Housing planning for 1

[Anonymous]

I am single, age 61, and live in what some on the real estate forum would call a $hit$hack -- inside the Beltway, Fairfax County. House is a split-level and I'm concerned about stairs due to a health concern. House needs serious work in bathrooms and basement, plus landscaping.

I have roughly $300K remaining on the mortgage @ 2.7 interest.

I still WAH FT but salary (65K annually) does not fully cover monthly living expenses. Have a $1500 monthly annuity and health insurance is covered (FEHB).

I have $1M in a Vanguard IRA and $375K in HYSA, CDs, and cash.

1 kid in college (JMU) and all her remaining college costs are in a fully funded 529.

I am trying to decide what to do next. Due to health concern, I would prefer to be somewhat local to docs in Fairfax County. Would become more important when I am no longer able to drive. I could sell house as is, but don't have the $$$ to buy something I could afford.

I don't know what to do next - should I fix the house (bathrooms, basement, etc.) or just sell and let someone else deal with it? Not sure what I could get for the house -- maybe 550K as is? Is there someone I could ask (realtor?) to advise me how to proceed?

[Anonymous]

Yes, ask a realtor for an estimate.

IMO, I wouldn't do anything to fix it up. Sell it as-is.

Is it possible for you to work from home in a remote location? If so, that would give you a lot more options of where to look. Even if you had to travel a bit longer to get to med appointments, a nicer place a bit further out might be more advantageous to you. Have you considered 55+ communities?

[Anonymous]

Ask a realtor but chances are good it’s best to do nothing and sell it as is.

Maybe look at condos? One level, low maintenance, there are a lot of advantages.

[Anonymous]

I would downsize to a condo.

[Anonymous]

I can work remotely most anywhere, but I do have dogs so a condo wouldn't work.

I don't know of any 55+ places that are nice and allow dogs.

[Anonymous]

Plenty of condos allow dogs. A 55+ place choice though, is going to be the least economical for you.

[Anonymous]

Much of this discussion is dependent on how much equity you have in your house. Without knowing that, it's a waste of time to look at other housing options.

Nonetheless, if you mean you don't/can't have a condo because you need a yard for the dogs, then look for a townhouse or other type of one-floor "condo" which may have a small yard.

[Anonymous]

A friend with dogs recently bought at Leisure World, though that's far from your current base. But I agree with others: there are lots of condo options that have various and formats that do allow dogs. I would be reluctant to lock myself into an age-restricted community because ease of resale will always be limited if you limit the audience. What you want is the form factor (one level) at the right price.

Definitely do not plan on remodeling before sale. That is so expensive these days that it would be a poor use of your resources. Somebody will be eager to buy as is.

I would start by asking a realtor or two so you have an idea what it would sell for.

[Anonymous]

Can you buy an apartment in a nice building with a doorman and elevator with what you have in equity?

[Anonymous]

It sounds like you want room for a dog and so are hesitant to switch to a condo, which is understandable. If I were you, I’d go for a low maintenance TH in a 55+ community that has aging-in-place providers if these exist (?) and I’d expand my search to the exurbs or outside of DMV since you WAH. Is it just your doctors that is keeping you in this area?

[Anonymous]

Anonymous wrote:It sounds like you want room for a dog and so are hesitant to switch to a condo, which is understandable. If I were you, I’d go for a low maintenance TH in a 55+ community that has aging-in-place providers if these exist (?) and I’d expand my search to the exurbs or outside of DMV since you WAH. Is it just your doctors that is keeping you in this area?

The TH should have an elevator though. If not, then condo because you want someone else to do the maintenance.

[Anonymous]

Hidden Brooke might be a good fit for you. It’s a 55+ condo community.

https://www.zillow.com/homedetails/7871-Rolling-Woods-Ct-APT-302-Springfield-VA-22152/2055509803_zpid/

[Anonymous]

I would hold onto your house until you know where your kid is ending up.

[Anonymous]

Anonymous wrote:Much of this discussion is dependent on how much equity you have in your house. Without knowing that, it's a waste of time to look at other housing options.

Nonetheless, if you mean you don't/can't have a condo because you need a yard for the dogs, then look for a townhouse or other type of one-floor "condo" which may have a small yard.

She owes about $300,000 and estimates resale in current condition at $550,000.

[Anonymous]

Anonymous wrote:I would hold onto your house until you know where your kid is ending up.

This could be hard though if her kid’s only in college right now. I feel like young adults move around so much for years. I am in my early/mid 40s and much of my peer group really didn’t settle down until the mid-30s.