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well, my plan was to stay where i am for 5+ years in a house i like, a neighborhood that's pleasant, but not much more, and a town that is a practical choice, economically and in other ways. then the plan was to move to a ccrc, the closest one the least interesting but affordable, and the most desirable one, as far as setting, cost, and general good feeling, 90 miles away from most of which is important to me.
in the meantime, i, the inveterate real estate surveyor, found a house that i seem to be interested in seeing at least a second time. it is in a very small low-key 55+ community of town homes-cape cod style - with two bedrooms and bath on first floor and large room with bath on second. it is in a village really, equidistant between two larger towns, one of which i'm very familiar with, not too far from my present location. it is more remote than where i am with regional hospital a few miles away and larger more sophisticated medical facilities a half hour away. it is in a lovely setting with all homes facing a large pond, with many large trees, and a general rural feeling, although restaurants, shops, a small college are located about ten minutes away in the larger town nearby.
it is a very good price and i would finance the house with a small mortgage as i have my current home. my dilemma is if i buy this house, i would be committing myself to stay and age in place there, possibly in the future going into an assisted living if need be, or perhaps staying there with some assistance as needed. i do have ltc insurance which i realize is not golden but i feel would provide me with some choices if/when i needed further help. but, buying the house would make entering a ccrc, in independent living, at some point in the future, impossible. i would not have the cash for it, unless it would be a rental situation. on the other hand, if i stay where i am - not bad, but not in love with-, and most definitely do not want to age here, i would probably have no choice other than a ccrc for the "final destination" and the choices that seem feasible are not particularly appealing to me.
so. i'm wondering what your thoughts, input might be given the basic situation i've described. as some may remember from previous posts, i have no family- a younger sister-inlaw in florida, who would be fine with my moving to a facility near her, but i don't choose to- and a significant other near the area where i live now and slightly farther from the house i'm considering.
I am totally confused. It sounds like you own a house, but are not going to sell it. Instead you are considering a mortgage in order to buy a second house. Then after you buy the second house, you would not have enough money to move into a CCRC. Why not sell the first house so you can buy the second and then, when the time comes, sell the second to move to a CCRC?
I am totally confused. It sounds like you own a house, but are not going to sell it. Instead you are considering a mortgage in order to buy a second house. Then after you buy the second house, you would not have enough money to move into a CCRC. Why not sell the first house so you can buy the second and then, when the time comes, sell the second to move to a CCRC?
i would probably ultimately sell the current house if i bought the house i'm considering, but my choice would be, at least at this point, to keep it as a rental . i've been in the current home 8 years, and although home prices and sales here are picking up, i would not net a large amount after paying off the mortgage and realtor fees. if i bought the second house i don't know, realistically, how long i would be there. i'm 71, generally healthy, and active, but who knows? it might be a place where i could stay and "age in place" but i have to consider the possibility that i'd need some kind of ccrc or residential retirement community in the future. i'd like to think i would not, and frankly, the possibility of staying there for the long run is one of the appeals of the second house. i don't want to "age" where i am- but may have to do so.
obviously nobody knows what real estate will do in the next 5-10 years, but, if i remain in the second house for even 8+ years- very possible at this point- i would not have a lot of equity to work with if i decided to enter a ccrc. ultimately, i see it is a question of sensibility and practicality. i think i would like, on almost every level, the second house, in terms of lifestyle and as offering a sense of place. i feel my current home is a practical solution, but i have never felt really any resonance with the neighborhood or area, although i've tried. staying and building up equity is a practical choice- a choice of the head- whereas moving to the second house would be, i think, a choice of the heart. and yet security is important to me, and buying, moving again is a risk.
I think you should enjoy your life today and don't excessively worry about the future.
Life is what happens while you are busy planning.
Plans change, and today's commitments can be changed in the future if still desired.
i agree that life does happen many times while we are unaware that circumstances are changing. that has certainly happened to me in my own life.
but security is important to me- sun in cancer, if that resonates- and this move would be stepping somewhat outside the comfort zone for me. and yes, i know that sometimes that can be a good thing.
I'm going in the other direction. I would stay in place and keep the money for a CCRC. I would do this over purchasing the town home. My reason would be that if it is like the CCRC's that I have been looking at, once I have paid my endowment my continued care (regardless of my financial situation) will be assured. At an advanced age I don't want to have to be worried about where I will go when I am unable to care for myself, who will not show up to care for me, or what happens if I run out of money. I like sensibility and practicality and sleeping well at night.
i would probably ultimately sell the current house if i bought the house i'm considering, but my choice would be, at least at this point, to keep it as a rental . i've been in the current home 8 years, and although home prices and sales here are picking up, i would not net a large amount after paying off the mortgage and realtor fees. if i bought the second house i don't know, realistically, how long i would be there. i'm 71, generally healthy, and active, but who knows? it might be a place where i could stay and "age in place" but i have to consider the possibility that i'd need some kind of ccrc or residential retirement community in the future. i'd like to think i would not, and frankly, the possibility of staying there for the long run is one of the appeals of the second house. i don't want to "age" where i am- but may have to do so.
obviously nobody knows what real estate will do in the next 5-10 years, but, if i remain in the second house for even 8+ years- very possible at this point- i would not have a lot of equity to work with if i decided to enter a ccrc. ultimately, i see it is a question of sensibility and practicality. i think i would like, on almost every level, the second house, in terms of lifestyle and as offering a sense of place. i feel my current home is a practical solution, but i have never felt really any resonance with the neighborhood or area, although i've tried. staying and building up equity is a practical choice- a choice of the head- whereas moving to the second house would be, i think, a choice of the heart. and yet security is important to me, and buying, moving again is a risk.
catsy girl
A couple of thoughts on this. Rentals are not for the faint of heart, unless you've done it before and aware of all the pitfalls. The second house does sound nice and my thought with the room/bath upstairs you would have a place for live in help in later years if that is something you might want.
We're carrying two houses at this point and it's taking the "we" to maintain both of them. I would personally opt for a clean beeak doing this and sell the old house.
My thoughts...as to what I do in your shoes if I were 71...I would stay put.
Renting out your current house could be a nightmare. Who knows what kind of tenants you'd get and repairs they would cause, plus the upkeep you have to pay for.
If you pass away while owning two properties that could be a nightmare for your heirs. The years are flying by; it could be that by age 76–80, just a few years away, you would want that CCRC, and you'd have a lot of property to dispose of, what a headache.
Just my .02.
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