A Late Life Decision...

[imoldernu]

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/realestateandhomes-detail/621-28th-St_Peru_IL_61354_M72700-30490

 

[Ronstar]

Go for it! But does it have a bedroom on the first floor?

 

[REWahoo]

5,200 SF for the two of you? Maybe invest in a good set of walkie-talkies to stay in touch.

 

[Silver]

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?

 

[gwraigty]

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.

 

[Souschef]

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.

 

[freedomatlast]

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.

 

[Bamaman]

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.

 

[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.

 

[chris2008]

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.

 

[Teacher Terry]

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.

 

[Bestwifeever]

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.

 

[Jerry1]

Not a good plan. Take some time and I think you’ll agree and stick with your original plan.

 

[Mdlerth]

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.

 

[joeea]

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.

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.

 

[pacergal]

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.

 

[Franklin]

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.

+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!

 

[Dtail]

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.

 

[f35phixer]

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-r...unt=3&arrival=2019-04-25&departure=2019-05-09

stay here for a month and see if you life it.

I mean seriously.........

 

[folivier]

This one in my home town is a better price:
https://www.realtor.com/realestateandhomes-detail/305-Main-St_Franklin_LA_70538_M87863-73803?view=qv

 

[bigcmagor]

With all due respect, and based on your value to this site there's lots of respect due - you mentioned that your doctor felt that you were showing early signs of dementia, which you seemed to acknowledge in posts here. Your decision to enter a continuing care community was a great move for the two of you and your family. Aside from the desire to live large (and who wouldn't want to live in this house) the option makes no sense at all to me.

 

[aja8888]

Bob:

Let me be the first to say....."you are kidding, right?"

 

[Dawg52]

i get it, you're playing us..... April 20 fools day .....

Based on some of his previous post I would say this has to be a joke. But.....maybe not.

 

[frayne]

With all due respect, and based on your value to this site there's lots of respect due - you mentioned that your doctor felt that you were showing early signs of dementia, which you seemed to acknowledge in posts here. Your decision to enter a continuing care community was a great move for the two of you and your family. Aside from the desire to live large (and who wouldn't want to live in this house) the option makes no sense at all to me.

+1

 

[Franklin]

With all due respect, and based on your value to this site there's lots of respect due - you mentioned that your doctor felt that you were showing early signs of dementia, which you seemed to acknowledge in posts here. Your decision to enter a continuing care community was a great move for the two of you and your family. Aside from the desire to live large (and who wouldn't want to live in this house) the option makes no sense at all to me.

Well now if this is correct I must agree with the crowd. Your fellow members value your connection and are giving great opinions (even when it is hard to do).