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04-20-2019, 09:49 AM
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#1
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Gone but not forgotten
Join Date: Jul 2012
Location: Peru
Posts: 6,335
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A Late Life Decision...
About a minute and a half from where we live today, jeanie spotted a
"For Sale" sign on a home that looks very nice. At our age, my first thought was that it's a little late in life to make a major move.... but after looking at the home, we see that it is available with all the furnishings shown, and is essentially in immediate move-in condition. Our oldest son at age 60, is eligible to move in to our current home, so no moving trauma.
We looked at our financial situation, and figured that after the down payment, we can afford to swing the purchase, and that hopefully the value of the home will stay the same or increase over the coming years, keeping our estate intact.
Without going in to too much detail, I guess I'm looking for your thoughts. It's kind of a bucket list item, and at age 83, we don't have a lot of time left.
The link is to the listing, and there are many photos (51) of the home and the interior rooms. It is on Baker Lake, the idyll location in our town.
https://www.realtor.com/realestatean...4_M72700-30490
__________________
If you want others to be happy, practice compassion. If you want to be happy, practice compassion.
--Dalai Lama XIV
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04-20-2019, 09:55 AM
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#2
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Moderator Emeritus
Join Date: Aug 2007
Location: Northern Illinois
Posts: 16,543
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Go for it! But does it have a bedroom on the first floor?
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04-20-2019, 10:02 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,003
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5,200 SF for the two of you? Maybe invest in a good set of walkie-talkies to stay in touch.
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Numbers is hard
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04-20-2019, 10:03 AM
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#4
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Full time employment: Posting here.
Join Date: Sep 2010
Location: Orlando, Fl
Posts: 950
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Beautiful house. Last summer we moved within our same community from a house on an internal lot to one on our lake, and we are so happy we did. Our views are fabulous. I'd encourage anyone to do what will make them happy while not jeopardizing anything in the future.
Would buying this house mean moving out of your CCRC community?
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"Some people describe themselves as being able to see things as a glass half full. For some, the glass is half empty. Me? I can't even find the f***king glass."
Silver
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04-20-2019, 10:05 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Jan 2018
Location: Elyria, OH
Posts: 1,937
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I thought the appeal of your CCRC was that you'll have care going forward, if you need it, no matter your condition, without a major upheaval. The home is beautiful, to be sure, but why would you want to take on the burden of cleaning/maintenance/paying for such services, on a 5200 square foot home for just 2 people? Even at my age (55), I wouldn't want such a large, opulent home.
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04-20-2019, 10:10 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Santa Paula
Posts: 4,068
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Dear Bob,
It is a beautiful house BUT the deal breaker for me would be 2 stories. At 5200 sq ft the two of you will be rattling around there like a BB in a boxcar..
The maintenance and heating/cooling expense will be horrible.. Why at this stage of your life would you want to obligate yourself to the additional expense?
DW's comments- stairs are the curse of the elderly; you would need a live in housekeeper for the place
I am almost the same age as you, and am very happy in a 1400 sq ft 2 BR, 2 bath home. I certainly would not want anything like that house.
__________________
Retired Jan 2009 Have not looked back.
AA 60/35/5 considering SS and pensions a SP annuity
WR 2% with 2SS & 2 Pensions
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04-20-2019, 10:15 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Oct 2013
Posts: 1,180
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If you won't mind the $12,000 in annual taxes and high utilities, if the stairs aren't a concern, and you won't mind all the upkeep inside and outside of that property, go for it. Personally, we're going the other way. We're planning to sell the 4800 square foot property and buy something significantly smaller as soon as we find the right property with enough garage and/or basement space for all my toys.
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04-20-2019, 10:18 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
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That's an especially beautiful home, comparable in size to the home we bought 3 years ago. But upkeep and utilities on such square footage is quite expensive. And we're 20 years younger, raising a 7 year old granddaughter and we are debt free.
If you're satisfied with your current lifestyle, I'd stick where you are.
We liquidated my aunt's large home and all her furnishings 10 years ago in a city 120 miles away. It was an immense physical and mental task. I wouldn't want to push that off on any heirs, especially if money's owed against it.
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04-20-2019, 10:24 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Aug 2015
Posts: 1,890
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Looks like you can do what we did and buy a huge house and live on one floor. This house has the master on the first floor and laundry on the first floor, so you never have to go upstairs or in the basement if you don't want to. We are empty nesters and bought a 4600 sq ft house with no intention of using any of the upstairs rooms (3x bedrooms, game room, media room). The first floor is perfect for us with the MBR and laundry. With 3 zone HVAC, we just let the upstairs stay at whatever temp it ends up.
Not ideal because we still have maintenance and taxes and lawn care for a mcmansion, but we couldn't find a rancher we liked and didn't have time to build one.
__________________
Consistently sets low goals and fails to achieve them.
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04-20-2019, 10:36 AM
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#10
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Thinks s/he gets paid by the post
Join Date: Apr 2005
Location: Duesseldorf, Germany
Posts: 1,202
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For us, 60 and 67, it would be much too large, too much to clean and to keep in shape, too much garden work.
But you might feel different.
If you like the furnishings, why not update your current home a bit? Otoh, sometimes it seems easier to move into a new home than to improve the current one.
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04-20-2019, 10:49 AM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2014
Posts: 7,001
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I think it’s a terrible idea. You love your community and friends. At 58 we downsized to 1400 sq ft which is perfect. The taxes are terrible.
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04-20-2019, 10:58 AM
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#12
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,773
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That looks beautiful but big and expensive and one day only one of you will live there, perhaps with diminished income (loss of a SS check). I would let the giant house bucket list item fade away.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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04-20-2019, 10:59 AM
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#13
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Moderator
Join Date: Nov 2014
Posts: 9,100
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Not a good plan. Take some time and I think you’ll agree and stick with your original plan.
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Every day when I open my eyes now it feels like a Saturday - David Gray
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It would take me two weeks to do the weekly yard work
04-20-2019, 11:06 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Oct 2016
Location: The Shire
Posts: 1,504
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It would take me two weeks to do the weekly yard work
Now we know: you must really like to mow lawns and trim hedges.
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Paying it forward is the best investment.
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04-20-2019, 11:10 AM
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#15
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gone traveling
Join Date: Mar 2015
Posts: 3,508
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Quote:
Originally Posted by imoldernu
We looked at our financial situation, and figured that after the down payment, we can afford to swing the purchase, and that hopefully the value of the home will stay the same or increase over the coming years, keeping our estate intact.
Without going in to too much detail, I guess I'm looking for your thoughts. It's kind of a bucket list item, and at age 83, we don't have a lot of time left.
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At 83, you are entitled to do whatever makes you happy as long as you can afford it. Even if that means posting like an idiot for the yuks, I guess.
Good luck.
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04-20-2019, 11:11 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2015
Posts: 5,800
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It is a gorgeous home. It would be too large for me and my DH, to clean, and keep updated, along with the expense of utilities, lawn care, etc.
You have shared so much about your CCRC, how much you enjoy it and how it has eased your mind, I am wondering what has changed?
Its on your bucket list, I understand that, but all items do not necessarily have to be crossed off.
If you can swing the cost and really, really desire it, go for it.
It would not be something I would choose to do.
__________________
Give a Man a fish, he will eat for a day.
Teach a Man to fish, he will eat for a lifetime.
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04-20-2019, 11:17 AM
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#17
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Recycles dryer sheets
Join Date: Jul 2018
Location: in transit
Posts: 318
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Quote:
Originally Posted by corn18
Looks like you can do what we did and buy a huge house and live on one floor. This house has the master on the first floor and laundry on the first floor, so you never have to go upstairs or in the basement if you don't want to. We are empty nesters and bought a 4600 sq ft house with no intention of using any of the upstairs rooms (3x bedrooms, game room, media room). The first floor is perfect for us with the MBR and laundry. With 3 zone HVAC, we just let the upstairs stay at whatever temp it ends up.
Not ideal because we still have maintenance and taxes and lawn care for a mcmansion, but we couldn't find a rancher we liked and didn't have time to build one.
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+1
My first reaction was why would you do this. But you said it was on your bucket list so if you can handle the size and upkeep then go for it. If your son is moving into your house then it makes it more logical. At your stage in life only consider this if it comes furnished (meaning no moving hassle). Now I am moving out of my city home 3K sq ft (selling it furnished) and moving into our country house 6000 sq ft. DW and I plan to live on the main floor and keep the upstairs for kids and grandkids. I suspect most people would tell you to stay put but I wanted you to hear from folks who sorta did what you're pondering. You only live once!
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A persons wealth is measured by what they can afford to do without.
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04-20-2019, 11:24 AM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,226
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Agree with others.
5,200 sq ft for 2 people with a second floor at age 83. I thought you had mentioned in some prior post that your net worth was somewhere in the 500k - 1mm range, so how would this work out?
We have a 2,886 sq ft house on 1 floor for 4 people and I think it is on the large side.
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TGIM
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04-20-2019, 11:29 AM
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#19
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Full time employment: Posting here.
Join Date: Nov 2017
Location: solomons
Posts: 849
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i get it, you're playing us..... April 20 fools day .....
if living in a big azz house is on bucket list = https://www.homeaway.com/vacation-re...ure=2019-05-09
stay here for a month and see if you life it.
I mean seriously.........
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04-20-2019, 11:33 AM
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#20
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Thinks s/he gets paid by the post
Join Date: Oct 2009
Posts: 1,984
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__________________
You do not have a soul. You are a soul. You have a body.
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