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More baby boomers stay in their homes as they reach retirement, skipping downsizing

WinniWoman

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If our home was not so secluded and the taxes not so high, we would stay in it also. We are having a really hard time finding something that is where we want to live and in a community type setting that we want to live in and that is affordable in terms of what our home would sell for.

This past week we did find a place in NH but only 13 homes left to be built and our home is not even up for sale yet. They are going like hot cakes as there is nothing else like them in NH. I know because I have looked at real estate there for years. Would be perfect for us. I got a bit teary eyed and depressed knowing it probably won't happen, but I am interviewing real estate agents this week again. I am trying to keep the faith.

I think my husband now realizes we need to rent something after the house sells until he retires and we find another more suitable place to live out our golden years.

I dread the whole thing.

Why does everything have to be so darn hard?
 

VacationForever

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If our home was not so secluded and the taxes not so high, we would stay in it also. We are having a really hard time finding something that is where we want to live and in a community type setting that we want to live in and that is affordable in terms of what our home would sell for.

This past week we did find a place in NH but only 13 homes left to be built and our home is not even up for sale yet. They are going like hot cakes as there is nothing else like them in NH. I know because I have looked at real estate there for years. Would be perfect for us. I got a bit teary eyed and depressed knowing it probably won't happen, but I am interviewing real estate agents this week again. I am trying to keep the faith.

I think my husband now realizes we need to rent something after the house sells until he retires and we find another more suitable place to live out our golden years.

I dread the whole thing.

Why does everything have to be so darn hard?
Can you put a refundable deposit down on the new development? They normally allow cancellation within 30 days or something like that. You can then go talk ot your FA again about buying while in the midst of selling. New homes won't be ready for another year and that's when the full payment is required. You should be able to sell within a year.
 

Passepartout

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This is us. We are keeping the 3,000 s.f. house. We have upgraded it over the last 20 years to be able to 'age in place'. We have a cadre of maintenance people to do the heavy yard work so that it doesn't look like 'old people who can't take care of it' live here. We also bought a second home, a turnkey urban condo where we could go if (when) one or the other of us becomes bedridden. One more reason to stay in the 'big house', is property values. The little 1 BR condo would sell on the current market for more than the 3,000 s.f. 4 BR 3 BA house! We'll stay where we are until one of us leaves feet first.

Jim
 

WinniWoman

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Can you put a refundable deposit down on the new development? They normally allow cancellation within 30 days or something like that. You can then go talk ot your FA again about buying while in the midst of selling. New homes won't be ready for another year and that's when the full payment is required. You should be able to sell within a year.


Well- the realtor did say that the builder would do a contingency if he knows our home is up for sale, but I know those only last for about 30-60 days tops. Here the homes don't sell fast and our home only has 2 bedrooms (though could be 3) and no basement, etc.

But certainly what we are thinking of doing.

The realtor claims the homes take around 5 months to build. I did tell her we were interviewing realtors right now. So we shall see what happens.
 

pittle

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We sold our home that was on 5 acres and was about 3000 SF and downsized to our 1500 SF condo in 2002, but sold it in 2007. We moved to the Phoenix area and rented a 2700 SF house for about 18 months before buying a foreclosure on a cul-de-sac. This one is 3800 SF on a 1/2 acre lot and we really do like the space and the fact that there are no stairs or carpet. We have 2 seldom used large guest rooms, a large office that looks out on the street, and I have a craft room that is technically a 4th bedroom. We are the cul-de-sac grandparents and everyone looks out for us and includes us in all the various activities. The little kids like to play on our artificial turf under the big shade tree with our cocker spaniel. Our oldest son and his wife live about 3 blocks away, so we are pretty much here for the long run.

AZ also has significantly lower state taxes than Kansas an Missouri did.
 

Panina

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If our home was not so secluded and the taxes not so high, we would stay in it also. We are having a really hard time finding something that is where we want to live and in a community type setting that we want to live in and that is affordable in terms of what our home would sell for.

This past week we did find a place in NH but only 13 homes left to be built and our home is not even up for sale yet. They are going like hot cakes as there is nothing else like them in NH. I know because I have looked at real estate there for years. Would be perfect for us. I got a bit teary eyed and depressed knowing it probably won't happen, but I am interviewing real estate agents this week again. I am trying to keep the faith.

I think my husband now realizes we need to rent something after the house sells until he retires and we find another more suitable place to live out our golden years.

I dread the whole thing.

Why does everything have to be so darn hard?
At least your husband is on board with selling. Mine wants to stay where we are. My home is great but most owners are much younger then us and amenities are geared to young families.

I want an all inclusive community like a Del Webb where I can easily do something different each day close by to my home.

Working on convincing my other half but realize it will take years to convince him unless I find a better homesite then we have and a floorplan that has a basement in an area close to where we are now.
 

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We had planned to "age in place" but our property taxes are now $16k. It's ridiculous and the taxing bodies just see us as their piggy bank. Yes, we have voted in new government and school boards but that might just slow the tide, not reverse it.
 

Panina

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We had planned to "age in place" but our property taxes are now $16k. It's ridiculous and the taxing bodies just see us as their piggy bank. Yes, we have voted in new government and school boards but that might just slow the tide, not reverse it.
When we moved to our current home in he southeast we were shocked pleasantly how low our taxes were in comparison to the northeast. Where we live is thriving and we have a much better quality of living.
 

WinniWoman

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At least your husband is on board with selling. Mine wants to stay where we are. My home is great but most owners are much younger then us and amenities are geared to young families.

I want an all inclusive community like a Del Webb where I can easily do something different each day close by to my home.

Working on convincing my other half but realize it will take years to convince him unless I find a better homesite then we have and a floorplan that has a basement in an area close to where we are now.


I totally get it. It's so hard. I want the same kind of thing. My husband has to have either an attached garage or basement. I get it. He needs his man cave.

We had just about given up on NH and then this came along. But nothing like a Dell Webb by any stretch. Not even a 55+. A very small pool and a clubhouse and that is it. Mostly summer homes. They mow the tiny lot and plow and that is it.

But we started also looking at Dell Webbs and other communities like it in PA and Delaware. And dare I say I even sent away for information on The Villages in Florida! LOL! Talk about desperate! Ha! Ha!

The Villages looks awesome but then I thought it would be overload, too hot and too crowded.Also like living in a bubble. Surprisingly my husband liked the idea of it but I think it was because they have a sportsman's range/store there. (his only hobby)

We both drank that cool aid until we went back up to NH last week. The beauty of NH and VT- I can't explain how the north lifts my spirits- the mountains and the lushness of the forests and the northern Connecticut River and the lakes. I don't know that long term I would be happy anywhere else.
 

WinniWoman

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When we moved to our current home in he southeast we were shocked pleasantly how low our taxes were in comparison to the northeast. Where we live is thriving and we have a much better quality of living.


Everyone around here is moving southeast to places like N and S Carolina, Georgia and Florida. A friend of mine also moved to Virginia years ago and really likes it. Some others are considering Tennessee.
 

am1

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What is the cost to the environment for older people to stay in large home? We are planning to build a forever house but who knows if it even happens or we would stay there for ever. Smart money says no. But I am in the process of selling lots around it so a nice house does not hurt sales prices.

If people can afford to stay in their house then great if not they should move or at least not complain about taxes and utilities and upkeep.
 

rapmarks

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I totally get it. It's so hard. I want the same kind of thing. My husband has to have either an attached garage or basement. I get it. He needs his man cave.

We had just about given up on NH and then this came along. But nothing like a Dell Webb by any stretch. Not even a 55+. A very small pool and a clubhouse and that is it. Mostly summer homes. They mow the tiny lot and plow and that is it.

But we started also looking at Dell Webbs and other communities like it in PA and Delaware. And dare I say I even sent away for information on The Villages in Florida! LOL! Talk about desperate! Ha! Ha!

The Villages looks awesome but then I thought it would be overload, too hot and too crowded.Also like living in a bubble. Surprisingly my husband liked the idea of it but I think it was because they have a sportsman's range/store there. (his only hobby)

We both drank that cool aid until we went back up to NH last week. The beauty of NH and VT- I can't explain how the north lifts my spirits- the mountains and the lushness of the forests and the northern Connecticut River and the lakes. I don't know that long term I would be happy anywhere else.
You probably would like Wisconsin Michigan and northern Minnesota too.
 

DavidnRobin

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Not us...
Downsizing galore!
Would never live a cold climate.

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clifffaith

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I know why boomers are skipping downsizing -- because having a garage sale to get of their stuff is a tremendous amount of work! We had the first of what I think will be 3-4 garage sales this past weekend. I stopped counting at about 20 hours of preparation time. Then there is the six hours of haggling, answering questions, moving stuff around as other stuff sells, on the day of the sale. We made $332, but still have a garage full of stuff. And the things we sold were mostly things we'd decided we no longer want and had accumulated since our last garage sale 8 years ago, not true downsizing pending our move to the old folks home. We did get rid of a ton of garden stuff, especially pots that have sat unused now for at least two moves. I have 3 black yard bags of linens left to take to Salvation Army, and have photographed about half a dozen "tableaux" for Nextdoor (cheese board/wine glasses, Pyrex pie pans/rolling pin/cookie cutters, gardening gloves/shears/huge stack of pots, etc) hoping to sell a few more things. Idea is to have nothing left over from the first garage sale so that I can start purposeful decluttering to stage and sell the house.
 

easyrider

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Our house is too big for two people but then 60 people show up and it seems just right. I doubt that I could ever find a better view is the main reason we stay.

Bill
 

Panina

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I know why boomers are skipping downsizing -- because having a garage sale to get of their stuff is a tremendous amount of work! We had the first of what I think will be 3-4 garage sales this past weekend. I stopped counting at about 20 hours of preparation time. Then there is the six hours of haggling, answering questions, moving stuff around as other stuff sells, on the day of the sale. We made $332, but still have a garage full of stuff. And the things we sold were mostly things we'd decided we no longer want and had accumulated since our last garage sale 8 years ago, not true downsizing pending our move to the old folks home. We did get rid of a ton of garden stuff, especially pots that have sat unused now for at least two moves. I have 3 black yard bags of linens left to take to Salvation Army, and have photographed about half a dozen "tableaux" for Nextdoor (cheese board/wine glasses, Pyrex pie pans/rolling pin/cookie cutters, gardening gloves/shears/huge stack of pots, etc) hoping to sell a few more things. Idea is to have nothing left over from the first garage sale so that I can start purposeful decluttering to stage and sell the house.
I stopped with garage sales. Every year I go through my stuff and if I haven’t used something in the last 2 years I donate it to Goodwill. Couple of car loads this year already between the tabe top appliances I don’t use, clothes, knick knacks, handbags, etc.
 

clifffaith

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I stopped with garage sales. Every year I go through my stuff and if I haven’t used something in the last 2 years I donate it to Goodwill. Couple of car loads this year already between the tabe top appliances I don’t use, clothes, knick knacks, handbags, etc.

I've been waiting for the "pink card guys" since January. First I thought the charity pickups weren't happening because of rain, but by now I figure they must have gone out of business/decided it was too expensive to run a truck. Neighbor across the street always had something to put out, and I had a bags/boxes of stuff at least once a quarter. I actually removed 100 items from my eBay accounts figuring they'd sell better in person, and sold exactly 5 items, all necklaces for a dollar. Times are tough for knickknacks and crystal. I'm hoping someone from Nextdoor will want my crystal "tableaux" -- heavy platter, decanter, wine glasses, picture frame, cookie jar. They didn't get so much as a single look at my garage sale. Hoping for $10. I'll take stuff to Salvation Army, but draw the line at things that have to be wrapped and packed for their protection.
 

rapmarks

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I have to laugh sometimes at items for sale on Next Door or Marketplace, item sells for 49 at Costco, but they are asking 75. I looked at adult three wheel bikes, they go from 100 to 450.
I find it not worth my while to have a garage sale.
One thing about Florida, most houses sell turnkey. Don’t have to worry about most things in it.
 

SmithOp

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I've been waiting for the "pink card guys" since January. First I thought the charity pickups weren't happening because of rain, but by now I figure they must have gone out of business/decided it was too expensive to run a truck. Neighbor across the street always had something to put out, and I had a bags/boxes of stuff at least once a quarter. I actually removed 100 items from my eBay accounts figuring they'd sell better in person, and sold exactly 5 items, all necklaces for a dollar. Times are tough for knickknacks and crystal. I'm hoping someone from Nextdoor will want my crystal "tableaux" -- heavy platter, decanter, wine glasses, picture frame, cookie jar. They didn't get so much as a single look at my garage sale. Hoping for $10. I'll take stuff to Salvation Army, but draw the line at things that have to be wrapped and packed for their protection.

Young people nowadays do not want “tableaux” stuff, they aren’t interested in boomer stuff, we have become our grandparents, nobody wants our stuff. Just donate if you truly want to declutter and downsize.

Four years ago we held garage sales every month for a year, whatever didn’t sell was picked up on Monday for donation. We cleared out 25 years of stuff that nobody wanted. I wont allow it in the house any more, we have very few wall pictures and no display cabinets full of nicknacks.

Put in your zip code and Schedule a pickup.

https://satruck.org/


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clifffaith

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Thanks for that SA link, I did not know they picked up! They did thousands of dollars worth of business with us when we sold window treatments so I'd much rather donate to them than the "pink card guys" anyway!
 

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I just spent the July 4th holiday weekend filing two large dumpsters with crap I have accumulated in my home over the past 30 years... I can not wait to downsize..
 

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The issue with downsizing is that there are two completely separate factors to consider.

1. Smaller/more convenient living space.

2. Lower cost?

While many people might want #1, the problem is the #2 may cost <more> than the existing #1. At which time the economic reason for downsizing goes away.

I will use myself for an example. I split a 2300 SQ Foot house with my brother. (We're both old bachelors - never married). It is paid for, no mortgage. Taxes, insurance (including car insurance for each person, it's a combined policy), yard care (in season) run about $800 a month. Utilities run about $800 a month, on average. Net $1600 a month, plus repairs (We budget $400 a month), for $2000 a month. Divide by 2, and you have $1000 a month per person.

In the area we live in, a large 1 BDR apartment (with single car garage, we get hail storms rolling through every few years, don't want my car banged up) runs $1500 a month and up. (mostly up. . .) Times two is $3000 a month and up. Where's the economy in downsizing? (Condos/townhomes are even worse economically)

Now there may be a preferred lifestyle difference, that people are willing to pay for, (to each their own), But for me, the economics are just not there.
 

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We downsized 6 years ago. We have a 1200 Sq ft house, an 800 sq ft shop and large 2 car garage on 7.5 acres. We cut our space by 50 %. We did so thinking, our parents had passed and children all grown and gone...but wait are they? First, my DD moved in with her 2 dogs and her husband was here 50% of the time (he worked overseas). Finally got her off to OCS & now flight school last year and then last fall my youngest DS moved in. We added a 200 sq ft room in the garage (it was a very large 2 car garage) for him. Having an adult child in the house was too crowded for all of us.
 

Passepartout

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We downsized 6 years ago. We have a 1200 Sq ft house, an 800 sq ft shop and large 2 car garage on 7.5 acres. We cut our space by 50 %. We did so thinking, our parents had passed and children all grown and gone...but wait are they? First, my DD moved in with her 2 dogs and her husband was here 50% of the time (he worked overseas). Finally got her off to OCS & now flight school last year and then last fall my youngest DS moved in. We added a 200 sq ft room in the garage (it was a very large 2 car garage) for him. Having an adult child in the house was too crowded for all of us.
You obviously forgot to change the locks when you downsized. :)
 
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