Retirement housing
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Anonymous
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Our retirement plan has long been to live part-time at our beach-house and to downsize our DC house to a condo. I enjoy the stimulation of urban life and our college aged kids will want to come back here to see friends. The problem is that we can't find a 3-bedroom condo that is any cheaper than our house -- unless it's in a bad location or has had no updates since the 50s. So we really have to choose between here or there.
Our options are: 1) move full time to the beach and give up DC. 2) sell the beach house and live in our current home. 3) get a 1 bedroom condo and tell the kids to sleep on air mattresses and sofa when visiting What would you do?? |
Anonymous
| Keep both |
Anonymous
| Can't afford to keep both |
Anonymous
| #3. It's fine. |
Anonymous
| I would keep watching the market and look for a two-bedroom that could fit a couple of beds in the second. Or, look to where you could add a Murphy bed or two in an alcove, etc. I also would prefer when I retire to have a pied a terre in the city, so I think living at the beach full-time should be last resort. |
Anonymous
| #2 but rent out the beach house. |
Anonymous
| What beach? |
Anonymous
| 1 bedroom condo. Pretty soon your kids will be established adults who can get a hotel when they visit |
Anonymous
| Get a condo at the beach and keep the house here |
Anonymous
| Why are you in such a hurry? Find a deal on a large condo that you can renovate or wait for something you like to come on the market at your price. |
Anonymous
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Can you wait a year or so and see how the real estate market shakes out? Could you work maybe one year longer than planned to save more money for the condo?
The problem is that 3 bedroom condos are less common, and they'll be much more expensive in the fun walkable areas. Could you compromise on a 2 bedroom condo? Two bedrooms plus a sleeper sofa means that one of your kids plus their kids could visit. You could also pay for hotel rooms if you want both kids to visit at the same time. It would likely be much less expensive to pay for the hotel room 1-2 times per year when both of your kids and their kids want to visit, rather than to pay for a 3-bedroom condo. |
Anonymous
This. Find a 1-2 bedroom and until your kids are established pay for a hotel for their visits. I would much rather have my family pay for a hotel for a gift then get any type of material thing. Also 3 bedroom condo might be hard to sell later on. Also, you could rent? There are a lot of luxury rental apartments in the city that are nice and yes rents may go up but you won’t have to worry about HOA or assessments which can be high with condos. |
Anonymous
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Trouble with condos is maint is charge by SF in most of them having a 3 bedroom is expensive with two bedrooms empty most of time.
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Anonymous
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Consider how likely you are to continue to want to split time between two residences in the future as you age. Many people would choose instead to select a single location with the atmosphere, amenities, etc. they value most, and just vacation elsewhere from time to time for as long as they feel they both want to and physically can do so easily enough. It's probably a mistake to assume that retirement will be just like your working life except without the job and with just more leisure time; you'll be aging, with all that implies, including the potential to lose interest in relatively frequent moves between homes and the energy and focus required to maintain them both.
You might elect to begin planning for the long-term now, with a view towards access to medical care and aging in place over time. Maybe both your current homes are ideal for that, if you're honest with yourself maybe they're not. |
Anonymous
| In a couple of years the kids won't be visiting with their old High School friends anymore, and will probably be scattered across the country. Don't get a place based on the perceived value for them. |