Retirees buying 4,000 sq ft houses?

[Anonymous]

Anonymous wrote:It make zero sense to downsize for many.

My neighbor bought his 6,3000 house in 1975 for $150,000 irbid now worth 1.8 million.

With 500k exemption he would owe taxes in 1.15 million at capital gains rate and state tax be like 300k. Plus 120k realtor fee/moving costs. Then where would he go?

The house is only 2,100 sf per floor. He renovated main level to add huge master suite with bathroom. He rarely goes upstairs or downstairs.

He is already 85 and still perfect health. He does keep his house up, new roof, window painting, lawn service. He has lived there 50 years so has a guy for everything. He would lose that too if he moves

NP - and when he dies, his heirs will get an adjusted basis in the house when they sell it.

[Anonymous]

My parents, who are mid-70s, recently bought a 3000 sq ft house with a two car garage and a 1000 sq foot accessory dwelling. It is not for visiting kids or grandkids as everyone lives within an hours drive. They each have their own bedroom and both wanted their own "office" (they do not work). The truth is they don't get along very well and lead almost entirely separate lives, and my mom, in particular, wants a home large enough to be able to spend most of her day without interacting with my dad. They also conceal the fact that they are both basically organized hoarders by having a home large enough to store an enormous amount of stuff, but because it's neatly stored in organized boxes on custom shelves and everything is labeled, no one would call them a hoarder. Instead they'd ask my mom who she hired to do the organizer (the answer is no one, she did it all herself, she has OCD and this is perhaps the only positive aspect of it).

I would love if instead of my parents buying his home, they had spent time in therapy addressing their mental health issues and their relationship. I wish they were spending these years enjoying time with family (or, if it were possible, each other). They didn't. They have tons of money and can afford this house. So here we are. It is at least preferable to them being at each other's throats in a smaller home, or engaging in dangerous hoarding without the money and space to make it aesthetically pleasing. It's not environmentally conscious and it seems short-sighted to me, but it's not my life or my money and I'm content to stay out of it.

We are the only family who isn't local to them, and when we come visit, we will be asked to stay in a hotel, though my DD will be invite to spend the night for 1:1 time with my mom. So I guess there is that?

[Anonymous]

Anonymous wrote:My parents, who are mid-70s, recently bought a 3000 sq ft house with a two car garage and a 1000 sq foot accessory dwelling. It is not for visiting kids or grandkids as everyone lives within an hours drive. They each have their own bedroom and both wanted their own "office" (they do not work). The truth is they don't get along very well and lead almost entirely separate lives, and my mom, in particular, wants a home large enough to be able to spend most of her day without interacting with my dad. They also conceal the fact that they are both basically organized hoarders by having a home large enough to store an enormous amount of stuff, but because it's neatly stored in organized boxes on custom shelves and everything is labeled, no one would call them a hoarder. Instead they'd ask my mom who she hired to do the organizer (the answer is no one, she did it all herself, she has OCD and this is perhaps the only positive aspect of it).

I would love if instead of my parents buying his home, they had spent time in therapy addressing their mental health issues and their relationship. I wish they were spending these years enjoying time with family (or, if it were possible, each other). They didn't. They have tons of money and can afford this house. So here we are. It is at least preferable to them being at each other's throats in a smaller home, or engaging in dangerous hoarding without the money and space to make it aesthetically pleasing. It's not environmentally conscious and it seems short-sighted to me, but it's not my life or my money and I'm content to stay out of it.

We are the only family who isn't local to them, and when we come visit, we will be asked to stay in a hotel, though my DD will be invite to spend the night for 1:1 time with my mom. So I guess there is that?

Probably because they can feel your disdain. This entire thread reeks of it. I'd say a lot of people need therapy.

You don't seem content to stay out of it, and if you were then you wouldn't care if you "were asked" to stay at a hotel. If you're so intent on "enjoying time with family," why aren't you staying with them when you visit?

[Anonymous]

Anonymous wrote:It make zero sense to downsize for many.

My neighbor bought his 6,3000 house in 1975 for $150,000 irbid now worth 1.8 million.

With 500k exemption he would owe taxes in 1.15 million at capital gains rate and state tax be like 300k. Plus 120k realtor fee/moving costs. Then where would he go?

The house is only 2,100 sf per floor. He renovated main level to add huge master suite with bathroom. He rarely goes upstairs or downstairs.

He is already 85 and still perfect health. He does keep his house up, new roof, window painting, lawn service. He has lived there 50 years so has a guy for everything. He would lose that too if he moves

The better play is to put the home in a trust and let one family live and raise their kids in it full time. Grandpa either buys or rents a nice new construction condo.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It make zero sense to downsize for many.

My neighbor bought his 6,3000 house in 1975 for $150,000 irbid now worth 1.8 million.

With 500k exemption he would owe taxes in 1.15 million at capital gains rate and state tax be like 300k. Plus 120k realtor fee/moving costs. Then where would he go?

The house is only 2,100 sf per floor. He renovated main level to add huge master suite with bathroom. He rarely goes upstairs or downstairs.

He is already 85 and still perfect health. He does keep his house up, new roof, window painting, lawn service. He has lived there 50 years so has a guy for everything. He would lose that too if he moves

The better play is to put the home in a trust and let one family live and raise their kids in it full time. Grandpa either buys or rents a nice new construction condo.

Better play for whom? He sounds like he is happy in his home and can well afford the maintenance. Why does everyone think older people want to live in condos.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It make zero sense to downsize for many.

My neighbor bought his 6,3000 house in 1975 for $150,000 irbid now worth 1.8 million.

With 500k exemption he would owe taxes in 1.15 million at capital gains rate and state tax be like 300k. Plus 120k realtor fee/moving costs. Then where would he go?

The house is only 2,100 sf per floor. He renovated main level to add huge master suite with bathroom. He rarely goes upstairs or downstairs.

He is already 85 and still perfect health. He does keep his house up, new roof, window painting, lawn service. He has lived there 50 years so has a guy for everything. He would lose that too if he moves

The better play is to put the home in a trust and let one family live and raise their kids in it full time. Grandpa either buys or rents a nice new construction condo.

Better play for whom? He sounds like he is happy in his home and can well afford the maintenance. Why does everyone think older people want to live in condos.

They don’t want to live in condos, but they absolutely should after the age of 70. Stairs are killers for the elderly and you’re a lot more likely to encounter stairs in a house than a condo building. Our neighbor died just a few months ago from a fall on the stairs in her DC house. Deaths from falls in the home are on the rise.

https://www.boston.com/real-estate/real-estate/2023/03/15/accidental-deaths-from-falls-at-home-are-on-the-rise/?amp=1

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It make zero sense to downsize for many.

My neighbor bought his 6,3000 house in 1975 for $150,000 irbid now worth 1.8 million.

With 500k exemption he would owe taxes in 1.15 million at capital gains rate and state tax be like 300k. Plus 120k realtor fee/moving costs. Then where would he go?

The house is only 2,100 sf per floor. He renovated main level to add huge master suite with bathroom. He rarely goes upstairs or downstairs.

He is already 85 and still perfect health. He does keep his house up, new roof, window painting, lawn service. He has lived there 50 years so has a guy for everything. He would lose that too if he moves

Old people die. Let them live the way they want. I will certainly never move to a condo/apartment again. I'd rather die to be honest.



The better play is to put the home in a trust and let one family live and raise their kids in it full time. Grandpa either buys or rents a nice new construction condo.

Better play for whom? He sounds like he is happy in his home and can well afford the maintenance. Why does everyone think older people want to live in condos.

They don’t want to live in condos, but they absolutely should after the age of 70. Stairs are killers for the elderly and you’re a lot more likely to encounter stairs in a house than a condo building. Our neighbor died just a few months ago from a fall on the stairs in her DC house. Deaths from falls in the home are on the rise.

https://www.boston.com/real-estate/real-estate/2023/03/15/accidental-deaths-from-falls-at-home-are-on-the-rise/?amp=1

[Anonymous]

Old people have always been falling. These falls are on the rise because the number of old people is on the rise.

People fall in assisted living and nursing care btw. My mother fell in nursing care and died. It's not necessarily the fall that kills them. The fall happens because of underlying conditions that are actually what is causing death (not the fall itself). When your blood stops circulating you tend to lose your brain functions and you fall.

[Anonymous]

I'd rather die in my house than die in overpriced assisted living or a nursing home. I think it's my choice where I die.

[Anonymous]

Anonymous wrote:
I'd rather die in my house than die in overpriced assisted living or a nursing home. I think it's my choice where I die.

Your poor children

[Anonymous]

Anonymous wrote:I’m just curious as to WHY someone in their 70s would need or want a 4000 sq ft, 4 bedroom, 3 level house.

I know there are outliers: grandkids live with them, frequent visitors, but why would anyone without kids want a house so large?

Op, I feel you! We live in a beautiful suburban neighborhood with no real amenities or draw besides schools and the related activities and lifestyle and OMG how the neighbors all gnash their teeth when a nice older couple decides to move out…. We all expect a nice young family…. And one single old lady or a pair of already old people with no kids moves in. The pools sit empty. Backyards empty. Is it a status symbol?? Wtf!!! Meanwhile the old lady who bought one house has to plead on our list Serv for people to clear her driveway when it snows. My kids do mine before our snow guys show up! It just doesn’t make any sense. Its status and feeling like the house satisfies something in them. Ah well that will be us some day!

[Anonymous]

Anonymous wrote:

Anonymous wrote:It make zero sense to downsize for many.

My neighbor bought his 6,3000 house in 1975 for $150,000 irbid now worth 1.8 million.

With 500k exemption he would owe taxes in 1.15 million at capital gains rate and state tax be like 300k. Plus 120k realtor fee/moving costs. Then where would he go?

The house is only 2,100 sf per floor. He renovated main level to add huge master suite with bathroom. He rarely goes upstairs or downstairs.

He is already 85 and still perfect health. He does keep his house up, new roof, window painting, lawn service. He has lived there 50 years so has a guy for everything. He would lose that too if he moves

The better play is to put the home in a trust and let one family live and raise their kids in it full time. Grandpa either buys or rents a nice new construction condo.

Kids? The man’s kids are 50-62. I think his grandkids are 20-35.

Another neighbor around corner my kid helps out in a little part time job. She goes to Safeway, Giant, CVS, pharmacy, their favorite little gourmet delli etc once a week does the shopping and loads their fridge and even cleans out old food. They are 94 and 92 and in pretty good health.

People are living so long they can’t give house to kids or even grandkids that 94 year old has 40 year old grandkids. And kids don’t want ti take in parents. Easier to Venmo my daughter $15 an hour to run errands and check in and report back

[Anonymous]

Anonymous wrote:

Anonymous wrote:
I'd rather die in my house than die in overpriced assisted living or a nursing home. I think it's my choice where I die.

Your poor children

Huh?

[Anonymous]

Anonymous wrote:

Anonymous wrote:It make zero sense to downsize for many.

My neighbor bought his 6,3000 house in 1975 for $150,000 irbid now worth 1.8 million.

With 500k exemption he would owe taxes in 1.15 million at capital gains rate and state tax be like 300k. Plus 120k realtor fee/moving costs. Then where would he go?

The house is only 2,100 sf per floor. He renovated main level to add huge master suite with bathroom. He rarely goes upstairs or downstairs.

He is already 85 and still perfect health. He does keep his house up, new roof, window painting, lawn service. He has lived there 50 years so has a guy for everything. He would lose that too if he moves

The better play is to put the home in a trust and let one family live and raise their kids in it full time. Grandpa either buys or rents a nice new construction condo.

I have a 4000 sf home and plan on living in it as long as possible. I could never live in a condo. It is all one sprawling level, very conducive to senior life. I will be an ornamental hermit in my neighborhood.

I don’t want my kids to feel tied to this area. They are always welcome, but their careers could take them anywhere. Pushing them to take over the family home would probably not be welcomed by my future DILs (I have boys). I don’t want to be THAT kind of MIL.

[Anonymous]

I’m 30 years from retirement. But all you people pushing condos for retirees like they must live in one can shove it. No chance in hell do I go back to that hell.