I am about 1 yr from retirement and we have been house hunting. We just sold our home and am looking for the right house to live in until CCRC time. .... low maintenance, 1st floor master berm, etc.
We have found that homes that meet this description are few and pricey.
We have found new construction which we love and great location. But, it is really stretching our budgets. It would mean taking a chunk out of our retirement savings to do it.
Just put down a refundable small deposit. Will also mean carrying a mortgage.
Are we crazy??
I am going back and forth on it and losing some sleep. Will spend the next few days running all the calculators on it. It might mean having to put off retirement for 6mo to a year to handle it.
No- you are not crazy, but you really have to tread carefully.
We are dealing with this very same issue, except our current home is not up for sale yet and I am already freaking out. I am retired and my husband retires the end of the year. We already met with a fee only Financial Planner. We want to move to New Hampshire to be closer to our son- our only child. We have looked on line and in person for a couple of years just to see what was available.
We want to move sooner rather than later as my husband will be 66 years old next year and we are not getting any younger. We will have no help with the move.
Well- our home here in Hudson Valley, NY has barely appreciated over 31 years. We are the original owners- paid $208,000 for it in 1987 and we put a ton of money into it, including major updates within the past 6 years, In NH, for what we could maybe get for our home we would nto be able to buy anything suitable. We maybe could sell it for $275,000 or so. But we have to get it appraised.
OMG! I can't even tell you- most of the homes in NH are stuck in the 80's and decent ones that we would like cost a fortune! Many others only have one bathroom. We really want a 55+ community with activities and amenities. Forget it Nothing available and what is available costs a fortune or no amenities for high HOA fees.
Our FA told us we could take out all our cash - about $130,000 (leaving $14,000 for moving expenses and/or maybe closing costs) to put towards a home there. That would mean a home under $400,000. Well- even at that price point what we want and need is hard to find. To me, a lot of the homes are not even worth it.
Plus, we don't really want to use that money for this purpose. What kind of downsizing is this?
We thought of just going into Independent Living, but the rental ($3000-$5000 per month!) are astronomical for something we don't even need yet and the FA advised against it.
He said we could rent a couple of years until we find the right home, but buying and paying cash is our best option. Or staying put. I HATE the idea of moving twice and renting!
But as much as we love our home and 10.5 acres of land, we can't age in this secluded environment with no family or friends around.
That said, we are not going to sell our home (IF it even sells- another story) and then end up renting in a state that we might not be able to afford to buy a home and with limited selection in that regard.
One thing I do know is we have not had a mortgage for many, many years and we will not have one going forward.
We want a one level home under $300,000-or at least a first floor master bedroom and laundry-2 bathrooms- updated and modern with central AC and a garage or basement- in a community with amenities and a low tax state with mountains and lakes. Prefer it in a 55+ community where they take care of the exterior of the home as well as do the landscaping and plowing and all that stuff.
But we don't want to live far from our son. We don't like heat or humidity either.
The plan is to put our house up for sale next spring.Not sure what we will do now.
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