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Old 08-14-2017, 07:40 AM   #21
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How about two places, for different times of the year, instead of one "dream house". My vote is not to shovel snow......
Agree with this plan. But in the end, buying more real estate in retirement will always hinge on the question of whether you can afford to reduce your income by liquidating earning assets as well as increasing your actual expenses for the nicer/bigger/additional place. The sum of these factors can often be pretty significant to a retirement financial plan.
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Old 08-14-2017, 11:57 AM   #22
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We thought our dream house would be a beach house. We bought on Puget Sound in a small community. After owning for 9 years, we learned something about ourselves. We learned that we preferred privacy and liked to see other sites than always being at the same place. Our place was payed for, but taxes are crazy expensive. We sold our beach place and moved back to our very private home on 3 acres. Thank god we did not sell our primary residence.

A beach house is like a boat--Happiest day is when we bought the beach house, and when we sold it.

Also, nature is pretty brutal on the structure. Lots of risks living on the water. Add global warming, and the risk increases.
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Old 08-14-2017, 12:12 PM   #23
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We always owned modest homes and still do. While OMY (or more) might smooth it out, I could not trade my freedom for proprty. But, that's me.

Here's a nice, if sarcastic, view of home ownership from JLC.

Why your house is a terrible investment
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Old 08-14-2017, 12:14 PM   #24
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My vote is not to shovel snow......
That was my original plan but DW didn't want to move that far from family. And as we all know "...if she ain't happy, ain't nobody happy..." So while I haven't sold the snow thrower yet, the plan now is to hire a guy to do that.

At retirement we sold the paid-for house near Washington, D.C. and bought a much nicer one for about $20k less than the old one sold for. People new to the D.C. area get a serious case of sticker shock when looking at housing, less so in West Virginia.

We like it so far but when we can't drive anymore we'll have to move and that is in the plan.
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Old 08-14-2017, 12:28 PM   #25
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We are building our retirement house now. Hope to retire in next year, max 2. Our budget was the value of our permanent residence + a condo we own. I will say that I am very glad we undertook this project while I am still working. One it has been a great motivator to finish my career strong. Said another way, it has provided a good distraction from the daily work grind. Second we will have clarity on final cost prior to making decision on when to retire.

We have gone over budget a bit, but so far it is not something that will cause a delay in retirement timeline.
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Old 08-15-2017, 01:48 PM   #26
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Didn't realize so many people had a desire to build a "retirement dream home"...after retiring or near it.

I just figured you built that dream home during your earning years and when you retired.....you just plain enjoy it.

Living in a crappy climate like Ohio, made us want a winter home/condo. This is the route we took. Now if we lived in a more moderate climate, I could see forgoing the winter condo and building a dream home.
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Old 08-15-2017, 02:20 PM   #27
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We built our dream home on the beach 17 years ago, so I can't say it had anything to do with retirement planning. But I always wanted to live on the ocean, and it was a major stretch back then to spend $1M to build an ocean front home.

17 years later, I still can't imagine wanting to live anywhere else. I'm sure it's not for everyone, but for us, seeing the waves crashing on the sand whenever we look out, taking daily walks along the beach, and living in the moderate temperatures that ocean front living provides makes every day priceless. We have no regrets and no plans to move.

And we paid off the mortgage years ago, so one less thing to worry about in planning for retirement.
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Old 08-15-2017, 02:33 PM   #28
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No we actually downsized to a more modest home upon retiring. I wanted less home to clean, etc. I would not stretch my budget for a house. Now I know how nice it is to live on water because my parents had a summer resort on a lake that I spent 14 years at. But I want to travel, eat out, go to plays, etc so not worth it to me.
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Old 08-15-2017, 02:43 PM   #29
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We haven't but we fully expect to spend much more than we'd I'd like, and approaching double the value of our current house. But we own a house and a boat, so hopefully we'll sell the boat around the same time and out-of-pocket will be offset somewhat. It's not the higher home purchase price that bothers me anyway, it's the higher prop taxes, insurance, etc. for 30-40 years that'll nag at me. But the next house will be the last if all goes according to plan...
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Old 08-15-2017, 05:08 PM   #30
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Firemenow she is beautiful. Is that an American tug?
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Old 08-15-2017, 05:31 PM   #31
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Firemenow she is beautiful. Is that an American tug?
Thak you for the kind words. Yes - 2006 AT34 #99.

We're hoping to retire, move aboard next fall and start the Great Loop in Spring of 2019!!
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Old 08-16-2017, 08:29 AM   #32
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No. Sold our home, downsized. Traveled, rented for four plus years, then finally found a home to buy that suited us. It cost less than the proceeds of our previous home. This was not intentional-it was based on our choice of home not on any financial considerations.

We were advised by someone at our bank that most retirees who downsize actually spend more on their retirement home. We don't really know.

The bigger issue for us was a smaller home, less tax, less utities, less mtce, and a HOA that would make it easier for us to lock during extended travel periods.
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Old 08-16-2017, 11:51 AM   #33
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Just looking for feedback from people who have been there and whether you ever regretted the decision? I am FI now and plan to retire within the next 18 months. I will move on retirement to an area that is a little bit more expensive than where I am now but not horrendously more. The problem is I am really getting pretty interested in some waterfront property which is way more expensive than my current house (like 3 times the price). In theory the numbers still work with such a purchase but I will have a lot less slack in my budget.

So my options are:

1) Forget about buying waterfront property and just get a nice regular house and have plenty of cushion during retirement
2) Buy my dream house but be more careful about spending and know there is always a chance I would have to go back to work if things don't go as planned
3) Work another year or so to get some more cushion and buy the dream house

Obviously this is only a decision I can make, but I was just curious if anybody out there had made a trade-off between buying a house they really loved and having more day-to-day spending available, and how that decision had worked out?
Have you actually run the numbers on the three options? No need to share here, but without numbers, you could be guessing instead of making a decision.

Our example: We fell in love with the ocean and the mountains on vacations (from the midwest, it figures, right?) The place we found which had both (not to mention near perfect weather) was quite high COL area. So we bought our "dream" retirement place mid c*reer. To preserve our spot in Paradise, we rented the place full time until FIRE. Best guess is that our dream place cost 4X our then current home. We ran the numbers and figured we could swing it. It turned out fine some 20+ years later. I don't recommend this, but it did work for us.

The rest of the story is that we eventually moved in and DW decided she couldn't live in the rain band we were in. My only prerequisite as we looked for another place - it must have a killer view of the Pacific. We both got our wish when we moved to the leeward side of the island.

Run the numbers and decide is my suggestion. YMMV
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Old 08-16-2017, 12:04 PM   #34
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OP seems to be MIA.
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Old 08-16-2017, 12:27 PM   #35
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If most people end up spending more on their retirement home I am wondering if they get carried away and buy all new furniture, decorations, etc instead of taking what they have with them.
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Old 08-16-2017, 12:51 PM   #36
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OP seems to be MIA.
Only a couple days, and has been on since the first post.
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Old 08-16-2017, 01:03 PM   #37
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If most people end up spending more on their retirement home I am wondering if they get carried away and buy all new furniture, decorations, etc instead of taking what they have with them.
I did, and probably a lot do, but I wouldn't be judgmental and call it getting "carried away". Much of my post-divorce stuff was cheap and not worth moving, like my dining table. I put my old living room furniture in the finished basement family room. My bedroom furniture went in the new guest room. I don't have much for decorations, my outdoor view provides for that. The stuff I bought is of better quality and should last much longer. I factored in the cost of replacing furniture and adding to new rooms as part of the decision to upgrade.
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Old 08-16-2017, 04:50 PM   #38
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We aren't retiring for quite a while yet, but are already discussing whether to trade in the yard work for a condo that we can lock and leave when we travel. The hope would be that the condo would be a swap for what we get for the house. Maybe even a little less.
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Old 08-16-2017, 05:46 PM   #39
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RB: of course if you didn't have high quality furniture it would make sense. I was talking about people that owned nice stuff and then replaced everything.
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Old 08-16-2017, 07:23 PM   #40
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Quite a mix of opinions, as I would have expected! I did run the numbers, and it looks like we can swing it, but just leaves a lot less cushion for unexpected expenses or maybe for those special treats in life. I would hate to be in a position where a major expense might stress me out (even if I budgeted for it and know I can really afford it). But on the other hand, waking up in the morning and seeing Lake Michigan waves crash on my private beach would be pretty amazing.

We did put an offer in on a beachfront house over the weekend, but it went for $50k over the asking price (we offered $30k over since it was priced well under market). Now I'm not sure if we're relieved or sad!
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