What will you do with your primary residence?

[Idnar7]

Eventually we will all choose or be forced by circumstance to vacate our primary residence. How are you planning for this? Our will states that upon survivor's demise the house is to be sold and the proceeds go to a named charity (not sure if you can leave property to a charity). I have been re-visiting this strategy. At the time we had our wills drawn we were sure we wouldn't still have the house anyway, it was a contingency in case our exit occured at the same time. Now we may be leaning towards spending our final days in the house. I have two grown children, but both live out of state and wouldn't want to live here, and I wouldn't want to burden them with the disposition of a distant residence. A friend inherited an out-of-state home from his mom (he was Executor). He decided the best prospect was to tear down the house, clear the property, and sell the lot. After many trips and a lot of time, he barely broke even. Also wondering if a Reverse Mortgage might be a good option for disposal of a no longer needed residence? Just wondering if others have thought about or planned what they will do with theirs?

Sorry for a meandering post and sobering subject

 

[Walt34]

At this point the intention is to sell it and use the equity for the entrance fee for a CCRC. That gets our monthly housing costs down to about what they are now for a paid-off house.

Leaving an inheritance is not a concern for us. Nice if we can, but not a major priority.

 

[Hermit]

I sold mine within a week of RE. Now I'm "homeless and jobless". Couldn't think of a better situation to be in!

A little more seriously, I will build a vacation cabin (small home) in the mountains where I will live until its time to come down to the city. The mountain place will remain for the use of my children.

 

[wrigley]

Eventually we will all choose or be forced by circumstance to vacate our primary residence. How are you planning for this? Our will states that upon survivor's demise the house is to be sold and the proceeds go to a named charity (not sure if you can leave property to a charity). I have been re-visiting this strategy. At the time we had our wills drawn we were sure we wouldn't still have the house anyway, it was a contingency in case our exit occured at the same time. Now we may be leaning towards spending our final days in the house. I have two grown children, but both live out of state and wouldn't want to live here, and I wouldn't want to burden them with the disposition of a distant residence. A friend inherited an out-of-state home from his mom (he was Executor). He decided the best prospect was to tear down the house, clear the property, and sell the lot. After many trips and a lot of time, he barely broke even. Also wondering if a Reverse Mortgage might be a good option for disposal of a no longer needed residence? Just wondering if others have thought about or planned what they will do with theirs?

Sorry for a meandering post and sobering subject

I will leave my home(s) to my 2 children. After My wife and I are gone the kids can do whatever they like with them!

Mike

 

[panacea]

Too early to tell for us but I suspect we'll have our home (or more likely another smaller one after we retire) for as long as possible. It will be a backup plan for reverse mortgage or sale to buy our way into a long-term care facility.

 

[obgyn65]

I bought a condo in a major city downtown, close to many shops and all amenities. At this stage I have no intention of moving out of here. My next door neighbor is 92 and doing very well alone. If my neighbor can do it, I can do it too.

 

[Finance Dave]

Too early to think about for me...52 and rehired. But I think we'll move eventually into some sort of assisted living facility if necessitated by health issues. I think the smart route is to have a "decision tree" of sorts that says if A happens we'll do #1, if B happens we'll do #2, etc.

 

[H2ODude]

Haven't really thought much about it. Would like to stay in a house as long as can, assume as years go by will start paying others to do my outdoor chores. At some point will sell and move condo or other more compact residence. Assume I will predecease DW who would in all likelihood make that transition then. Frankly, in some ways neighbors are too close as it is already! GET OFF MY LAWN!

 

[EastWest Gal]

A little early to think for us, but we will sell when needed. From the offspring's end, here's what worked for us: My dad decided to move across the country when his health deteriorated to the point he needed help, to be near me and my family. My sister and I took time off, travelled 1000 and 3000 miles to help pack up our childhood home and I flew back with my dad. My dad stayed with us while his condo was being built in a retirement community. He paid cash for the condo. 5 years later he needed to move to assisted living, and I sold the condo just before the housing crash. The proceeds stayed in the bank--paid for the assisted living and also for the PA inheritance tax when he passed. DH and I intend to do something similar. It really depends on where our only child ends up and what his work and financial situation is. In the meantime we'll enjoy what we have and do some travelling. Should be fun. FIRE target date: early 2015.

 

[Senator]

I plan on being a snowbird for a few years, so I will keep mine. I have plans to sub-divide and sell lots at some point in the next few years too.

I may keep mine house as a rental, I have 24 renters now, so it will not be too much additional work.

 

[Live And Learn]

At this point the intention is to sell it and use the equity for the entrance fee for a CCRC. That gets our monthly housing costs down to about what they are now for a paid-off house.

Ditto

 

[Cobra9777]

We still live in the house we raised our 2 kids in. It's expensive and way too big for our needs. We could downsize and cut our expenses in half, plus add a few hundred K to the nestegg. But we don't really need the money right now, and we love the location (on a lake and near family). It's our dream home and filled with memories. So for now, we've decided to stay as long as we can physically manage the upkeep ourselves, or until we need the money for something else.

 

[FinanceDude]

We will sell and we will get the hell out of the cold weather forever!!!!!

 

[dtbach]

Sell it. Beats burning it down or abandoning it. What the heck are your other choices?

 

[daylatedollarshort]

We are preparing to downsize to a lock and go condo or townhouse in the next year or two so we can be free to travel. We don't have any plans beyond that.

 

[friar1610]

Moved out of our house with lots of land to take care of 9 months ago. (Unfortunately the house is still on the market.) Bought a townhouse condo in an "over-55" community closer to our kids where all the exterior work is taken care of for us (at a price, to be sure.) Plan is to stay here indefinitely. If health concerns eventually mitigate against that, we can sell this place and move to whatever is more appropriate at the time.

 

[seraphim]

House is paid for so we use it as a home base. When our son (if) settles down in one spot, we'll probably sell and get a condo/retirement condo near him. Considering family health concerns, I'll make to an active mid 70s and go quickly from a genetic heart problem, but DW can potentially live to three digits, and Alzheimer's is in her family history. So long term care for her. Near our son. Wherever that may be. But that's down the road and subject to change...

 

[kcowan]

When surviving parent died in a far away place, I went and arranged the sale of both the house and cottage. The cottage was sold privately by a bidding war between the 2 neighbours. The house was put out for bids by the listing realtor. Three bids were received and the place was purchased in a week from listing.

Granted this was an unusual set of circumstances. But how can you predict what the circumstances will be in the future? Live your life for you in the present and let the chips fall...

 

[W2R]

Someone I knew (not a relative) left his house and all contents to a grown grandchild who lived in the area but didn't have a house.

I thought that was a nice way to handle it. No need for the grandchild to buy furniture, tools, air conditioner filters, dishwasher detergent, a hose or shovel or rake, or even bandaids. Everything he could possibly need was already in the house. He just moved in and immediately he was all set. He did have to donate some of the clothing since it didn't fit, but that was easy enough to do.

 

[pb4uski]

Sold the home we raised our kids in a couple years ago and made our former vacation home (which we had demolished and rebuilt) our principal residence.

When we rebuilt we built with aging in place in mind (doorways are wheelchair friendly, one floor living with some simple future modifications, etc). we'll probably live here until we can't and then sell if we need to or if not, leave it to our two kids to enjoy.

 

[Birdie Num Nums]

I bought a condo in a major city downtown, close to many shops and all amenities. At this stage I have no intention of moving out of here. My next door neighbor is 92 and doing very well alone. If my neighbor can do it, I can do it too.

But that still doesn't answer the OP's question. A "downtown condo" you bought is still a "primary residence" that you own. The question is how to plan for its eventual disposal: keep it until death; bequeath to kids or charity; sell before demise, reap the proceeds, and rent thereafter; etc? It's all a personal decision based upon your unique circumstances, I know.

 

[Animorph]

I hope stay in our house for 20 years or so, longer would be nice. My mom is doing fine at 85 in her house. We have a nice 3.25% refi I'd like to hang onto instead of paying off. We'll see how we're doing then. Our kids will have to sell as part of the estate if we don't move out soon enough.

 

[W2R]

[...]a "primary residence" that you own. The question is how to plan for its eventual disposal: keep it until death; bequeath to kids or charity; sell before demise, reap the proceeds, and rent thereafter; etc? It's all a personal decision based upon your unique circumstances, I know.

Oh, oops. My post didn't answer that question, either.

I plan to play it by ear as far as where I live. If I am still living in my house at death, the house and contents will be specifically left to someone in my will. If I am living in an apartment or CCC, it won't be necessary.

I am only 65 so I have no idea how all of this will play out, yet. My house would be terrific to stay in until death, at least as it is right now. However a lot depends on whether the neighborhood declines further, whether or not we decide to ever make that move to Missouri, whether or not we decide to sell our homes and live in the two sides of a duplex as we often daydream, whether or not I end up needing more care than my beloved can provide to me, or vice versa, and such factors. I am not closing any doors to any possibilities in the future.

 

[Ready]

I plan to stay in my home until they carry me out in a box. My goal is to have a sizable nest egg as I age that will allow me to pay for full time in home care services should I need them so that I don't have to move into a nursing home or AL facility. To me, it's worth continuing to spend less than I could just to know that the funds will be there should I need them.

After watching my dad go through AL and then nursing facility, I have no desire to ever go through that myself.

 

[dontworry]

We love where we live (except sometimes in Jan, Feb) and we will stay right where we are until we can no longer care for the house/property. If it comes to that we will sell and use the money or our kids will inherit it.