Whats the oldest you would purchase a new home?

[Anonymous]

I'm 60. We just moved a couple of months ago and believe it or not to a bigger home. Everyone talks about downsizing when the kids leave but we downsized and then found we needed to upsize because our kids are married or in relationships and we even have two grandkids already. We need more room for the spouses, partners, kids, and dogs!

When we are a bit older, maybe close to 70, we will sell this house and downsize in the city (rent) but buy a bigger vacation home and everyone can go there instead.

Plan for once we hit 80, we go back to my original Portugal, keep vacation home in the family for kids and other family in the states to use, and for when we visit. But then we will be living mainly in Portugal.

Might sound crazy but my husband and I, we come from a longevity family, our parents are still alive, so we hope we follow suit as they are pretty health for their ages.

[Anonymous]

Anonymous wrote:We would take a major hit on capital gains if we sold our current home. Realistically, it would make more sense to just age in place and add an elevator and redo the kitchen and bathrooms. If one of us passes, we get a double step up in cost basis and then it would make sense for the survivor to move. So maybe one more move for one of us. Hindsight I would have bought a ranch.

Correction: single step up, not double

[Anonymous]

We bought a home in 2021 when mortgage rates were low and we’re early 50’s. It has a lot of stairs. We plan to stay here until we can no longer do stairs at which point probably move to CCRC. We’re healthy, fit, and active and our parents are healthy into their 80’s so we expect to live here for 20-30 years. Last house we lived in for 20 years.

[Anonymous]

Anonymous wrote:I'm 60. We just moved a couple of months ago and believe it or not to a bigger home. Everyone talks about downsizing when the kids leave but we downsized and then found we needed to upsize because our kids are married or in relationships and we even have two grandkids already. We need more room for the spouses, partners, kids, and dogs!

When we are a bit older, maybe close to 70, we will sell this house and downsize in the city (rent) but buy a bigger vacation home and everyone can go there instead.

Plan for once we hit 80, we go back to my original Portugal, keep vacation home in the family for kids and other family in the states to use, and for when we visit. But then we will be living mainly in Portugal.

Might sound crazy but my husband and I, we come from a longevity family, our parents are still alive, so we hope we follow suit as they are pretty health for their ages.

I was with you till Portugal. What's the plan in Portugal?

[Anonymous]

My dad recently passed away and I had to sell his condo in a 55+ building. I ended up selling it to one of his friends who was in his 80s. He had rented in the building for years and couldn't pass up my dad's unit.

[Anonymous]

I had a friend who bought and renovated a condo when she was 86. Her husband and died a year prior and she bought after living w her sons for a while. She died during covid fall 2021 after living there only 3 months. She enjoyed setting it up and the time she had there. I’m sure her sons sold it or use it as an investment property. There was plenty of money.

My paternal grandmother could no longer live on her own at 70. My mother had early onset dementia at 59. Her mother died at 60 of a massive stroke. I’m 61. I just separated (by choice) and am renting for now. I think I’d rather invest in a condo next and leave it to my son in a trust.

Are you just supposed to give up and say nevermind at a certain age? I try not to live that way.

[Anonymous]

80

[Anonymous]

Anonymous wrote:I had a friend who bought and renovated a condo when she was 86. Her husband and died a year prior and she bought after living w her sons for a while. She died during covid fall 2021 after living there only 3 months. She enjoyed setting it up and the time she had there. I’m sure her sons sold it or use it as an investment property. There was plenty of money.

My paternal grandmother could no longer live on her own at 70. My mother had early onset dementia at 59. Her mother died at 60 of a massive stroke. I’m 61. I just separated (by choice) and am renting for now. I think I’d rather invest in a condo next and leave it to my son in a trust.

Are you just supposed to give up and say nevermind at a certain age? I try not to live that way.

I don't know what you mean by that. I would lose interest in moving because I think it's an expensive hassle. I'd rather get it done and settle into a CCRC so I can put my time, effort, and money into things I *do* enjoy, such as travel. If your friend enjoyed setting up a new condo, great. If she did it thinking it was a great investment, eh. At some point it's nice to be set up financially so you can make choices that will give you pleasure rather than worrying about whether what you want is too expensive.

My mom has millions and took ages to decide to buy a "new" car -- a used Subaru. She worried that it was a waste of money when she wasn't sure how much longer she'd be driving. Buy the house! Buy the car! Take the trip! Just understand what the best and worst case scenarios are.

[Anonymous]

We bought our first home during the pandemic. Prior to that we rented in NW DC and had moved 3 times within the city. I HATE moving. I just hate it.

Our current house is cute and more than a "starter" but it is far out in a rural area in MD. They're building it up wildly and in 20 years, maybe even 10 years, I'm sure it will be overcrowded but ... All that to say, I think this is our forever home.

The mortgage is super manageable (half of what we paid in DC for rent), our neighbors are very nice, the schools are good, our mortgage rate is top notch ... I fear this is it.

I'm not dealing with a move and all it entails for a better kitchen and a nearby Trader Joe's. When the times comes, another 5 years or so, we'll renovate whatever bothers me.

The next move will be downsizing for retirement because these stairs are going to be a problem.

[Anonymous]

I don't think it's ever too late to move in order to downsize or guarantee quality of life (like by entering assisted living or moving to a home that makes more sense for the way you are aging, in terms of layout, size, community, or even weather).

But that's different than asking, as you do in the thread title, what's the oldest you would purchase a new home? That's a different question and I really would not want to be purchasing a new home for myself in my 70s. On the other hand, there are logistical reasons why we will likely be forced to wait to buy our retirement home, including obviously when we retire (we are planning for 62 but it's going well so we could theoretically be ready earlier than that). Also, we have a DC who will be in college when we are in our late 50s and while we feel good about the money we have set aside for that, we do intend to pay for at least some of it out of ordinary income, and I could see that postponing our move a few years because I'd just feel more comfortable seeing her through to graduation before we shift our finances fully into retirement mode.