Scared to do this

M

MARKTOWNSEND

New Member
leaving a older home on 4 acres . moving to small subdivision yard. I'm 64 and tired of keeping up with the work. I want a new build but would have to rob my 401k to due this . Any one else in this boat . ps been in this house for over 30 years
thanks in advance
 

Downsizing can be a relief once it is all said and done. The prospect of moving all of your stuff can be overwhelming, but there are companies that can help you with this.

Welcome to Senior Forums! :)
 
MARKTOWNSEND said:
leaving a older home on 4 acres . moving to small subdivision yard. I'm 64 and tired of keeping up with the work. I want a new build but would have to rob my 401k to due this . Any one else in this boat . ps been in this house for over 30 years
thanks in advance
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Welcome to SF! I am in the same boat but do not want to move. I want to age in place. It all depends on what you are comfortable with. As long as I can afford paying the lawn people and others (electrician/plumber) to help with the house, I'm staying put. You might want to make a checklist of what you like and don't like in a house. Sometimes that helps.
 
You said it would be tougher to do for bucks, but a perk of new is no surprise maint for quite a while. When I was 65 12 yrs ago, I moved from NY to NM and built new. I just got a small mortgage to cover the cost of new. I don't regret the choices at all, and the new house is still 'new' to me today.
 
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Hi Mark. I hope you find the answers you are looking for. I'm not in that boat. I live in an apartment.

Welcome to Senior Forums from Ruth in Ohio.

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MARKTOWNSEND said:
leaving a older home on 4 acres . moving to small subdivision yard. I'm 64 and tired of keeping up with the work. I want a new build but would have to rob my 401k to due this . Any one else in this boat . ps been in this house for over 30 years
thanks in advance
Click to expand...
I just did this but I tore down the original house and rebuilt a new house in it's place located high on a hill at the beach (no flood zone, no HOA, low crime, low noise, and only a few blocks from family). I used most my retirement savings which was a major risk but worked out well for me as I rented it out last summer and the income was plenty to take care of the property, myself, and 2 dogs. The renters were all respectful, no issues.

You have to be in a desirable area for tourists in order to get enough rent.

Plus I added an apartment downstairs with kitchen, living room, and bedroom with shower for me during the rental season. It also has a fenced backyard for the 2 dogs and a covered porch with view of garden and trees...and a peek-a-boo view of the ocean.

After the first rental season I feel confident I'm going to be fine and will be able to save to rebuild my nest egg as well.

BUT...I had LOTS of help. My daughters moved me out of one house doing most of the work but I was still totally stressed. Still not fully recovered. My painters and movers both stole from me big time so be careful! Take pics. and read reviews of companies.

My son-in-law built my house while I moved 7 times between daughter's over a span of 2 years (bad timing with pandemic, supply shortages, labor shortages, and inflation). All good now but was a struggle....don't try to do it alone.
 
Two years ago, I ditched my 2500 sq ft, 125-year-old Victorian home I inherited and put the money towards a nice little ranch house that's less than 30 years old. Fortunately, between what I got for selling and from my life savings, I had enough to pay cash, so I didn't have to mortgage. It was one of my life's best decisions. Of course everyone's situation if different.

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MARKTOWNSEND said:
leaving a older home on 4 acres . moving to small subdivision yard. I'm 64 and tired of keeping up with the work. I want a new build but would have to rob my 401k to due this . Any one else in this boat . ps been in this house for over 30 years
thanks in advance
Click to expand...
Been there did that with the exception that the home on 8 acres we sold paid for the home we paid cash for & left a lot left over to invest.
Small new construction rancher beat the 5 bedroom home that would have taken way to much money to keep up.

Only caveat would be to be careful of how much doing what you suggest would impact your retirement account & if you would still have a mortgage. Going into retirement to enjoy it with as little financial strain is obvious.
 
Lara said:
I just did this but I tore down the original house and rebuilt a new house in it's place located high on a hill at the beach (no flood zone, no HOA, low crime, low noise, and only a few blocks from family). I used most my retirement savings which was a major risk but worked out well for me as I rented it out last summer and the income was plenty to take care of the property, myself, and 2 dogs. The renters were all respectful, no issues.

You have to be in a desirable area for tourists in order to get enough rent.

Plus I added an apartment downstairs with kitchen, living room, and bedroom with shower for me during the rental season. It also has a fenced backyard for the 2 dogs and a covered porch with view of garden and trees...and a peek-a-boo view of the ocean.

After the first rental season I feel confident I'm going to be fine and will be able to save to rebuild my nest egg as well.

BUT...I had LOTS of help. My daughters moved me out of one house doing most of the work but I was still totally stressed. Still not fully recovered. My painters and movers both stole from me big time so be careful! Take pics. and read reviews of companies.

My son-in-law built my house while I moved 7 times between daughter's over a span of 2 years (bad timing with pandemic, supply shortages, labor shortages, and inflation). All good now but was a struggle....don't try to do it alone.
Click to expand...
I can relate to movers stealing. Happened to me as well. My son went crazy trying to get some valuables back, to no avail. Never again.
 
The real estate market is just awful right now. Prices are at an all time high and bidding wars are typical. I see the benefit in building but I'm not sure I want to do that again. It would be nice to find a resale that is only a few years old.
 
Even though I have no thought of moving I can relate to your quandry. We live on a larger plot of land than I really want to keep up with anymore but that is only the garden on my suburban lot - not like the acreage you deal with. At 70 I find even our 12000 sq ft is more than I want to take care of. We live in a small warehouse (40 by 80 feet) in the southwest corner of our lot. Our back garden extends forty feet beyond the back of the building and our side garden extends sixty feet to the north. In addition we have a narrow strip of garden on both sides of the sidewalk to the north.

The solution I'm eyeing is to turn most of the side garden into space for tiny homes. My stepson for one would like to keep one here for when he is in the Bay Area. Though he prefers living in souther Oregon full time, he travels a lot in his work and his employer is actually down our way.

So all or much of this could go:

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While still leaving me plenty to do out front and back here.

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Here is the video my stepson sent me showing how I might go with it. When you hear about how she is making it work I wonder if someone managing your property might work too?

 
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