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Assuming you are retiring and will be moving out of your current state to another.
Would you more likely purchase twice the house for half the price in an area that isn't all that exciting or dynamic . . . or would you move to half the house for twice the price that is in an area with fantastic scenery and natural beauty? Assume the climates are similar.
For example, a 10-20 year old house for $150k in an area you are not all that excited about or a 30-40 year old house for $250k that is in an area with varied and dynamic scenery.
Works for me... I rent out the main house so someone is there to mow / water / keep on eye on my stuff and feed my dog. I stay for free (with a subsidy for utilities... about ZERO since my rural properties are on well and septic and use wood and solar to heat)
I keep these places within 1 hr of airport so I can commute on a moments notice, and for under $100 EachWay Can't drive too far for $100... (a cheap diesel car and econo 500cc+ motorcycle live at each place). I like venturing around based on climate and local activities.
Currently: (all have excellent view, cheap CoL, College town nearby, and I can bonk a deer on the head if I get desperate for food, but cows available too! ez'r to bonk) PNW, (June - Sept... fresh salmon and berries) GREAT summer sleeping temps, NO AC CO, (Shoulder season for Aspen / skiing / bicycling) Hill Country TX (Oct - May) Christmas lights, bluebonnets and BBQ!
Each place has cost basis under $100k and each renting for over $1k/month (= cash flow for this frugal retiree)
When I get old and senile, I will sell them on contract (better cash flow)
Definitely NOT more house... 800 - 1200SF is adequate house... shop... 5,000SF is a good start, 20,000sf preferred
A house/lot with a scenic view is worth more in value that without. For example we have a house on a lot with a lake view and the latest estimated value is $500,000+. The exact same house inland with no view and closer neighbors sells for around $!50,000.
For me, the whole idea behind relocating when I retire (in about 7 years) is to get half the house for half the money. Downsizing, to simplify things and take in some savings. A good location is important, but we want no part of a bigger or more expensive house at this point.
For me, the whole idea behind relocating when I retire (in about 7 years) is to get half the house for half the money. Downsizing, to simplify things and take in some savings. A good location is important, but we want no part of a bigger or more expensive house at this point.
My plan as well.
The other huge thing in making a location choice is what is there to do there. Gorgeous scenery gets taken for granted after a while. You can live in Paradise and be miserably bored. What is there to do in the evenings and on weekends, year-round?
I'd go with the house that has beautiful scenery. I wake up everyday and feel blessed to be where I am. It's great seeing natural beauty around you.
I'm with you. I bought my house for the scenery and wildlife along with the peace and quiet. I sometimes don't leave my property for two or three weeks at a time. I'm so glad that the expiration on dairy products has become longer.
Twice the house, for half the price, surrounded by fantastic scenery and natural beauty.
That was what we did.
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800 - 1200SF is adequate house... shop... 5,000SF is a good start, 20,000sf preferred
or with a TOUGH woman at your side.
(some of the finer times of sharing farm life together)
