Moving to the city as an empty nester

[Anonymous]

Anonymous wrote:Anyone else considering it? We've been in the suburbs for 25 years and are looking forward to having an apartment in the city with so much walkability and culture nearby. Hoping we are in a financial position to keep our current house or downsize, so we have something to escape to and host larger family gatherings over time.

I plan to do this when I retire. My fantasy is to get a pied-a-terre in the Village. Need to make a lot more money to make that happen!

[Anonymous]

Anonymous wrote:I read too many Elin Hilderbrand books. When I'm an empty nester, I want to move to a small cottage along the coast. A small beach community, but then live there year round as a local or townie.

That's what we did - moved to a town in Maine - and we love it.

[Anonymous]

Why on earth would you want to keep and maintain the suburban home???

Sell the suburban home. Buy a condo in the city with a guest room for your adult children to visit and somewhere for their kids (sleeper sofa/den) so each kid can easily come visit.

Then rent a house for the 0-3 times per year that your whole family visits at the same time.

[Anonymous]

Anonymous wrote:Why on earth would you want to keep and maintain the suburban home???

Sell the suburban home. Buy a condo in the city with a guest room for your adult children to visit and somewhere for their kids (sleeper sofa/den) so each kid can easily come visit.

Then rent a house for the 0-3 times per year that your whole family visits at the same time.

If you live in Greenwich or Westport or a southern CT town your income will be taxed at a significantly lower rate. So there are tax and other benefits (proximity to the beach in the summer) to maintaining your residence. I would get a pied-a-terre. NYC is great, but also a huge headache. If you can afford to keep a place outside the City you will have an escape hatch when you need it.

[Anonymous]

Please have a plan for when you turn 80.

Pedestrian accidents sky ticket at 80, in addition to just being unable to get out of floor 10 when the electricity goes out during a storm and heating and electricity go out.

[Anonymous]

I also have a similar dream. Currently DC-based (live in DC proper in a SFH with 15 min walk to metro), but love the idea of moving to nyc in retirement. I love the possibility of endless food options, theatre, and events. (Even if I don’t take advantage of them every single day)

Have folks on this thread thoroughly considered whether it makes sense to buy a condo in nyc? As far as I can tell, condo fees & property taxes are absurd. A recent dcum thread also discusses the fact that, even in the dmv, it’s usually better financially to rent a condo rather than buy and deal with potentially increasing HOA fees year after year.

https://www.dcurbanmom.com/jforum/posts/list/1277760.page

[Anonymous]

Anonymous wrote:I also have a similar dream. Currently DC-based (live in DC proper in a SFH with 15 min walk to metro), but love the idea of moving to nyc in retirement. I love the possibility of endless food options, theatre, and events. (Even if I don’t take advantage of them every single day)

Have folks on this thread thoroughly considered whether it makes sense to buy a condo in nyc? As far as I can tell, condo fees & property taxes are absurd. A recent dcum thread also discusses the fact that, even in the dmv, it’s usually better financially to rent a condo rather than buy and deal with potentially increasing HOA fees year after year.

https://www.dcurbanmom.com/jforum/posts/list/1277760.page

NYC is its own market and not the same. Even in DC, the %age of people living in SFHs or townhouses is 20x greater than NYC where Condos (and Coops to some extent) are the norm.

Supposedly the grand Coops have seen significant price declines compared to like 10 years ago. Wealthy buyers want new condo buildings which are much more flexible to own and have tons of amenities vs. the 1920s Coop buildings.

[Anonymous]

Anonymous wrote:I'm thinking about selling my SFH in north arlington and buying a 2BR condo in DC when my daughter goes to college in 2027. I don't want to deal with the house or yard maintenance when it's just me living here. Daughter can stay in the guest room, and if she ends up having kids, that would be a ways off, and we can figure that out

That's a great plan. DC is still close enough for her to come back to visit her Arlington HS friends while she's in college. With one kid, you only need one guest room. If she ends up living out of town after college, then she and her spouse can use the guest room and grandkids can use a sleeper sofa or air mattresses.

Assuming you'll be roughly mid to late 50's when she graduates HS, that will likely give you a couple decades in the condo. Just don't get a rowhouse or anything with stairs. I know a lot of people who had accidents on the stairs starting in their 50's and 60's and it messed up their feet, ankles, knees etc. to the point where it permanently reduced their mobility.

[Anonymous]

Anonymous wrote:Anyone else considering it? We've been in the suburbs for 25 years and are looking forward to having an apartment in the city with so much walkability and culture nearby. Hoping we are in a financial position to keep our current house or downsize, so we have something to escape to and host larger family gatherings over time.

What city?

Doesn’t sound appealing to me at all.

[Anonymous]

6/12 7:40 I'm hoping to find a 2-level condo with a bedroom on each level. That way I can start out in the nicer bedroom and then move to the main floor bedroom if I can't do stairs anymore. I'll be 55 when I downsize. I've also seen a couple of townhouses reconfigured as 2 1-br apartments, and that would be great too.

[Anonymous]

Anonymous wrote:Please have a plan for when you turn 80.

Pedestrian accidents sky ticket at 80, in addition to just being unable to get out of floor 10 when the electricity goes out during a storm and heating and electricity go out.

Hate to tell you what happens with driving in your 80s.