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[freebird5825]

Mi casa bonita...

First off, the climate here is awful from Dec-Mar. It snows here. A lot.

I live out in the country, as in a dairy farm is very close by. East Nowhere is dull, but it has its charms in other ways. Fresh air, low crime, very little road noise. A small lake within 5 miles and a nice little boat club with walk-up slip for my powerboat. Once the snow melts and goes away for good, it is fabulous here. Lush green, very few critters to contend with, nice cool nights for sleeping.
Did I mention fresh air ?

I live in a 1977 vintage raised ranch, approx 1700 sq ft, that was purchased and moved into in 1984 when I was 25 years old, a fresh newlywed (5 months to be exact). The price was right...gravel/dirt driveway, lawn in terrible shape, back deck starting to rot, really awful magenta carpeting and rooms full of that wild large print design wallpaper from the 70s.
Hubby and I were happy to start out with a nest that wasn't rented, without wierd neighbors.

Over the years, each room has been redone and/or painted, the kitchen and bathrooms overhauled, a dividing wall removed and replaced with a peninsula, and red oak wood flooring put in by hand (yes by hand by a friend who is also an excellent carpenter). That small open air deck was replaced with a roofed screened in room (used Apr-Dec) and a lower large open deck.
If this house could be transported to a high rent district, it would be very desirable to own.

After I was widowed in 2004 at age 46, I really thought about selling and getting an apartment. I'm glad I didn't give in to that impulse. No mortgage was the main reason to stay put. 100% equity is a nice thing to have.

I have often thought of downsizing to a smaller house...however I know what has been repaired/upgraded here versus buying into someone else's history. It ain't broke, so I ain't fixin' it.

When the upkeep gets too tough on me physically, I will most likely buy a condo in a larger town. Where? Who knows?

For now, I await the catalyst to change my zip code.
I'm having a ball exploring upstate NY.

 

[foxfirev5]

My DW and I bought our dream house in 1995. The kids were approaching teenage and our house was too small. Since we had always been LBYM the downpayment was two thirds of the purchase price. Never a burden it has become home base for our family. I never consider it an investment, it's where we live.
In 2001 we embarked on a new adventure and built a lakehouse. And I mean built it. As the ultimate family project the kids started by removing the sod and topsoil and digging the foundation by hand - in Michigan by the way 42". As a family we poured the footers, laid the blocks, framed and enclosed the structure. We hired the pros for the HVAC, drywall and plumbing but did all the grunt work ourselves. We finished the interior trim around Thanksgiving and hit the lake the following Spring. This place is our plan B. Still not considered an investment but it's there if we need it. However the attachment is pretty strong and hopefully we'll enjoy it with the kids and grandkids for years to come.

 

[rodi]

We live in the house I grew up in. Bought from my dad when he was looking to downsize. The equity does not play into our retirement plans other than as a "plan B" if we outlive our investible nest egg and need some dough to buy into a CCRC. The nice thing about buying from my dad is that we were able to transfer his Prop 13 property tax rate... saves us about $5000 per year in taxes. He did not give us a break on price... he was as cheap as I am. LOL. It's the perfect size for a family of 4 - about 2000sf. Unfortunately bedrooms are upstairs.

We built a 1 bedroom detached granny flat for my inlaws. It's completely handicap accessible since FIL is in a wheelchair. It was designed with his physical needs in mind, but also with pscale touches to make it marketable in the future. He went into a nursing home in January so they are unlikely to move back in. Our plan is to rent it out while the kids are home.... bringing in about $12k/year. (Have my friend's parents moving in, in a few weeks.). When we're ready to downsize we'll rent out the main house and move into the casita ourselves. Even more income that way.

So our house and the casita provide an income stream (rental) in our retirement planning - but not counted in our retirement assets. As a bonus the casita allowed MIL to care for FIL for 5 or more years before he went into a home... a very good thing for them, and for our entire family. The equity in our house provides a very nice cushion as a plan B.

Because San Diego prices are so flippin' expensive - our equity is about 40% of our net worth. But you can't spend a house. Mortgage will be paid off Jan next year.

 

[ERhoosier]

Interesting topic. DW & I have owned our Midwest home for ~25yrs, and now mortgage-free (yeah!). Clearly more space than we need, but pretty nice suburban location for our current lifestyle (at least Apr-Nov). Have thought about moving but sales fees & moving expense would eat up much of $$ gained by downsizing. And we cannot agree on where to move after ER anyway (Midwest vs FL vs AZ). I suspect after ER we'll prob stay put for a while but take more Winter trips to warm places. Very blessed to have this as our ER "problem".

 

[W2R]

Wherever I live must be beautiful. All else is secondary.

I am sure it is! I assume you mean the outside and the view? Like most of us, I imagine you decorate and improve your home until the interior is beautiful to you. I do that, anyway, so I am surrounded by beauty (by my definition) but my view is not breathtaking.

I have a little front yard, and I can walk to a family owned grocery store plus Safeway/Trader Joe's/Whole Foods, CVS, the PO, a bead store, a quilting store, the bank, several great restaurants, and the BART station to head into SF and Berkeley/Oakland, and the airport. Only use my car once or twice a week. It's heaven.

What a great location! I agree, it really does sound like heaven.

I have often thought of downsizing to a smaller house...however I know what has been repaired/upgraded here versus buying into someone else's history. It ain't broke, so I ain't fixin' it.

When the upkeep gets too tough on me physically, I will most likely buy a condo in a larger town.

Your 1700 square foot house doesn't sound too big at present, and like you said, you know the house very well by now. My house is about 100 square feet less than yours, and it hasn't been too bad, although I do have help with the yard and I am reluctantly considering having a housekeeper eventually. If I got another house, I am thinking somewhere between 1200-2500 square feet. I don't need 2500 but if it was in the right location (like gardenfun's rental, see above) I would move there and close off a few rooms.

I might consider moving to a condo on the lower floors of a large highrise someday, with parking, near everything, but there aren't any here within my budget that I would like.

 

[LitGal]

Nowhere Like East Nowhere

Freebird, I echo your feelings about East Nowhere. However, if your search becomes anything like mine, you may find NY hard to beat. I grew up in an East Nowhere on Lake Ontario (western NY), and only left because my dad had always dreamed of moving to CA. (So the family did, as soon as I graduated HS.)

After 25 yrs. in CA (San Diego co., then northern CA), I was grateful for its many opportunities and unique beauty. However, I had also headed back to East Nowhere at least every two years to (as I would tell the friends and relatives there) "inhale the chlorophyll."

The silent country roads under the stars at night (save for occasional passing cars), the symphonies of crickets, knowing most folks at the local coffee shops----- running into my elderly Sunday School teachers at the church where I grew up.......there's nothing like it.

When DH and I looked to transfer outside the SF Bay Area, back in the 90's, we ended up in NE Ohio (in a town similar to East Nowhere). Love it here, for the same reasons you haven't left upstate NY.

But East Nowhere still does beckon us. We were up there in Oct. for a mini-reunion. Then back again in Dec. for a wedding.

Enjoy roaming your emerald hills and lush forests. (Personally, I wouldn't want to leave!)