Not making progress on my plan to move to Maine; need tips (Lubec: renter, insurance)

[Cuffler]

Ha, $300k would buy you 500' of shoreline with a house to boot anywhere in Gouldboro and North!

My wife and I have been working hard toward moving up from CT and this weekend we'll be spending our 35th anniversary in Kennebunkport for a few days. In addition to eating our way through town, we've made an appointment with a realtor to look at a couple of homes. I'd recommend that you link up with a realtor up there, define the type of home you are looking for (sf, town, property size, etc) and explore the links they send you regularly. That'll help you keep your eye on the prize. You'll eventually find a few homes that really float your boat and will peak your interest. It'll also give you a price-point that will help you do the math on the sale of your existing home. We, too, have a lot tied up in our existing home and it's a special home, too, fully restored Victorian in a historic village in CT (I'm a professional cabinetmaker.) So, it's not like we're going to simply hire a Remax agent to comp it with the split-level up the street. But, we've got to move as I'm now 64 and my wife is 63. We're ready to go. Things have to fall into place but nothing will happen unless we begin to seriously make the moves and selling our existing huge home and downsizing our belongings is critical to that effort. This weekend will be our make or break. During the weekend I'm going to ask my wife to help me really commit to doing this. We've got to focus and not allow ourselves to be distracted any longer. I want to retire in Maine, become part of and contribute to a small community, and live out my years up in Maine. We love it and have been going there for many years. Good luck with your project!

Rome

[Last1Standing]

So far I'm not very enlightened or encouraged because it seems like no older single people have made this move after remodeling and selling a home in another state. That makes me think this must be a difficult thing to do. Also, someone who is looking at $300,000 homes could afford to hire help for remodeling, selling, and other moving tasks. That's not my case. Some have questioned whether I really want to move. It's more the practical, physical, and financial challenges that are keeping me stuck.

[AustinB]

Originally Posted by Last1Standing

So far I'm not very enlightened or encouraged because it seems like no older single people have made this move after remodeling and selling a home in another state. That makes me think this must be a difficult thing to do. Also, someone who is looking at $300,000 homes could afford to hire help for remodeling, selling, and other moving tasks. That's not my case. Some have questioned whether I really want to move. It's more the practical, physical, and financial challenges that are keeping me stuck.

May I suggest that you make the best of what you have already got. It's a nice home that you like. Vacation in the state of Maine when you can get away. You may not be able to afford the move, but a few side trips may take the edge off.

[slyfox2]

Originally Posted by Last1Standing

So far I'm not very enlightened or encouraged because it seems like no older single people have made this move after remodeling and selling a home in another state. That makes me think this must be a difficult thing to do. Also, someone who is looking at $300,000 homes could afford to hire help for remodeling, selling, and other moving tasks. That's not my case. Some have questioned whether I really want to move. It's more the practical, physical, and financial challenges that are keeping me stuck.

How old are you?

When I was 60 I spent two long years remodeling my house in Pennsylvania. I worked all day and then I worked all night on the house. I used almost all my weekends, and any personal days I had from work. And then at age 62, my wife and I sold our house in PA, and some other property. We hired a moving van and moved to a house that we'd bought when I was 58, and put renters in to pay for the mortgage payments.

Like I said at the beginning, if you knew the practical, physical, and financial challenges that faced us, yo would have figured we would have never moved. All our friends and all our relatives poo-pooed us and said that we were only vacationers and would never move to MDI.

But we really wanted it, and we really did it. And if you want it, then you too can surmount these things. If you cannot surmount them, then you can't. But you better do it soon. Your window for moving to Mount Desert island is now closing. We are rapidly reaching a point here where there are not properties worth buying(that is, not requiring $100K renovations) for less than $300K. 10 years ago there were many many; now the ones that are here between $100 and 200K are very very small cottages. Even the feeder communities like Bucksport, Belfast, and Ellsworth are feeling the same monetary stress. It appears to be an artifact of the centennial of the Park which has brought lots o f people here---and of course there is HGTV.

[TPBodine]

Originally Posted by Last1Standing

So far I'm not very enlightened or encouraged because it seems like no older single people have made this move after remodeling and selling a home in another state. That makes me think this must be a difficult thing to do. Also, someone who is looking at $300,000 homes could afford to hire help for remodeling, selling, and other moving tasks. That's not my case. Some have questioned whether I really want to move. It's more the practical, physical, and financial challenges that are keeping me stuck.

Just because the small sample of Maine City-Data users doesn't include older single people who have moved to Maine doesn't mean there aren't many, many people out there who have done the exact same thing. Tons of retirees move to Maine all the time, with and without spouses. It's becoming what the state is known for. You can do it too, if you want to.

As for the expenses, as many people have been saying, don't sweat the remodeling. Just because someone has scraped together enough of a downpayment for a $300k house doesn't mean they're flush with cash and can easily afford a move either. Just list the house and take what you get. Most of the costs (including the realtor's fee) will be worked into the sale so you can limit your out-of-pocket exposure.

But if you can't afford the more regular moving costs--renting a truck, perhaps some people to help load and unload--then maybe moving isn't in the cards for you. Many expenses crop up after buying a new house, from painting or new furniture or new appliances, etc. If you're worried about the relatively smaller expenses on the selling side of the move then you're probably not prepared for the potentially much higher expenses on the post-buying part of the move.

[ChristinePlovesME]

Originally Posted by slyfox2

How old are you?

When I was 60 I spent two long years remodeling my house in Pennsylvania. I worked all day and then I worked all night on the house. I used almost all my weekends, and any personal days I had from work. And then at age 62, my wife and I sold our house in PA, and some other property. We hired a moving van and moved to a house that we'd bought when I was 58, and put renters in to pay for the mortgage payments.

Like I said at the beginning, if you knew the practical, physical, and financial challenges that faced us, yo would have figured we would have never moved. All our friends and all our relatives poo-pooed us and said that we were only vacationers and would never move to MDI.

But we really wanted it, and we really did it. And if you want it, then you too can surmount these things. If you cannot surmount them, then you can't. But you better do it soon. Your window for moving to Mount Desert island is now closing. We are rapidly reaching a point here where there are not properties worth buying(that is, not requiring $100K renovations) for less than $300K. 10 years ago there were many many; now the ones that are here between $100 and 200K are very very small cottages. Even the feeder communities like Bucksport, Belfast, and Ellsworth are feeling the same monetary stress. It appears to be an artifact of the centennial of the Park which has brought lots o f people here---and of course there is HGTV.

To Slyfox;

Would you say that your last paragraph includes the rest of Maine also (in particular southern Maine)?
I am looking to buy property (hopefully around Saco) for around 250K. I notice all good places are "pending". I will have money and enough of it to do all the moving....I am afraid that the inventory will be be smaller and smaller as we get into summer.
I am not planning on doing 100K in renov. or any for that matter....but worry about homes in that prices range being snatched up before I can even get back there.
I constantly check realtor.com......all pendings of lower priced homes.
Thanks for any info......

[slyfox2]

Originally Posted by ChristinePlovesME

To Slyfox;

Would you say that your last paragraph includes the rest of Maine also (in particular southern Maine)?
I am looking to buy property (hopefully around Saco) for around 250K. I notice all good places are "pending". I will have money and enough of it to do all the moving....I am afraid that the inventory will be be smaller and smaller as we get into summer.
I am not planning on doing 100K in renovations. or any for that matter....but worry about homes in that prices range being snatched up before I can even get back there.
I constantly check realtor.com......all pendings of lower priced homes.
Thanks for any info......

Go to the Realtors in the section that you are looking for. You'll find lots of listings. You can then look at them and decide what might be there in your price range. Google: Saco realty listings

When I did that, I found lots of properties under $200K and also lots under $150K in SACO.

On MDI its a recent thing. I could not afford now to buy what I bought in 2007---and when there were lots of properties available. MDI is a special case. 3/4 of the island is national park. There is only a limited amount of available a space, and when the baby boomers discover it, as they are beginning to, what that is available will be gone. Limited availability leads to higher prices always.

[ChristinePlovesME]

Thanks for that info SlyFox.....yes its always about Supply and Demand.

[Northern Maine Land Man]

2007 was a unique situation like 1992 when we had a property lue collapse. Those who bought in 2007 got some real bargains. I was licensed in 1989. Hold on folks. Those who buy in 2017 will get ome awesome bargains gin.

Tick, ick, tick

[MCringle]

NMLM, you think there is another real estate bubble ready to pop any day now? I imagine rural Maine is less affected by such things?