DW and I were both born and raised in a small rural Iowa community (approx. 10,000 population). We still have a lot of family back in our home town. We moved to a very nice but expensive Chicago suburb 27 years ago to pursue better job opportunities. Our one DD lives in Chicago and has a secure position and loves living in the city. She has made it clear to us that she will not have children so there would be no remorse about living further away from non-existent grand children.
We have been retired now for three months, loving it by the way, and our plans were always to move somewhere less expensive in retirement. We have no love of the high taxes and overcrowding in the Chicago burbs. My Dad passed away some months ago and his house was left to my Sister and me back in our hometown. DW and I are ready to move but we are not totally convinced the right thing to do would be to buy out my Sister and move into Dad's house.
We are trying to justify this purchase. Here is a list of Pro's and Con's
Con's
1. Smaller town than we are now used to, have to drive out of town for decent shopping/dining.
2. Still in the snow belt, we would prefer a milder climate, but we find that it just seems too risky to move even further away from family.
3. House seems to have good bones but it would require remodeling and updating. I estimate all remodeling/updating will be in the range of $100,000.
4. House is about 1,800 sq. ft. plus a full unfinished basement compared to our existing home with 2,775 sq. ft. This is both good and bad. Bad because the master bath and closet are dinky compared to the custom built master suite in our current home. This would require an extensive remodel to enlarge master closet and bath. The rest of the interior needs painting/flooring and general updating including new appliances in kitchen.
5. Only has a two car garage, we currently have 4 car so we would have to build a separate shop/garage.
6. House is on a 2 acre lot so I would need a fairly significant garden tractor/snow blower.
7. DW and I like to bike/walk but the area is not as "walkable" as our current large neighborhood. It is located just off a fairly busy secondary blacktop road with practically no shoulders for biking or walking.
8. Considering purchase price and some extensive $ for repairs/remodeling we would probably have more money in it than it would be worth, maybe about $50,000-$70,000 more than it would be worth.
Pro's
1. There is a definite pull for me at least, much less so for DW, to move back to home town.
2. House is on a two acre lot about a mile out of town. The lot is very desirable because it has a pond in back for a nice view. Lots of mature trees so it is a park like setting.
3. Located in a small neighborhood, maybe twenty homes total, we already know many of the neighbors and they are all good people.
4. Plenty of room to build a new shop/garage
5. I could fish right in my back yard, I could shoot my guns in my back yard. I see deer and wild turkeys most every day.
6. Even though house is outside city limits it has a brand new neighborhood septic system and rural water, (no well).
7. House is all brick so outside maintenance would be less than my current home
8. Property taxes are $2,500 compared to the $6600+ I am currently paying.
9. Even after buying out Sister and paying $100,000 in upgrades, will should still be able to add about $200,000 to our retirement investments.
I guess I am not really asking any specific question as I know this is a decision only we can make. I would be interested in hearing experiences from others that have made these relocation decisions in the past.
We have been retired now for three months, loving it by the way, and our plans were always to move somewhere less expensive in retirement. We have no love of the high taxes and overcrowding in the Chicago burbs. My Dad passed away some months ago and his house was left to my Sister and me back in our hometown. DW and I are ready to move but we are not totally convinced the right thing to do would be to buy out my Sister and move into Dad's house.
We are trying to justify this purchase. Here is a list of Pro's and Con's
Con's
1. Smaller town than we are now used to, have to drive out of town for decent shopping/dining.
2. Still in the snow belt, we would prefer a milder climate, but we find that it just seems too risky to move even further away from family.
3. House seems to have good bones but it would require remodeling and updating. I estimate all remodeling/updating will be in the range of $100,000.
4. House is about 1,800 sq. ft. plus a full unfinished basement compared to our existing home with 2,775 sq. ft. This is both good and bad. Bad because the master bath and closet are dinky compared to the custom built master suite in our current home. This would require an extensive remodel to enlarge master closet and bath. The rest of the interior needs painting/flooring and general updating including new appliances in kitchen.
5. Only has a two car garage, we currently have 4 car so we would have to build a separate shop/garage.
6. House is on a 2 acre lot so I would need a fairly significant garden tractor/snow blower.
7. DW and I like to bike/walk but the area is not as "walkable" as our current large neighborhood. It is located just off a fairly busy secondary blacktop road with practically no shoulders for biking or walking.
8. Considering purchase price and some extensive $ for repairs/remodeling we would probably have more money in it than it would be worth, maybe about $50,000-$70,000 more than it would be worth.
Pro's
1. There is a definite pull for me at least, much less so for DW, to move back to home town.
2. House is on a two acre lot about a mile out of town. The lot is very desirable because it has a pond in back for a nice view. Lots of mature trees so it is a park like setting.
3. Located in a small neighborhood, maybe twenty homes total, we already know many of the neighbors and they are all good people.
4. Plenty of room to build a new shop/garage
5. I could fish right in my back yard, I could shoot my guns in my back yard. I see deer and wild turkeys most every day.
6. Even though house is outside city limits it has a brand new neighborhood septic system and rural water, (no well).
7. House is all brick so outside maintenance would be less than my current home
8. Property taxes are $2,500 compared to the $6600+ I am currently paying.
9. Even after buying out Sister and paying $100,000 in upgrades, will should still be able to add about $200,000 to our retirement investments.
I guess I am not really asking any specific question as I know this is a decision only we can make. I would be interested in hearing experiences from others that have made these relocation decisions in the past.