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OP, y'all are acting like Grandma has a bunch of money. Like she has options. But the reality is that she probably doesn't have enough money to last the rest of her life. You need to maximize her money. Her most valuable resource is the land. Split it into 2 lots and sell them both. Buy a really small ranch nearby. If you can't convince her to sell it outright, she really needs to split it into 2 lots and sell one. She doesn't have the luxury of insisting on privacy or a big garage because she really can't afford it. Do whatever has the lowest overall out of pocket cost. She will need every penny in a few years. Aging in place isn't cheap. and assisted living/nursing home care is even worse.
OP, y'all are acting like Grandma has a bunch of money. Like she has options. But the reality is that she probably doesn't have enough money to last the rest of her life. You need to maximize her money. Her most valuable resource is the land. Split it into 2 lots and sell them both. Buy a really small ranch nearby. If you can't convince her to sell it outright, she really needs to split it into 2 lots and sell one. She doesn't have the luxury of insisting on privacy or a big garage because she really can't afford it. Do whatever has the lowest overall out of pocket cost. She will need every penny in a few years. Aging in place isn't cheap. and assisted living/nursing home care is even worse.
I see no reason to assume that 'grandma' is destitute.
One of our neighbors died, his widow wanted to stay in their home, but she also wanted her married daughter to move in with her. The daughter and her husband agreed on the condition that they replace the old house with a new modular. The old house was flattened by a bulldozer and it was replaced with a new modular home. The entire process took less than a month.
If your city does not have overly intrusive inspections, it should be a fairly quick process.
I agree with the modular manufactured home route, IF the HOA would allow it. Once the old house is torn down and the ground leveled, she could probably be leaning back in her recliner in her new home in about a month.
I agree with the modular manufactured home route, IF the HOA would allow it. Once the old house is torn down and the ground leveled, she could probably be leaning back in her recliner in her new home in about a month.
I had not thought of HOAs, if you are in a HOA all bets are off.
Hi Everyone,
No WAY is my grandma ever going to agree to an independent living situation inside of an old folks community, nor would she ever agree to a condo or apartment. She might agree to a small ranch within the current community but I doubt she would want to rent.
I think building new is a good idea both financially and for her own personal comfort. Reason being that she has the place to stay for free while it's being built, then she will also ADD significant equity and net worth to her name. The only true way of capitalizing on the lots she has is to build a new home on them.
I understand things could change quickly with her health, in which case we can always sell the house or put a reverse mortgage on it so she can afford anything she needs. Does anyone see any faults in this sort of plan?
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Quote:
Originally Posted by ChiGuy2.5
Hi Everyone,
No WAY is my grandma ever going to agree to an independent living situation inside of an old folks community, nor would she ever agree to a condo or apartment. She might agree to a small ranch within the current community but I doubt she would want to rent.
I think building new is a good idea both financially and for her own personal comfort. Reason being that she has the place to stay for free while it's being built, then she will also ADD significant equity and net worth to her name. The only true way of capitalizing on the lots she has is to build a new home on them.
I understand things could change quickly with her health, in which case we can always sell the house or put a reverse mortgage on it so she can afford anything she needs. Does anyone see any faults in this sort of plan?
More info always helps...
Grandma is relatively young
grandma has opinons and investment in this decision - probably knows what she wants, I suggest doing it as possible / reasonably.
Grandma is happy in current location
grandma has some available resources (not much, but enough to build)
Grandma can enjoy a new home for maybe 20+ more yrs (Worth the trouble)
Other options possible.
I would keep the lots segregated as possible (more options for future income)
Since Mobile Home is not allowed... Find a 'package deal' with a 'turn-key' builder (They are corporations who build on your lot (for far cheaper than a custom builder)) You can specify options / stuff you will do / add yourself.
Give grandma lots of input and options
Keep project on schedule.
Consider a family member (with some assets) offering a 'Life Estate' (Rather than a reverse mortgage... $$$$ and bank / lender ALWAYS wins Big-time)
Steps...
find out what is allowed (HOA / local codes / zoning / flood plains - FEMA / lot size and access / replacement dwellings)
Verify if your county offers tax rebates for ADA equipped homes (ours does)
Get turn-key estimates (dismantle, removal of existing and completion and time frame of replacement)
Get referrals
Solicit more complex options (if viable) /... i.e. individual contractors for each process
Validate all with grandma (especially costs / over-runs, features, time-frame, future financial / care needs...)
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