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My father did the same thing about 10 years ago in

Posted on: July 26, 2017 at 08:54:49 CT

Joeboo MU

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preparation for his retirement last year.

His problem(and my stepmother) was that going from their nice single-family home to a patio house/villa was just such a drastic step backwards, that they ultimately decided to just skip that step and wait for retirement and their eventual move out of town when that happened.

Their issue was, they had a nice ~$250k home and to really get any sort of significant monthly savings they were looking at patio homes/villas that were under $150k, and they were either old & outdated and they didn't want to sink a ton of money into remodeling if they were only going to live there less than 10 years, or the place was TINY, and with non-ideal features like only 1 garage, or being on a slab/no basement.

Ultimately, they just couldn't justify giving up their 2000+ sq ft house + basement and 3 car garage for something that was 1000 sq feet with no basement, 1 garage, just to save maybe $200-$300 per month. The math just didn't make sense to them.

I went around looking at patio homes/villas with them, and it seemed like the pricing on them was just ridiculous for what you got, when compared to a traditional single family home.

Edited by Joeboo at 08:56:19 on 07/26/17

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MESSAGE THREAD

Downsizing prior to retirement....Shack ridicule/input? - 90Tiger MU - 7/26 08:43:43

what do you want to do?(nm) - cnk ATL - 7/26 09:07:17

DANCE!!! - hefeweizen MU

- 7/26 09:09:24

he's quite agile for a man of his size - cnk ATL - 7/26 09:19:03

If you are looking at a 10-12 year range - meatiger MU - 7/26 09:06:50

have jobs, wife works from home office for a corporation. my - 90Tiger MU - 7/26 09:48:51

Mortgage interest deduction is virtually nil on a $40k - tigerdb MU - 7/26 09:56:29

and live where? (nm) - 90Tiger MU - 7/26 11:07:10

Rent - tigerdb MU - 7/26 11:22:18

Or sell/rent for a 1-2 years and see if the market cools. - tigerdb MU - 7/26 09:11:44

The only good part of buying today - meatiger MU - 7/26 09:19:58

Look at it this way... you have no clue what the - bactgr JC - 7/26 09:04:23

#2 is definitely the big driver and nothing is tying us to t - 90Tiger MU - 7/26 09:50:02

#4. Houses are selling in less than a week where I live. - catbirdseat MU

- 7/26 09:38:58

Historically, property values rise. There's no reason to - TheWildcat STL - 7/26 09:18:31

You wanna roll the dice on that, fine. Cash is king and if - bactgr JC - 7/26 10:03:55

Plenty of reasons - meatiger MU - 7/26 09:21:13

sell the house then buy a duplex and rent the other side to - lqf2b8 MU

- 7/26 09:03:47

Go slightly bigger than a Tiny Home... talking like 850 sqft - KCT-BoneTiger A - 7/26 09:03:35

If I owned a tiny home manufacturing company I would - lqf2b8 MU

- 7/26 09:13:15

Sell it all, get on your bicycle and don't stop pedaling(nm) - MidMoBaller4Life MU - 7/26 09:02:55

I'd stay where I was until I was ready to leave town (nm) - TheWildcat STL - 7/26 09:00:31

Reasons? (nm) - 90Tiger MU - 7/26 09:50:55

I was in a fortunate place when I retired early at 52. - Nebraska99 STL - 7/26 08:56:04

what was asbestos like (nm) - lqf2b8 MU

- 7/26 09:01:45

Itchy. On my first ship we were in the shipyards.. - Nebraska99 STL - 7/26 09:04:03

sounds like a real mes-sothelioma(nm) - lqf2b8 MU

- 7/26 09:06:05

1 kid, isn't even dating anyone (yet). He can visit, - 90Tiger MU - 7/26 08:59:50

Ah, gotcha. Seems like it should be an easy choice. - Nebraska99 STL - 7/26 09:02:49

My father did the same thing about 10 years ago in - Joeboo MU

- 7/26 08:54:49

Yeah, that's the ultimate issue - can you be happy in what - 90Tiger MU - 7/26 09:01:02

very isolated life - meatiger MU - 7/26 09:08:59

iso doesn't mean we hate people. It means we don't - 90Tiger MU - 7/26 09:51:46

we just did pretty much exactly that - quantrill MU - 7/26 08:49:51

I'm just sitting here thinking about how much money you - tigersknowbest MU - 7/26 08:59:54

I don't have the time to purge everything over a period - - 90Tiger MU - 7/26 09:02:16

do it, mother ****er!(nm) - tigersknowbest MU - 7/26 09:03:55

let's do a consignment deal. I'll give you all our stuff. - 90Tiger MU - 7/26 09:05:31

Nice deal, but I don't have anywhere to put a uhaul full of - tigersknowbest MU - 7/26 09:32:30

and neither do we - get it? :=) (nm) - 90Tiger MU - 7/26 09:52:13

Just order a 10 yard dumpster and go to chunking stuff out - hefeweizen MU

- 7/26 08:55:59

thats kind of what we did, and it was cathartic. nm - quantrill MU - 7/26 14:33:55

i'm great at that. my wife is like "these were your dad's" - 90Tiger MU - 7/26 09:02:56

I need to improve at that. (nm) - TheWildcat STL - 7/26 09:10:30

I've become a less is more guy. - Evenflow MU - 7/26 08:49:13

That's EXACTLY what I want and how I feel. If you don't - 90Tiger MU - 7/26 09:04:12

My parents downsized and now their house is too small - kmawv8 MU - 7/26 08:48:05

I like how your parents roll. It's your fvcking time to hos - 90Tiger MU - 7/26 09:07:29

Yeah that would be my only concern in that situation. If - mizzou541 MU

- 7/26 08:51:30

RE: Yeah that would be my only concern in that situation. If - 90Tiger MU - 7/26 09:07:48

makes sense. Use the extra money to buy a beach house - hefeweizen MU

- 7/26 08:47:20

we're thinking about that. putting some money per month int - 90Tiger MU - 7/26 09:08:49

That's a good idea(nm) - mizzou541 MU

- 7/26 08:49:50

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