. While the cost of the home is certainly reasonable, the space rental in most has a habit of increasing on an annual basis in many of them. Social Security provides a COLA and, voilà , up goes the "rent." Solution: purchase a home in a park in which you also own the lot.
I have been looking at mobile homes, in 55+ parks, and while I could easily afford a morgage payment I wouldn't want to double that with space rent. There are some incredible deals out there right now but I see no way for me to take advantage of it. I don't think there are any parks around here where the people own the lots too. But they are very very nice, well established, parks that are more like subdivisions than mobile home parks.
Since this is "mobile home country", there are many good deals on mobile homes on their own lots as well. I will continue to research those. OR a small house...
I have been looking at mobile homes, in 55+ parks, and while I could easily afford a morgage payment I wouldn't want to double that with space rent. There are some incredible deals out there right now but I see no way for me to take advantage of it. I don't think there are any parks around here where the people own the lots too. But they are very very nice, well established, parks that are more like subdivisions than mobile home parks.
Since this is "mobile home country", there are many good deals on mobile homes on their own lots as well. I will continue to research those. OR a small house...
I have found a couple of places that look pretty nice, but you only lease the land. I have no comfort level with doing that.
I agree. Many are more interested in a low price/good buy so they can fix/remodel it the way they want. The younger and more handy they are, the more this is their attitude.
You'd think so, but most realtors would tell you that you couldn't be more wrong. That is why houses that are in turn-key condition are much more likely to sell quickly and that houses that are described as handyman specials or needing a little tlc languish on the market forever.
You'd think so, but most realtors would tell you that you couldn't be more wrong. That is why houses that are in turn-key condition...
And often, even if they just appear to be in "turn key" condition.
A lot of this is about the overly busy lives they lead with both partners working killer hours and residually, from their helicopter Mom's having prevented either of them acquiring many if any of the (gasp!) dirty hand work skills needed to do the fixing up themselves.
But there are a LOT of things about the buying habits, choices and preferences of " those kids today" that confounds me.
You'd think so, but most realtors would tell you that you couldn't be more wrong. That is why houses that are in turn-key condition are much more likely to sell quickly and that houses that are described as handyman specials or needing a little tlc languish on the market forever.
Is that still true, or did that only apply in the "good old days" when anyone could get a mortgage and buy above their income level?
Mrs. Tek and I have talked about this. We had a realtor go through our house a couple of years ago and tell us what we should do. The most important things to her were the counter tops and, maybe, appliances. Perhaps by then carpeting - we'll do the family room for sure. Painting is no biggie. Most is the right color (neutral) and what isn't is small rooms.
I think about replacing, or paying someone to replace, the counter tops and it doesn't make sense to me. Why go to all the trouble and expense to replace counter tops only to possibly discover the "best" buyer is shying away because they don't like what we did?
Why not simply explain we haven't done that work so they could do it the way they want to and give them a credit on the price of the house?
I find no logic in investing $15k in the house only to realize $10k in profit, which by any measure is a loss.
I get your point, but I suppose they have found that staging a home sells them. I don't like it. I would rather empty rooms so I could compare one home to another. I like the idea of a neat and neutral and clean place so I can envision my changes, but apparently the market in general does not like that.
There are some H&Gtv shows that are 'Selling (city name)'. The New York and LA stagings seem to differ. THe ones in NY are all glass and plastic and stark white walled, sometimes with an add in of a primary color. Very sterile, in my opinion. The LA stagings are sometimes pleasing, with earth toned furnishings and a more natural feel to them, plants, etc.
These are usually dwellings that sell for almost a million and up, but this is done to a lot less expensive places around my neighborhood, as well.
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I don't think there are any parks around here where the people own the lots too. But they are very very nice, well established, parks that are more like subdivisions than mobile home parks. 
