I have a home in a large city and a second home in the country. The country home was fine for weekends but not big enough to retire in. We are thinking of tarring it down and building a modest but comfortable home. Beautiful location, very private, and lots of land.
My big concern is a new home would not sell well in this area. I see other homes on the market for years. The local people cannot afford new homes and weekenders from out of state would be your best bet to buy it.
I am worried that if I build one, what happens if either me or the wife die or need assisted living and now we cannot sell the house. It's going to be hard to cash out. We discussed a possible reverse mortgage. But it's nice to have appreciation and be able to sell out. Maybe we might want to move to another state, who knows.
Kind of undecided what to do, even thought about a cheaper smaller home etc. What's the opinion of the forum?
My big concern is a new home would not sell well in this area. I see other homes on the market for years. The local people cannot afford new homes and weekenders from out of state would be your best bet to buy it.
I am worried that if I build one, what happens if either me or the wife die or need assisted living and now we cannot sell the house. It's going to be hard to cash out. We discussed a possible reverse mortgage. But it's nice to have appreciation and be able to sell out. Maybe we might want to move to another state, who knows.
Kind of undecided what to do, even thought about a cheaper smaller home etc. What's the opinion of the forum?