travelover
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Mar 31, 2007
- Messages
- 14,328
How about a duplex? I'd bet that you know someone that would rent the other half.
You're not alone of course. Our next house will be a little smaller (2300>1800 - fewer but larger rooms) but we're also after "upgrades and features" just like you. And we plan to go from a two story to one and maybe a smaller lot. We plan to downsize, but it'll probably cost us at least 50% more than our current home value.I don't necessarily want a bigger house as far as square footage, although I would really like to have a garage, better location, and certain other features that add value and sometimes more square footage comes along with these upgrades and features. By "upsize" I meant in terms of selling price.
I am not ready to pull the trigger because we haven't really decided where we will be living, but when we do I want to be favorably positioned.
We're pretty happy with our floor plan, similar to this. About 1600 s.f. plus garage. Vaulted ceilings which make it seem bigger.
Have lived here for 10years now, and very happy with the size, layout, price and taxes... All homes in our CCRC are similar design, brick front vinyl siding. There are also duplexes, each side of which is larger than our home... about 1800sf.
Current Pricing in the $180K area, taxes $2400.
Your house sounds nice. In my case, I want the big garage and big shower, but around here few small houses have both.
W2R,
Have you thought about doing some renovations/addition vs moving? Although this may depend on what you have to work with and while it won't change your location, you might find that this is the cheaper path to getting the value improvements you desire, while possibly retaining the insurance and tax benefits you currently enjoy. May be you should catch a few episodes of "Love it or Leave it" on HGTV.
How about a duplex? I'd bet that you know someone that would rent the other half.
A one story house (which I now have) is great to have as we grow older. I also would like a house that has been modified, or can be modified, to be "elderly friendly" so that I can stay in it for the duration.You're not alone of course. Our next house will be a little smaller (2300>1800 - fewer but larger rooms) but we're also after "upgrades and features" just like you. And we plan to go from a two story to one and maybe a smaller lot. We plan to downsize, but it'll probably cost us at least 50% more than our current home value.
If I was single again, I would like a house that has:
1): a 3 car garage with a hydraulic lift, 220V power, built in lighting, lots of cabinets, a porcelain tile floor, and storage for my power tools,
2); one bedroom with a large shower (no tub),
3); a combination kitchen/living area with high speed internet access and room for a desk and 60" TV,
4); a yard with no grass,
5); is 15 miles from the nearest highway, and
6); has no neighbors within 1/8 mile.
However, NOT being single, I am subject to the wants and needs of DW who got us into a newer home in November that roughly the same size as our previous one and is one level (instead of two floors) and in a 55 and over community . My garage is not adequate and the yard has to much grass.
That pretty much describes the place I am building this summer. I had to acquiesce on the shower. My DD wanted a tub/shower and she will get the place when it is time for me to move down from the mountains.If I was single again, I would like a house that has:
1): a 3 car garage with a hydraulic lift, 220V power, built in lighting, lots of cabinets, a porcelain tile floor, and storage for my power tools,
2); one bedroom with a large shower (no tub),
3); a combination kitchen/living area with high speed internet access and room for a desk and 60" TV,
4); a yard with no grass,
5); is 15 miles from the nearest highway, and
6); has no neighbors within 1/8 mile.
However, NOT being single, I am subject to the wants and needs of DW who got us into a newer home in November that roughly the same size as our previous one and is one level (instead of two floors) and in a 55 and over community . My garage is not adequate and the yard has to much grass.
We will probably upsize when DW retires. We downsized 2 years ago to a 2-bedroom condo. Currently, the second bedroom is used as a guest bedroom with a small office tucked in a corner. We really have no personal space of any kind, nowhere to retreat from each other, nowhere to store or display our personal possessions. It works fine for the time being because DW goes to work every day and I have the whole place to myself. Once DW retires, however, I think that we will need a minimum of 3 bedrooms - one master, one "office" for her, and one "office" for me (the guest bedroom is used so rarely that I would not mind seeing it gone).
Helen, I loved reading about your new house and it sounds wonderful! I like the idea of selling enough to entirely buy the house in cash even before selling my present home, and I think that could be a great advantage in negotiations for the new home. Besides, as you mentioned, the money from the sale of my present home could be either invested (as you did), or I could use it for the move and for any needed renovations. I do have so many requirements of a home that I will probably need to do renovations even with the perfect home. I want it to be extremely elderly friendly, for example, with a huge roll-in shower and other handicap features in case I need them later on. And also, I would like my house to have beautiful upgraded finishes and so on.W2R, if you can afford to do this then go for it. I could have diversified my portfolio by selling stock and buying mutual funds (and I have), but it doesn't do much for the quality of my life. Where you live can have a huge impact on the quality of your life and change can be stimulating.
I hope to read about your decision as time marches on. Best of luck to you!
Imoldernu, I love your floorplan! It would be perfect for me if it was modified to have a big shower, at least 4'x6'.
Yeah... that was not quite my house... no middle bedroom, so the master BR has double sized bath with big shower, and much bigger master BR, and a very large walkin closet.
Very discerning of you to apply the architectural knowledge.
You raised a good point. Having the cash upfront made the seller more willing to negotiate. He had had two offers fall through prior to us making an offer. When told them it would be a cash deal.I like the idea of selling enough to entirely buy the house in cash even before selling my present home, and I think that could be a great advantage in negotiations for the new home.
We did the opposite. Downsized from a large home to a rental condo. We plan to buy. It was a good decision for us. We put the proceeds into the market and they far exceeded the growth of house prices in our area. Dumb luck.
I think it depends on your lifestyle or retirement plans. We live in the snow belt and plan to travel for 10-12 weeks during the winter. We will be travelling for 6-10 weeks during the late summer/fall. We like the ability to lock to door and go. After owning our own home for 35 years it is a nice change not to have that responsibility.
You raised a good point. Having the cash upfront made the seller more willing to negotiate. He had had two offers fall through prior to us making an offer. When told them it would be a cash deal.
Also, by selling after we bought, we could take our time moving in. We had all of the hardwood floors refinished and had a versalift installed in the garage. Versa Lift - Attic Storage Lifting System
Being able to move at our own pace took a lot of stress off us. I can not imagine trying to time the selling of a house with the purchase of a house.
..........and had a versalift installed in the garage. Versa Lift - Attic Storage Lifting System
Love that Versalift!
We're pretty happy with our floor plan
I could sell for a big profit.
However, I don't think it would necessarily buy a bigger home because of how much prices have gone up.
Plus, my property tax assessment would be much bigger, so I'd probably have to pay several times what I'm paying now.
Moving away from the Bay Area or out of California would allow me to get a bigger home and probably have money left over.
Once FIRE'd, there is really little to keep me in the area, though the weather and amenities are nice. I'd imagine a bigger home in say Arizona would be cheaper, have lower taxes but probably bigger electrical costs for the AC.
. By renting the condo, you do have to deal with a landlord and possible increases in rent periodically, although not with an HOA.
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