Buidling a home after the age of 50y/o....have you? (countertop, state)
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My parents are in their 60s, and they still are home builders, as in, they build homes for other people. They don't do much of the physical stuff, as they are the general contractor, and hire other people to do most of the physical stuff, but my dad still helps put the landscaping in, delivers carpet and appliances, and hauls garbage cans around, etc. And my mom, who has had a hip replaced, is on site a lot, pointing out how the kitchen should be laid out, looking for problems, etc, and usually does at least some of the finish cleaning. Age is just a number.
But your question isn't about the physicality, but the finances. We have built houses for people in their 80s. Usually, at that age, they are paying cash, rather than financing. But 50s is nothing. Many people don't have the money to build exactly the house they want until they are in their 50s. The most recent house my parents built for themselves, they were over 55.
Buy or build doesn't really make a difference financially. The question you should be asking is whether people should be financing in their mid 50s. Personally, I hope I don't ever have to, but 50s is still pretty young. A 15 year loan would be paid off by around 70, which will probably be "retirement age" before too many years (67 now I think). So it depends on how they are financing. Cash? Great. 20+% down? Ok. 0% down with PMI? Terrible.
I have a buddy that is about to build a home. He's 55y/o and his wife is 50y/o. When I say build, I don't mean he's doing it himself. He has builders,etc....
Would any of you build a home after the age of 50 and have you?
I am asking because he told me some of his family were asking why would he want to build a home "this late in life".
I thought it was weird to be honest. If I am able financially,mentally and physically, I say why not. Age has nothing to do with it. Some folks have built several homes after age 50.
Your thoughts.......
It's IS weird.
We're 70, and if we wanted to build a new house, we would.
Actually, I did build a house at the age of 55. I'm talking, "bang, bang, bang" - me, hammering nails.
It's actually a very practical thing do do. Not only will the house be exactly to your frend's taste, if he's smart he can design it for aging in place. Most standard hoses give little thought to the needs of older or disabled people, and small things that are easy to add in the planning stage (such as extra-wide hallways and doorways for easy wheelchair access, a large walk-in shower, at least one entrance to the house that does not have stairs or a stoop, etc.) can be difficult or even impossible to retrofit later.
I know someone who was about 62 when he built his second "dream house". His first dream house was perfect for a family with three children, but those children were all grown up. The house had the master bedroom suite upstairs, and other problems, and he now had rheumatoid arthritis. He had his new house built completely handicapped & wheelchair assessable. Every entrance was wheelchair assessable with not even one step. It does not have a basement (unusual in Wisconsin) but has a lot of built in storage that is easily used by someone with a cane, walker or wheelchair.
He was able to add many things that were important to him & his family at this point in his life. His dining room table normally seats 12 & with all of the leaves, I believe that it seats 18 to 20 people. He had always wanted to have a space where all of his children and grandchildren & other relatives could comfortably sit during holiday meals and he succeeded.
Since he had the money it was totally mortgage free.
Looked for a "retirement home", but so much of what has been built in the last couple of decades is builder development with two stories--more $$$$ for the builder on the same footprint. Not good for anyone who doesn't want stairs.
We wanted a single level home. Designed it ourselves with all level floors...no steps up or down from the front door all the way through to the garage. Smooth thresholds. Wide doors. Lower counters. Think built to ADA standards in large part. Shower has a threshold now, but it is large and the step can be knocked out to allow for wheelchair access should it ever become needed. All "levered" door handles; rocker switches for lights; wood floors (no carpets to trip over). We plant to be here until we are no longer vertical.
Never even thought about "age" being an issue as relates to finances, stress of building, or appropriateness. We needed a new home. Period. Figure we might have the best part of 40 years here, so why not. Probably build another one before we are done, and that will be in our 70's/80's.
Inheritance? Bwahhhhaaaaaaa....... started with nothing. If there is anything left, they are welcome to it. Raised them, paid for college, launched their careers. They should be paying me about now. Another bwahhhhhaaaaaaaaaaaaaaaaaaa.........
We wanted a single level home. Designed it ourselves with all level floors...no steps up or down from the front door all the way through to the garage. Smooth thresholds. Wide doors. Lower counters. Think built to ADA standards in large part. Shower has a threshold now, but it is large and the step can be knocked out to allow for wheelchair access should it ever become needed. All "levered" door handles; rocker switches for lights; wood floors (no carpets to trip over). We plant to be here until we are no longer vertical.
If builders would just do those things on the first floor of EVERY house they built (especially the smooth thresholds and wide halls and doorways, which are hard to change after the fact), "aging in place" would be more feasible even in a two-story structure. And I would think those features, properly explained, would appeal to younger buyers as well, since you don't have to be old to end up in a wheelchair (either temporarily or permanently).
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