more expensive house at retirement ... bad idea???

[meleana]

I am about 1 yr from retirement and we have been house hunting. We just sold our home and am looking for the right house to live in until CCRC time. .... low maintenance, 1st floor master berm, etc.

We have found that homes that meet this description are few and pricey.
We have found new construction which we love and great location. But, it is really stretching our budgets. It would mean taking a chunk out of our retirement savings to do it.
Just put down a refundable small deposit. Will also mean carrying a mortgage.
Are we crazy??

I am going back and forth on it and losing some sleep. Will spend the next few days running all the calculators on it. It might mean having to put off retirement for 6mo to a year to handle it.

No- you are not crazy, but you really have to tread carefully.

We are dealing with this very same issue, except our current home is not up for sale yet and I am already freaking out. I am retired and my husband retires the end of the year. We already met with a fee only Financial Planner. We want to move to New Hampshire to be closer to our son- our only child. We have looked on line and in person for a couple of years just to see what was available.


We want to move sooner rather than later as my husband will be 66 years old next year and we are not getting any younger. We will have no help with the move.


Well- our home here in Hudson Valley, NY has barely appreciated over 31 years. We are the original owners- paid $208,000 for it in 1987 and we put a ton of money into it, including major updates within the past 6 years, In NH, for what we could maybe get for our home we would nto be able to buy anything suitable. We maybe could sell it for $275,000 or so. But we have to get it appraised.

OMG! I can't even tell you- most of the homes in NH are stuck in the 80's and decent ones that we would like cost a fortune! Many others only have one bathroom. We really want a 55+ community with activities and amenities. Forget it Nothing available and what is available costs a fortune or no amenities for high HOA fees.

Our FA told us we could take out all our cash - about $130,000 (leaving $14,000 for moving expenses and/or maybe closing costs) to put towards a home there. That would mean a home under $400,000. Well- even at that price point what we want and need is hard to find. To me, a lot of the homes are not even worth it.

Plus, we don't really want to use that money for this purpose. What kind of downsizing is this?

We thought of just going into Independent Living, but the rental ($3000-$5000 per month!) are astronomical for something we don't even need yet and the FA advised against it.

He said we could rent a couple of years until we find the right home, but buying and paying cash is our best option. Or staying put. I HATE the idea of moving twice and renting!

But as much as we love our home and 10.5 acres of land, we can't age in this secluded environment with no family or friends around.

That said, we are not going to sell our home (IF it even sells- another story) and then end up renting in a state that we might not be able to afford to buy a home and with limited selection in that regard.

One thing I do know is we have not had a mortgage for many, many years and we will not have one going forward.


We want a one level home under $300,000-or at least a first floor master bedroom and laundry-2 bathrooms- updated and modern with central AC and a garage or basement- in a community with amenities and a low tax state with mountains and lakes. Prefer it in a 55+ community where they take care of the exterior of the home as well as do the landscaping and plowing and all that stuff.

But we don't want to live far from our son. We don't like heat or humidity either.

The plan is to put our house up for sale next spring.Not sure what we will do now.

 

[joeea]

We want to move to New Hampshire to be closer to our son- our only child. We have looked on line and in person for a couple of years just to see what was available.

We want a one level home under $300,000-or at least a first floor master bedroom and laundry- updated and modern with central AC and a garage or basement- in a community with amenities and a low tax state with mountains and lakes. Prefer it in a 55+ community where they take care of the exterior of the home as well as do the landscaping and plowing and all that stuff.

What part of New Hampshire?

I'm sure you have seen https://www.55places.com/new-hampshire/region/southern-new-hampshire right?

Under $300,000 could be tough. Many places in New England are fairly expensive these days.

The plan is to put our house up for sale next spring.Not sure what we will do now.

Have you talked with any New Hampshire real estate agents?

 

[meleana]

What part of New Hampshire?


We are open to many areas. We like from Concord north, but would consider south- even the seacoast. Our son lives in Plymouth (which we really like) and works in Laconia. Our timeshare is in Lincoln.


I'm sure you have seen https://www.55places.com/new-hampshire/region/southern-new-hampshire right?


Yes. The realtor in NH that handles those says limited availability.


Under $300,000 could be tough. Many places in New England are fairly expensive these days.


I see that! I mean- we could lay out a little more money, but don't want to. Like I said, the FA said we can go up to $399,000, but we hate the idea of doing that. Will deplete the cash in our taxable cash account completely.



Have you talked with any New Hampshire real estate agents?

Oh, yes. Have spoken to, met with and get emails daily with listings. Next week going up there a couple of days again and a realtor is showing us Weirs Beach Village. Everyone says nto to move to Laconia or Gilford. Crime and drugs.

I really like Meredith.

 

[meleana]

Snotty, don't worry about sounding snotty, I live up in the North too and am hard pressed to figure out why I haven't fled years ago. It's just as miserable as you think it is..we have 4 grandkids 8 and under so I guess that's why we hang around...

We live in the Hudson Valley, NY and I don't get why retired people hate snow so much. I mean- you're retired. You don't have to go out in the snow if you don't want to. Hire a guy to plow your driveway and a kid to shovel your side walk. In a day or so the roads are clear.

Take up snow shoeing. Go dog sledding. Embrace it.


And nothing like a crackling real wood fire on a cold winter's day. Get a lot of reading done.

When spring arrives- it comes with a vengeance. Glorious and appreciated!

How much golf can you play day in and day out. Heat and humidity or intense dry heat gets old also. The seasons break things up.

One thing. If you retire up north, which is what we hope to, you do need to have a nice home inside if it is important to you because you will be inside a lot in the colder months. It is also helpful to have more space than maybe something you would own in a warmer climate for that reason as well.

 

[Dtail]

We live in the Hudson Valley, NY and I don't get why retired people hate snow so much. I mean- you're retired. You don't have to go out in the snow if you don't want to. Hire a guy to plow your driveway and a kid to shovel your side walk. In a day or so the roads are clear.



Take up snow shoeing. Go dog sledding. Embrace it.



And nothing like a crackling real wood fire on a cold winter's day. Get a lot of reading done.



When spring arrives- it comes with a vengeance. Glorious and appreciated!



How much golf can you play day in and day out. Heat and humidity or intense dry heat gets old also. The seasons break things up.

Really depends on one's makeup relating to heat/humidity.
DGF and I love the heat and we do anything even when it hits 90 and humid, vs for us back in the NE, we were limiting ourselves to outdoor stuff that we could do.

 

[joeea]

I really like Meredith.

Meredith is nice.

You'll be paying a lot extra to be close to the lake.

 

[jimandthom]

Aw, thanks! I try. Sometimes my posts don't get across the meaning and good intentions that I had when writing them. That happens especially if I am distracted or trying to write the post quickly for some real life reason or other. I never mean to be nasty to people but you know how it is on the internet - - no body language, no facial expressions, so it's hard to tell one's intent.

I think the experience of living in northern Michigan like JimandThom, is fascinating. I loved the photos of the bridge.

The Mighty Mac is a very handsome bridge. We breathe a sigh of relief when we cross back to get home.

Life in the "da UP" isn't easy, although we live in the less harsh winter area. Starting 100 miles to the west, you get into the real snow zone where 20 ft a year happens somewhat regularly.

No matter where anyone lives, no matter the size/price location of the house, when you find your spot you know it.

 

[aja8888]

The Mighty Mac is a very handsome bridge. We breathe a sigh of relief when we cross back to get home.

Life in the "da UP" isn't easy, although we live in the less harsh winter area. Starting 100 miles to the west, you get into the real snow zone where 20 ft a year happens somewhat regularly.

No matter where anyone lives, no matter the size/price location of the house, when you find your spot you know it.

Myself and two friends spent 14 days last June in Cedarville, UP. We rented a small house in the lake. We were there to build a boat at the Great Lakes Boat Building School. Had a great time in the best kept secret in Michigan.

 

[Crabbyjerry]

Aw, thanks! I try. Sometimes my posts don't get across the meaning and good intentions that I had when writing them. That happens especially if I am distracted or trying to write the post quickly for some real life reason or other. I never mean to be nasty to people but you know how it is on the internet - - no body language, no facial expressions, so it's hard to tell one's intent.

I think the experience of living in northern Michigan like JimandThom, is fascinating. I loved the photos of the bridge.

Your quite welcome.

 

[jimandthom]

Myself and two friends spent 14 days last June in Cedarville, UP. We rented a small house in the lake. We were there to build a boat at the Great Lakes Boat Building School. Had a great time in the best kept secret in Michigan.

SSSSHHHHH--- we don't want word to get out. Gotta keep the trolls below the bridge!

 

[jIMOh]

Myself and two friends spent 14 days last June in Cedarville, UP. We rented a small house in the lake. We were there to build a boat at the Great Lakes Boat Building School. Had a great time in the best kept secret in Michigan.

I thought the best kept secret is where Hoffa's body is buried.

In all seriousness folks, if you have not visited northern MI in the summer, you are missing "something".

Interesting fact, MI has the longest shoreline of any state not touching an Ocean
Interesting fact 2, in MI you are always less than 5 miles from the closest body of water (lake or river).

 

[ivinsfan]

We live in the Hudson Valley, NY and I don't get why retired people hate snow so much. I mean- you're retired. You don't have to go out in the snow if you don't want to. Hire a guy to plow your driveway and a kid to shovel your side walk. In a day or so the roads are clear.

Take up snow shoeing. Go dog sledding. Embrace it.


And nothing like a crackling real wood fire on a cold winter's day. Get a lot of reading done.

When spring arrives- it comes with a vengeance. Glorious and appreciated!

How much golf can you play day in and day out. Heat and humidity or intense dry heat gets old also. The seasons break things up.

One thing. If you retire up north, which is what we hope to, you do need to have a nice home inside if it is important to you because you will be inside a lot in the colder months. It is also helpful to have more space than maybe something you would own in a warmer climate for that reason as well.

I looked up your climate... to me that would be moderate your Jan average is 35/17 my town is 19/8. Don't lump all Northern climates together. The problem is the never ending ice on driveways, parking lots sometime all winter long if we don't get a thaw.

 

[jimandthom]

We are on average 23/8 with about 12 ft of snow each year. Yeah, the roads get about 6 inches of pack built up, we loose a lower step to the same build up, until the thaw.

Our months of June-Oct are some of the most glorious weather you will ever imagine. More than makes up for the 4 months of winter(Dec-Mar). April, May and Nov --it just depends.

Snowy months, it snows almost every day so always fresh and white and when the sun is out very bright. Standard tinting glasses do not tint enough to tone down the light.

A brisk walk in 0 degree weather to go to lunch, and the sun being out, you sleep like a baby that night.