Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Just curious about the issue of home ownership for retirees. How many have sold or consider selling single-dwelling houses and looked into apartments, condos or self contained retirement communities specifically to relieve themselves of the "burden" of upkeep and maintenance, including yard care, that goes along with home ownership?
As a homeowner of a certain age, I know how labor intensive and costly such things can be. Is it worth it to give up that facet of "The American Dream" - put in quotes because it's become so far outside the reach of so many - for the "comfort" of not having to worry about or pay for those things?
I would think that having a home in your later years could be a hobby in itself. Repairs become projects, gardening, time with neighbors.
Even though years ago when I started out, I lived in a condo. Now, after living in a single family home, the thought of going back to a confined space of 1100 SF or so makes me sick. But, that's just me.
And, I fought going to a single family home for a long time.
How many have sold or consider selling single-dwelling houses and looked into apartments, condos or self contained retirement communities specifically to relieve themselves of the "burden" of upkeep and maintenance, including yard care, that goes along with home ownership?
What say you, and why?
With the state of the RE market in most areas... there are very few sellers who have a choice about selling now.
A big part of that choice for others are the continuing effort and costs of upkeep; even for those of us who like to do the work.
Utility bills and taxes, even if high, are straightforward to budget for on a continuing basis and will rarely be so onerous that, by themselves, they'll be the reason to sell a longstanding home. But the other aspects of home ownership responsibility, beyond the most basic maintenance of housekeeping and lawn care and the like which like taxes and utilities are fairly straightforward, can indeed be a very big question mark.
The biggest factor in those very big question marks is whether the owners have prepared the house to be a "retire in place" property by dealing with having all the heavy work of mechanical systems, structural repairs, general updating, new appliances and so forth and maybe even some remodeling to make that already old house able to go the next thirty years without major work or until you really have no choice but to get out.
Doing all this work right will add up quick and doing it all at once could have some choose to (or need to) get another mortgage rather than absorb that expense out of their reserves.
Looking for a single story home in an area that takes care of the outside maintenance. I was an avid gardener and yard worker my entire life and, to be honest, I'm sick of it. With my reduced energy levels it takes me forever and since it takes so long to get things done it's a continuous cycle.. Time to have someone else to it for me.
Besides, If someone else is keeping the yard up we can travel whenever we want!!
I know exactly what you mean...we're approaching retirement, and we'll likely look at different housing options. Our current house is two stories and has too much lawn and too many trees to maintain...we're just not that motivated to groom and trim and cut it all for too much longer.
In the last eight years, we've re-roofed, replaced the HVAC and the hot water heater, painted the interior, and had the exterior trim painted...and it's ready to re-do again. Too much work, too much money. And we don't need so much space. I think 1200 SF would be just right for the two of us..even smaller with the right lay-out.
Thinking about maybe a modular in an owner-owned mobile park or something like that...I love quiet so not so sure a condo or townhouse with population density would do the trick for me...I like the idea of a free-standing, low-maintenance place with nice neighbors...wouldn't mind having two cozy little places--one in the mountains and one close to the ocean--the best of both worlds...I'm a dreamer...
I know exactly what you mean...we're approaching retirement, and we'll likely look at different housing options. Our current house is two stories and has too much lawn and too many trees to maintain...we're just not that motivated to groom and trim and cut it all for too much longer.
In the last eight years, we've re-roofed, replaced the HVAC and the hot water heater, painted the interior, and had the exterior trim painted...and it's ready to re-do again. Too much work, too much money. And we don't need so much space. I think 1200 SF would be just right for the two of us..even smaller with the right lay-out.
Thinking about maybe a modular in an owner-owned mobile park or something like that...I love quiet so not so sure a condo or townhouse with population density would do the trick for me...I like the idea of a free-standing, low-maintenance place with nice neighbors...wouldn't mind having two cozy little places--one in the mountains and one close to the ocean--the best of both worlds...I'm a dreamer...
Love to hear other ideas...possibilities..
I keep thinking about that. Buy smaller and get two.
I think 1200 SF would be just right for the two of us...
even smaller with the right lay-out.
That's the other end of the "retire in place" idea: change places.
Sell what you already have and "shift" that equity elsewhere...
and presumably with brand new or newly remodeled and everything in it.
And yeah, 1200sf is more than enough space.
Quote:
a free-standing, low-maintenance place with nice neighbors...
two cozy little places-- one in the mountains and one close to the ocean--
the best of both worlds...
Quote:
Originally Posted by Tek_Freek
I keep thinking about that. Buy smaller and get two.
I second that if you can afford it. It's not the cost of purchasing the second place. It's the monthly expenses. I know. I have two. You have real estate taxes, water, sewer, garbage, electric, HOA fees, homeowners insurance, maintenance and gardener as in my case. But if money is not so tight, it's great.
After many years of condo ownership I said I would never again have my money tied up in a property where I have so little control. I found it was just as or more expensive (between dues, fees, and assessments) than maintaining a single family home but less satisfying. I do invest more time maintaining my own property but am much happier now with the results and I am not funding efforts I don't agree with.
After enjoying my new (old) house in this New England College town for a few years, I will rent. I have several issues with that though--I have a dog, who is still young, and I have an aversion to neighbor noise (the obnoxious kind, like loud TVs, arguments, lawnmowers under my window, etc). Going into an apt, I will have to adjust. I have fond memories of renting a big old brownstone apt. in Boston as an undergrad, with two roommates and several handsome pre-med students on the floor above. I can probably recreate the former (the roommates) but not the latter (the pre-med guys). I can live in very small spaces as long as I have my dog and peace and quiet, and am in a town with lots of things to do outside my home. When I add up ALL the costs of owning a home in older years, to me it is just not worth it. I have no idea what the market will be when I go to sell, so I'm not making an definite plans, just hoping I get a decent return.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Having a home
I can probably recreate the former (the roommates) but not the latter (the pre-med guys). I can live in very small spaces as long as I have my dog and peace and quiet, and am in a town with lots of things to do outside my home. When I add up ALL the costs of owning a home in older years, to me it is just not worth it. I have no idea what the market will be when I go to sell, so I'm not making an definite plans, just hoping I get a decent return.
