Too Old to Buy a Bigger Home?

[beowulf]

We've thought about moving several times, but we really like the area we live in. Lots of friends and nice neighbors, plus long term religious connections. We had (before renovations) a 3 story colonial home with 4 bedrooms, 3 bathrooms, an office, a garage and 1/2 acre lot. Kids are grown and gone (as in opposite coast gone). A few years ago, we decided to put our money into adding a main floor suite with a large bathroom, bedroom and closet to the first floor on one side of our home. As we get older, going up and down the steps becomes harder and there are not many single story homes here. The addition is about 500 sq feet with a bay window. With a new HVAC system (oil and a heat pump) plus other upgrades in other parts of our home it ran about $250K. We have an entire floor for storage, visiting guests and hobbies. We are extremely happy with the result - our plan is to stay put until our kids ship us off to assisted living. Obviously, if you want to move for climate, life style, kids, etc., what we did wouldn't be a good idea.

 

[skyking1]

We did the opposite. Went from three story, 3700 sq. ft finished home to a 1400 sq. foot lock and leave. We planned on doing two extended trips per year. No plants, no pets.

When I retired the first thing my spouse said was lets sell the house. Three stories, six bedrooms, four full bathrooms were not on her must have list. Lawn mtce, snow removal, repairs were not on my list. We really only lived in three rooms.

Downsized and we could not be happier with our decision after 10 plus years.

There is no right answer to this. Only what is best for you.

but you have made the entire world your other bedroom. "Leave" is the operative word in that phrase and you have knocked it out of the park with your travel and I tip my hat to you both

 

[skyking1]

We are building our retirement place now and are going from ~1300 SF plus a garage and carport and outbuildings to 2720 SF finished and 1344 SF of just about totally finished "unfinished" basement.
Building our new retirement place
I'd do what makes you happiest. My wife and I are already looking to get cleaning help at the new house from the start. We won't be actively occupying the upstairs much but want it kept nice for our guests.
Those additional costs, the taxes, etc are second to being comfortable in a new place with all the amenities thought out in advance.

 

[explanade]

But I often read that people start downsizing at 55. Even some CCRC websites recommend moving in at 55!

Anyone know the average or median age when people do move into CCRC?


As for downsizing, maybe it has to do with when children are out of the home so there isn't as much of a need for a bigger home, which might require more work to clean and maintain, probably demanding time, money and energy which you might prefer to use on other things like travel or other leisure activities.

 

[audreyh1]

Anyone know the average or median age when people do move into CCRC?


As for downsizing, maybe it has to do with when children are out of the home so there isn't as much of a need for a bigger home, which might require more work to clean and maintain, probably demanding time, money and energy which you might prefer to use on other things like travel or other leisure activities.

I think it’s more like 85. Maybe these folks had been on a waiting list since age 75.

 

[OldShooter]

Well, if you can do this without jeopardizing your retirement finances, why not?

We did a similar thing a couple of years ago and built a new lake home that cost about 20% of our net worth, 25% of our portfolio. Paid cash. Very unusual situation, though. Our family has had land, adjacent lots, on a lake since about 1915. A large plot at the west end of our compound became available out of an estate and by buying it we now have almost 1/4 mile of family lakefront. We built for ourselves to a degree, sort of "ADA Light" with everything on one floor, no steps from outside to the front or back doors, no steps from the garage into the house, 36" doorways, etc. It's great! But the main reason was the legacy aspect. We are now working with our estate attorney to create a family trust that will hold the house and the land for future use by descendants and we expect to include enough money to carry the house costs for at least a decade or two.

If you do decide to build, I suggest that you look hard at "ADA Light" features that can be easily included.

 

[skyking1]

@OldShooter , our house design is a bit farther than "ADA light" , we agree completely. I will make the kitchen sink cabinet modular to allow a true ADA sink there without a total remodel, and the powder room will be true ADA compliant. I see no reason not to.

 

[twirler]

My spouse and I have been blessed with well paying jobs and we've lived well below our means for 30 years. This might have had at least one unintended consequence. I first thought of it as "under-spending" because that sounds fairly benign, but then I got to thinking it is more like "over-saving" seems more appropriate.

Anyhow, we wanted to build a new house in 2017 but decided to stay put in our current home and focus on completing our semi-fat FIRE goal. We met that number in 2019 when were both 49, but we continued working partly because our jobs are fairly enjoyable. But a bigger part of our continued employment was so that we could save enough money to buy a newer and larger home without financing it. We've reached that point, but now we're both 54 and that scares me a bit.

Our current home is considered "mid-size" for our area and it's a bit tight for the two of us. That is not because we're hording things. It's just that we both have many interests that take up space. We have an exercise room that is used daily. We have a spare bedroom that is used as a home office. We have a small craft room where she sews and quilts... something she really enjoys. I enjoy metal/woodworking which takes up 75% of the basement. The other 25% is for storage of file boxes, holiday decor, paint, and miscellaneous replacement parts for various things around the house.

We'd like us both to have a house that doesn't prevent us from doing all the home-based things we enjoy, but we feel like time got the best of us. There is a bit of decision-making trouble now though. We can afford to pull some money out of our investments and sell our existing home to get the things we've always wanted in a new house (other than just some additional space). We can do this without putting our retirement plans in jeopardy due to the extra money we socked away over the last five years. But I often read that people start downsizing at 55. Even some CCRC websites recommend moving in at 55!

We're seeking the wisdom of those who have been in a similar situation. If you moved to a larger house in or after your mid-fifties, what were your reasons and did you regret it?

I hope this thread will not turn into a discussion about minimalist living. There are tons of people who can happily live in a smaller home, but that is not us. We've also considered the property tax and upkeep implications of owning a larger home and it hasn't impacted our desire.

Okay, so hear me out. This isn’t a minimalist rant (although I am a big fan) how about a drastic reorganization of the home? Renovating is cheaper than buying a new home. You could add on a work studio outside the home;do a hard spring cleaning of the home and really get rid of anything you haven’t used in the last 12 months.

Renting a storage container is also on the table if you can’t let things go.

If you are determined to move don’t let me stop you, but if all you need is one extra room or a little extra space there’s plenty of ways to achieve that without upending you life, especially if your home already meets every other need.

To me it Isn’t about age as much as it’s about closing costs and the stress of moving(which I dread) I’ve had to do it 5 times and if I can ever avoid it I would.

Edit: when you are truly elderly and not as spry taking care of that larger home could become a problem. Plan long term. This is input from Mrs. Twirler.

 

[OldShooter]

@OldShooter , our house design is a bit farther than "ADA light" , we agree completely. I will make the kitchen sink cabinet modular to allow a true ADA sink there without a total remodel, and the powder room will be true ADA compliant. I see no reason not to.

Good for you. That stuff will never be cheaper than now. We decided that we didn't want to go that far, but maybe 90% of our handicapped features cost little or nothing as part of the build.

One thing we did was to use a lot of motion-activated lights. Laundry room, mud room, garage, garage exterior walkways, etc. That makes moving around the house easier especially for someone using a walker or chair. Wall outlets are mounted higher than usual, too. 15" IIRC.

MBR shower is walk-in with no sill. It includes both conventional/high shower head and telephone-type hand shower with ADA rated wall grab bar/mount. Each has a separate single-lever control.

 

[Mark1]

Well, if you can do this without jeopardizing your retirement finances, why not?

We did a similar thing a couple of years ago and built a new lake home that cost about 20% of our net worth, 25% of our portfolio. Paid cash. Very unusual situation, though. Our family has had land, adjacent lots, on a lake since about 1915. A large plot at the west end of our compound became available out of an estate and by buying it we now have almost 1/4 mile of family lakefront. We built for ourselves to a degree, sort of "ADA Light" with everything on one floor, no steps from outside to the front or back doors, no steps from the garage into the house, 36" doorways, etc. It's great! But the main reason was the legacy aspect. We are now working with our estate attorney to create a family trust that will hold the house and the land for future use by descendants and we expect to include enough money to carry the house costs for at least a decade or two.

If you do decide to build, I suggest that you look hard at "ADA Light" features that can be easily included.

+1
When I built my shop I opted for a sloped sidewalk when everyone was trying to take me into steps. IIRC, I also spent about $750 for a special made handrail on the shop wall to fit this sidewalk. I told DW if it keeps one of us from falling even once, it is worth many, many thousand of dollars.

 

[RetiredHappy]

Was the renovation cost for previous home (aka renovate before selling)? or for new home (renovate after buying)? Trying to see what to expect when we move.

No, I apologize for not being clearer. We have never renovated a home because we wanted to sell. With the 4600 sq ft home, it was a brand new model home, and we built an indoor pool, planning for it to be our forever home and spent about $200K to add the room, pool and solar. We lost most of that money when we sold the home as my husband wanted to move out of California.

With our current home, it's a 22-year old home which we bought in 2021 and spent about $200K to fix the leaking and problematic pool in the backyard, put in a new pump, gas heating, salt water generator, new piping, new sheer descent, gas firepit, and remodeled 2 1/2 bathrooms. We did so because this is how we want our home to be. Our next remodel is going to be the kitchen and it will be about $100K.

What I had said was that if we were to buy a different home in our community, also about 22-year old, we would need to spend another $300K to get it to how we want it to be. So, we are unlikely to do so, and instead just spend the $100K to remodel the kitchen in our current home.

 

[Jerry1]

What I had said was that if we were to buy a different home in our community, also about 22-year old, we would need to spend another $300K to get it to how we want it to be. So, we are unlikely to do so, and just spend the $100K to remodel the kitchen in our current home.

We’re just starting to look at what we might do next. We are finding the same problem. Most houses we see are tired, to say the least. We want a bit larger house. We’re at 1700sqft and think just over 2000sqft will give us the nicer master bedroom and nicer kitchen we’d like. We know that alone will cost more but then when we see a home that cost more than our current house and needs at least $100K more to get it back in the shape we want, it makes it hard to get our heads around moving.

We bought our current house for around $200K and put $100K into it. We can’t replace what we have now for under $350K and the houses we’re looking at are closer to $450K. It’s hard to think about spending that kind of money and still having to go through a renovation on top of the stress of the move alone. We’re just beginning our journey, but it will take a pretty special house for us to leave our current home now that we have a better understanding of what we’re up against.

 

[brett]

If you want a bigger home in retirement and can afford it what is the issue?

Just do it!

 

[rkser]

Another aspect to consider when changing house -
One has to make new friends with neighbors & as age progresses it does not get easier, there will be a whole set of new stores, new roads & new routes to get used to.
Along with a new house there are other considerations also.

 

[38Chevy454]

I have no problem getting what you want in a bigger house. I suggest a place where you can have a big detached garage shop. In my case we have 2300 sq ft of house and 3500 sq ft of detached garage. I could use more detached space, but the house is good size for two of us.

 

[Andre1969]

Our tiny (1500 sq ft) single story home has served us well for almost 50 years. But, even with a full basement (partially finished) to house hobby activities, it has a serious failing: it's difficult to have overnight guests. With only 1.5 baths, we have to wait in line for the full bath for morning showers which, except for the closest of friends/relatives, is sometimes uncomfortable, like being back in the dorm at school!

In your situation, would the floorplan of the house be conducive to simply adding on a full bathroom somewhere? Or even enlarging the half-bath to where it has a tub or shower?

 

[Onda]

We upsised this year. No regrets.
Go for it!

 

[youbet]

In your situation, would the floorplan of the house be conducive to simply adding on a full bathroom somewhere? Or even enlarging the half-bath to where it has a tub or shower?

We haven’t been able to work out anyway to accomplish this without extensive interior wall movement or bumping out an exterior wall. Either of these likely would be more disruptive than moving. We regret not upsizing when I retired 19 years ago.

 

[Car-Guy]

We are in our mid 50s and last year sold our 2600sf split level house and bought a 6000sf house with a finished basement (included in the 6000sf). I moved my woodshop to the basement so we can use both garage spaces again. We have multiple entertaining areas. I have an official office again (two houses ago had an office). The house is big and we do not use all of it frequently, but we do try to sit in different rooms when reading and rotate through two of the three indoor dining tables. I make a special effort to use each of the seven toilets once a week.
We are much happier.

Oh, if I count my workshops and garage spaces (which is a lot bigger than my house) I really moved into a bigger "residence" later in life.

 

[Ian S]

DH and I moved from a patio home in Phoenix to a larger single family home in Sedona when I was 67. No regrets whatsoever. It helps that he's 16 years younger but we have the wherewithal to pay someone else for the maintenance and any upgrades.

 

[kcowan]

At 82, we have a 3350 sq. Ft penthouse north and a 2860 sq.ft condo south. The south condo was upgraded in 2019 from 1450. We live like we will live forever! Both places have staff to help out.

We don’t seek external approval for decisions.

 

[DJRR]

The only thing for sure is that the next time you ask the question you will be older than 54 If you think you might like the space and have the money then go for it. It is not like you are lighting the money on fire. Desirable large houses appreciate more than smaller ones.

Even if you are not minimalist, get rid of your junk. Your future self and kids will appreciate it. Personally moved into a 1,600sf condo and will never go back. Nineteen SUV loads to the goodwill, a 15 foot truck from got junk, and too many trips up and down the stairs but now I am free. It almost killed me at 57, can't imagine doing it at 77, but now it is manageable if I choose to move again.

 

[yakers]

DW & I upsized some time after we retired, but that was from a 1K sq ft 2BD 1BA small house in SOCAL to a condo of (gasp) 1,600 sq ft, 3BR 2.5BA. Wish we had done it earlier.

 

[Koolau]

But a bigger part of our continued employment was so that we could save enough money to buy a newer and larger home without financing it. We've reached that point, but now we're both 54 and that scares me a bit.

I can't help you with the "house" part of the equation (we're more on the "minimalist" end of the spectrum.) BUT I'll suggest that your ages 54 should not be a big issue. We never lived more than 10 miles from where we were born until, at age 60, we moved 5000 miles to a new state, new life, "new" house, new everything. So, the age of 54 should not be an impediment to your desire for a larger home. It's true that it will be more w*rk, but if you have over-saved, you should be able to afford to hire all the help you need. I WILL share with you that we COULD hire more help (for our 1000 SF condo) BUT we still resist doing that because of our old frugal ways. SO the watchword may be to "know yourself." Will you be able to turn loose of the money to hire maintenance (maybe routine house cleaning as well) when the time comes?

Other than that, I'd say "go for it" and enjoy. You likely will have 20 or even 30 years to enjoy your new home before you'll be faced with issues of aging in place or else moving to more "age-appropriate" living arrangements.

Enjoy!!

 

[gregzx]

If you want a bigger home in retirement and can afford it what is the issue?

Just do it!

I would say that for older people, it's nicer to have a smaller space; it's way cozier, at least for me. But when it's smaller, you don't have to do as much cleaning, it's cheaper in every way, and the vibe is way better