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Were both in our early 50s, I'm drawing a pension but started a second full time career because its so expensive where we live. I suppose my main question (maybe should have worded it better) is are there others out there who sold their houses and really regretted it, or were you overall happy you did ?. My pension is about $5000 a month and 2500 of that is house payment so I'm basically mandated to work if I want any free cash for vacations and such.
Ah, I see where you're coming from now. It would certainly make sense to get your housing costs under control before retiring again.
At the same time, I understand the nesting instincts of the American female. What kind of condo can you get for $200k there? Or are you thinking about dipping into savings?
To answer your question above, we bought a house and moved in without selling our old house. We wanted to figure out whether it made more sense to sell it or rent it out. Then California instituted rent control and that decision was made for us. We'll sell.
I suppose my main question (maybe should have worded it better) is are there others out there who sold their houses and really regretted it, or were you overall happy you did ?
I'm not retired yet, but about four years ago I sold my house and moved into a 2 bedroom apartment style condo located much closer to work. I miss the space and the quiet of my old house (the condo isn't really noisy, but sometimes I do hear the neighbors moving something or talking in the hall), but overall the move has been a positive one. I have a much shorter commute, more free time due to fewer house-related chores, more security (I'm on the 4th floor, so no one's coming in through a window unless they are Spider-Man), and it's easy to pack up and go on trips without needing to worry about who's going to watch over the property while I am away. I like my condo. But YMMV.
One thing, somehow on my feed looking for houses they started showing me condos. I thought the HOA dues were bad in California! They appear much higher in Pittsburgh, Pennsylvania.
One place that looks OK for $235,000.00 —2 bedrooms, one bath in a place with very few amenities is 905 bucks. That’s insane — and a communal laundry, no in unit hookups.
Condos are out for me anyway because I have way too many pets, But we used to own a janitorial company that worked exclusively at condo complexes so I’m always nosy about HOA fees...
I would love to do an apartment type condo but we have cats and have set up an outside "catio" for them and would need a condo that atleast gives us a small courtyard so I can replicate their area. I also feel that the house would be too much for the wife to maintain if something ever happened to me, but that just puts me back at the crossroads of force a move so I can retire fully, relax etc but then I risk being the bad guy and hearing her complain about missing the old hoise
I would love to do an apartment type condo but we have cats and have set up an outside "catio" for them and would need a condo that atleast gives us a small courtyard so I can replicate their area. I also feel that the house would be too much for the wife to maintain if something ever happened to me, but that just puts me back at the crossroads of force a move so I can retire fully, relax etc but then I risk being the bad guy and hearing her complain about missing the old hoise
I still think a smaller house in a cheaper area with lower property taxes might be a decent compromise.
Have you discussed the financials with your wife? It's not fair that you have to keep working full-time past retirement age just because your wife doesn't want to move - and that goes double if she isn't also working full-time. You deserve a retirement. And if you passed away, would your wife be able afford to remain in your current home? If not, moving to a place she'd be able to afford and maintain after you are gone would be a wise thing to do. It's hard enough to move when you're not trying to deal with grieving.
I wouldn’t stay in such an expensive house, but I also wouldn’t move to a condo. We rented an end unit townhouse for a year while we were renovating our retirement home in another town and worked our last year. I hated it and knew it wasn’t for me long term. I agree with others that finding a less expensive home with lower taxes might be the answer.
So we have upwards of $200,000 in equity in our house, the house is in a desirable school district that we will never use. My wife loves the house but I hate the high taxes (10 grand) and upkeep, we still owe $260,000 on mortgage as well.
I really want to push to sell house and buy smaller condo outright and enjoy no mortgage but I don't want to disappoint my wife.
Anyone go through similar
OP, I feel your pain.
I also despise debt. I'm debt free. I'm done running the hamster wheel every day just to keep a roof over my head.
Your problem is that $200K doesn't buy much of a house in your locale.
As for condos, I've never lived in a multi-family building that doesn't create conflict among tenants. In a multi-family building you get noise, weird cooking aromas, pot smoke, and conflict over parking along with repressive rules wrt everything.
So perhaps the solution is to move to a more affordable place.
I plan on relocating now that I'm retired, but I will go for a small house. The issue I have with condos is the neighbors and noise. You never know who will move in next to you and I am too old to be having hassles with neighbors.
Those were all concerns, we like to have family gatherings and they can sometimes get a little loud but on the flip side the housing market is so hot that any cheaper houses usually have side deal offers before theyre ever seen publically. I do think the more I ponder over it (and read peoples points) that a condo wouldnt work for us based on noise factor alone.
We are originally from Michigan and if we hadnt left for my wifes job this would be a non issue as that the cost of living was low there.
I'm going to keep working on her, the other problem is we have multiple cats and if we sell and have to move to a short term apartment its going to be a problem finding one that will accept our pets
Quote:
Originally Posted by Vision67
OP, I feel your pain.
I also despise debt. I'm debt free. I'm done running the hamster wheel every day just to keep a roof over my head.
Your problem is that $200K doesn't buy much of a house in your locale.
As for condos, I've never lived in a multi-family building that doesn't create conflict among tenants. In a multi-family building you get noise, weird cooking aromas, pot smoke, and conflict over parking along with repressive rules wrt everything.
So perhaps the solution is to move to a more affordable place.
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What kind of condo can you get for $200k there? Or are you thinking about dipping into savings?
Solly says — Be nice!
