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Most of us don't plan to end up in a nursing home, but most of us do. If you've given your money away, who do you think will pay your bills there? Your grandchildren?
My opinion is a tiny house is like a play house for grown ups. Better than a tent. Better than a dump that needs a lot of repairs. But not for the long haul, real life.
My kids were, maybe still are, considering buying some land in the Blue Ridge Mts. A tiny house would be easy to put together for temporary shelter, but realistically, not practical for long term. They would need storage for so much gear that it would make more sense to build a barn for the gear, and live in it.
I don't know that tiny houses are "legal" even in the country and/or even on your own land. They aren't wherever city municipalities have a say or utilities are accessed. Exceptions are sometimes made if that plot of land already has a "legal" house of acceptable size (usually 1500 sf or more) on it.
Most of us don't plan to end up in a nursing home, but most of us do. If you've given your money away, who do you think will pay your bills there? Your grandchildren?
Most people do not wind up in nursing homes. Almost everyone that I knew who is no longer alive died of old age in their own home. I personally have no intention of giving my houses away as I get older. Eventually one will be sold and we will live in the other year round.
Died of old age in their home with no paid help? I won't belabor the point, but that's statistically rare. Most do "estate planning" with some form of assisted living or nursing home care -- paid for by Medicaid once impoverished on paper (some are merely "hiding" their money under another's name) -- in mind.
Died of old age in their home with no paid help? I won't belabor the point, but that's statistically rare. Most do "estate planning" with some form of assisted living or nursing home care -- paid for by Medicaid once impoverished on paper (some are merely "hiding" their money under another's name) -- in mind.
You really need to check your facts. Depending which source you look at, you have about a 25% to 35% chance of ever landing in a nursing home. People are getting help but it's largely not paid help. It's spouse and families, mostly.
There simply aren't enough wealthy elderly to have a heck of a lot of need for Medicaid-avoidance estate planning. 70th percentile household net worth for 65+ is only about $350K. Medicaid lets the spouse keep their house and about $125K in other assets.
Yes I realized I misspoke and it was too late to correct. But you will never convince me the HOA fees represent the true costs. I live in a 1900 farmhouse on 5 acres and I don't come close to $400/month in home maintenance, nowhere near that amount. And yes I know friends who had their jacked up big time when a big expense was needed, I think it was a sewer line.
How long have you lived there? Is it possible you are deferring some maintenance?
Also, remember that you have to amortize costs like replacing roofs, HVACs, new appliances, sump pump systems, lawnmowers, etc., and including buying garden supplies and installing them, snow shoveling, having diseased trees removed, doing exterior painting, making plumbing repairs, washing windows, etc., into your $400. I've lived in 3 houses of varying ages, all fairly small, and on varying lot sizes but all much smaller than your 5 acres. I know that $400 monthly is far less than what we've spent. And if you have to pay anyone else to do any of this work, or if you actually upgrade your property rather than simply keep it from falling apart, the cost only goes up from there.
How long have you lived there? Is it possible you are deferring some maintenance?
Also, remember that you have to amortize costs like replacing roofs, HVACs, new appliances, sump pump systems, lawnmowers, etc., and including buying garden supplies and installing them, snow shoveling, having diseased trees removed, doing exterior painting, making plumbing repairs, washing windows, etc., into your $400. I've lived in 3 houses of varying ages, all fairly small, and on varying lot sizes but all much smaller than your 5 acres. I know that $400 monthly is far less than what we've spent. And if you have to pay anyone else to do any of this work, or if you actually upgrade your property rather than simply keep it from falling apart, the cost only goes up from there.
It kind of depends on the condition of things. When I remodeled, I tried to do things so they'd last. Lifetime shingles on the roof. No shortcuts on repairs. With DIY as much as possible, I can keep it at $5k without deferring much.
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