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post #11 of 21 Old 02-11-2016
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Re: Keeping the House

Our retirement plan is absolutely a condo. Forget the yard maintenance, etc. I'm even gravitating toward the 55+ communities. Must be getting old. Prematurely.


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post #12 of 21 Old 02-11-2016
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Re: Keeping the House

Although I don't like condos as a primary residence (for me), and there are all kinds of unpleasant issues in some condo associations, a condo really does make sense for a place to stay part time when not off doing other things (cruising or otherwise). From the walls out, everything is taken care of for you. You turn the key, and go. Here in my area in the northeast the developers cannot build condos fast enough as the baby boomers are retiring and starting to travel and snow bird. And they are building some really nice high end units, many of them free-standing single family homes, but still you only own from the walls in, and the association owns and maintains everything else.
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Re: Keeping the House

We are in the process of doing this. Now dealing with prepping house for sale. Intention is to sell this large house now and build small single level house. That house will be fitted with storm shutters to prevent damage and theft. Alarmed with alarms notifying real estate management company. Will live on boat during transition of being houseless.

Have been a landlord. Huge PITA even when living in same town. Not practical when Internet or phone not commonly available and hack proof. Was a huge wake up how difficult it is to do financial stuff is when secure ( not open wifi) is not commonly available. Have even needed to use expensive satphone at times. Important to have all this stuff on autopilot before you leave.

Currently rent my prior office condo. Only practical due to it being commercial space with building manager.

My preference is to just live on boat. Sell boat and buy house when time comes. Wife insists on house. Condos have limited parking, storage, ability to have work shop, no yards to grow things, cheeck to jowl living. None appeals to me.

Still looking for land for building. Finances only work as aiming to decrease to house 1/2 the size on lot 1/3 to 1/2 the size. Problem is unless you stay at 3 bedrooms, 2-2 1/2 baths hard to see your money back when you sell house to go to the assisted living. But this quite doable in 1600-2000sq.ft. People in the business tell me this size will be quite desirable in the future so good decision. But 1 or 2 bedroom houses regardless of size will be harder sell.

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Re: Keeping the House

While this flies in the face of the "American Dream", renting is not such a bad option either. People too quickly say it's money down the drain. However......... you have no assets tied up in equity, no real estate taxes, absolutely no maintenance inside or out and, best of all, you can move at will. You don't have to wait for anyone to buy your old place.

The American Dream of owning your own home is really a cultural way of insuring homesteading (whose days have long passed) and economic spending on everything from services to durable goods. It's not always the best financial choice. Just living somewhere that my wife wouldn't be able to redecorate routinely would be a big savings.


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post #15 of 21 Old 02-11-2016
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Re: Keeping the House

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Originally Posted by outbound View Post
We are in the process of doing this. Now dealing with prepping house for sale. Intention is to sell this large house now and build small single level house. That house will be fitted with storm shutters to prevent damage and theft. Alarmed with alarms notifying real estate management company. Will live on boat during transition of being houseless.

Still looking for land for building. Finances only work as aiming to decrease to house 1/2 the size on lot 1/3 to 1/2 the size. Problem is unless you stay at 3 bedrooms, 2-2 1/2 baths hard to see your money back when you sell house to go to the assisted living. But this quite doable in 1600-2000sq.ft. People in the business tell me this size will be quite desirable in the future so good decision. But 1 or 2 bedroom houses regardless of size will be harder sell.
This sounds like the proverbial downsize move. Seems a huge portion of the country is in this transition.

Like Caberg mentions in his area, here on the coast of Maine, the most new construction is to lure buyers in this 'down sizer' market. Downsizing means, 'lots of equity to spend', to realestate speculators.

Your post is interesting from a sailing/cruising standpoint. You're not alone, a lot of future cruisers are contemplating this same move. It's also a good point to step out of realestate ownership all together. But that doesn't seem to be as popular as keeping a smaller, home base.

Any of us with big houses, will do this in the future, planned or not. Good for you.

Tom Young sailing a 1961 38' Alden Challenger, CHRISTMAS out of
Rockport, Maine.
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post #16 of 21 Old 02-11-2016 Thread Starter
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Re: Keeping the House

Maybe a little more background is in order. The house in question is the downsize house, and we have just passed our third year of ownership - we fully own vice having a mortgage. When we moved, we pick a location that gave us access to the ICW and the Florida Atlantic coast within a 20 minute drive. This is all part of the equation contributing to the decision to keep. I haven't done the cost analysis, but having monitored security on the place might reduce insurance costs enough to pay for itself, plus have the added benefit of peace of mind. Keep it coming! Everyone is giving us a lot to think about.
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Re: Keeping the House

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Originally Posted by Minnewaska View Post
While this flies in the face of the "American Dream", renting is not such a bad option either. People too quickly say it's money down the drain. However......... you have no assets tied up in equity, no real estate taxes, absolutely no maintenance inside or out and, best of all, you can move at will. You don't have to wait for anyone to buy your old place.

The American Dream of owning your own home is really a cultural way of insuring homesteading (whose days have long passed) and economic spending on everything from services to durable goods. It's not always the best financial choice. Just living somewhere that my wife wouldn't be able to redecorate routinely would be a big savings.
That's exactly my plan. If/when I swallow the hook I'll be looking throughout the world for cheap rent. Move as required. Growing roots are for trees.

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Re: Keeping the House

We own our home and it's the upkeep to maintain it especially in a gated HOA community (I know my bad)... but by doing so we know the home will be kept up (we have mobile security guards) as long as someone is home or managed thru a property management company. The nine months I was in Shanghai I had my daughter and son stay at the house taking turns to maintain the grounds, flush toilets/open faucets, etc., and insure the internet was always up as this was our security check with our phones/computers.

I'm not sure we will keep this house or investment property but will probably sell them both when we both retire and keep the condo in Key Largo as our base as it's simple to lock up and venture away without worries of HOA infractions or security. All fees, etc. are easily paid by internet banking and who doesn't have that already?

Having an apartment or condo/villa is the best method if no one is available to maintain the proper home and there may be other methods like renting an apartment/condo at some Caribbean Island, South America, Mediterranean location, etc.

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Re: Keeping the House

Quote:
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The American Dream of owning your own home is really a cultural way of insuring homesteading (whose days have long passed) and economic spending on everything from services to durable goods. It's not always the best financial choice.
For many of us, our home is an appreciating asset. It's not unusual to earn most or all of the funds needed to cruise on your boat, through rental of realestate(usually a primary home).

So for some, cashing out - especially to go cruising - can be a one way trip, that doesn't make sound financial sense. And it may not be required.

But I agree with you for many property owners. If your property is not appreciating at a reasonable rate, or doesn't represent some other value to the owner, it may make better sense to cash out and invest the money in a better return(that rules out a boat )

Tom Young sailing a 1961 38' Alden Challenger, CHRISTMAS out of
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Re: Keeping the House

If you are building from scratch, consider "hurricane windows" instead of conventional ones. They are typically glass on both sides, with an inner laminated layer of 1/2" plexi go that the window is literally "armored". With or without shutters, no one is going to break in through your window. (And if you are in hurricane country, there's often some insurance discount.) But they do make for great security, and they really keep out noise.

There are also some push-button doorlocks now, key optional, which (sadly) require a subscription fee but can be set to send an email or text every time the door is opened or closed, along with telling you who's code was used on it. Maybe you're paying for someone to fix the plumbing? You can let them in and see when they log out again. Housecleaner says it took four hours? Maybe the door says it took two. Or, they stayed the weekend.

Useless for many people, but there are some interesting options for "keeping an eye" on someplace where you won't be.
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