If you have a high(ish) budget/income but no desire to maintain a large home

[Anonymous]

Anonymous wrote:A comfortable condo is the way to go. So easy, so comfortable. Room for everything you need, all spaces get used daily except guest room(s).

Nope HOA fees increase yearly at an alarming rate.

Assessments on a fixed income is not good for most people aging.

[Anonymous]

Some of the newer town homes have elevators but will set you back est $1.3m min

[Anonymous]

My neighbor who lived on two acres pool in Potomac downsized to a larger sf house in retirement

He bought the 7,000 sf house on my block in an estate sale. It is only 1/2 acre. Flat plot. No pool, house is large takes up a decent amount of plot, big driverway and circular driveway in front so less lawn. He had if fully renovated top to bottom before move in. My block has gas lines, sewer lines, water etc. He claimed it was the land that was killing him maint wise and all the little projects.

His new house, four sided brick, slate roof all redone inside is now zero repairs next 2025 year, smaller plot he just has landscaper. He did all work before he moved in.

Lucky guy bought Fall 2019 Did not move in to Fall 2020 and by time home old sold in January 2021 he got a big price due to Covid boom. That is luck. But he claims it is not size. It is a house with a plot easy to take care of and a house like his all Brick, new vinyl windows, slate roof that require zero exterior upkeep is what makes it easy. .

[Anonymous]

I think about this a lot, but given that in the past couple years we have renovated bathrooms, kitchen, floors, lighting, waterproofed basement, new front door, new hardie siding, and new roof (the latter thanks to a tree falling), along with new drainage and landscaping, I am hoping that our maintenance costs/effort will go way down for a while. I am thinking that we stay through the college years and only after both have graduated and started life, we downsize to a condo/townhouse or small ranch (I'd love one level, with a screened in patio, 3bd/2-or 2/5 ba, small yard). So another 8 or so years to go. At that point, our house wouldn't be "newly renovated" but hopefully wont need much in terms of repair to sell.

[Anonymous]

We have 2 houses and the maintenance of 2 is a lot to manage as we get closer to retirement. Our beach house is bigger and tends to be the gathering place for family so we aren't getting rid of that one. We are leaning to a 2 BR condo or elevator TH here. Because we split our time between 2 places i'd like one of them to be super low maintenance so we can leave it for 3-4 months without worrying about it.

[Anonymous]

Anonymous wrote:What is your housing situation or what do you aspire your housing situation to be. We will send our youngest to college in a couple years and our house just feels like a tiresome obligation to me. It has served us well during the kids childhood and I am so thankful, but it’s going to need updates eventually (kitchen, baths, floors, paint, yardwork beyond normal maintenance) and it just sounds so exhausting to me.

I don’t want a small condo - I still want my kids to have a comfortable space to be when they come home, at least until they are full established/working/done with grad school/etc.

We came from a townhome before this house. I didn’t like the vertical living or the lack of privacy on our deck or the lack of guest parking.

So I think we are stuck with single family but I want smaller but still in a nice area. Does this even exist?

So find a larger condo or a TH. Condos are typically the best because your HOA fees cover everything except the "inside of the condo". So it truly is maintenance free living. And it's even better if you renovate before you move in, so it truly can be maintenance free.

But with a house, you will always be responsible for maintenance, and sure you can hire it out, but you have to manage all of that. With a condo, you pay your HOA monthly and it's all done for you.

Ask me how I know....

It's definately a great life once empty nester

[Anonymous]

Anonymous wrote:i despise condos because the fees go up all the time to the point they are not sustainable

The fees go up as the building ages. Because you have to maintain it. If the fees don't go up, you would get stuck with a large special assessment because you haven't been maintaining the bldg properly.

So just like a 25 yo home has more maintenance costs than a 2 yo home, so does a condo bldg.

[Anonymous]

Anonymous wrote:We have 2 houses and the maintenance of 2 is a lot to manage as we get closer to retirement. Our beach house is bigger and tends to be the gathering place for family so we aren't getting rid of that one. We are leaning to a 2 BR condo or elevator TH here. Because we split our time between 2 places i'd like one of them to be super low maintenance so we can leave it for 3-4 months without worrying about it.

This is what I want to do also but the downsize to condo/TH is only in size not cost and could even cost more. But the low maintenance, lock and leave aspect is what we really need at this point. If only I could convince my darling husband of this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There are smaller older houses in this area OP.

We currently own a 2000 sq ft sfh in Silver Spring. You can find them more easily in the not as good school districts.

+1

Here is one in Annandale

https://www.zillow.com/homedetails/8112-Accotink-Dr-Annandale-VA-22003/51841811_zpid/

Mold in the basement is a no-go.

[Anonymous]

Anonymous wrote:We have 2 houses and the maintenance of 2 is a lot to manage as we get closer to retirement. Our beach house is bigger and tends to be the gathering place for family so we aren't getting rid of that one. We are leaning to a 2 BR condo or elevator TH here. Because we split our time between 2 places i'd like one of them to be super low maintenance so we can leave it for 3-4 months without worrying about it.

Exact same here. What I want is a 3-4 bedroom condo (or just rental apartment) in a high end building with lots of amenities in DC. I don’t know if this exists. Haven’t looked yet as we are still 2-3 years from wanting to sell our DC house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:i despise condos because the fees go up all the time to the point they are not sustainable

The fees go up as the building ages. Because you have to maintain it. If the fees don't go up, you would get stuck with a large special assessment because you haven't been maintaining the bldg properly.

So just like a 25 yo home has more maintenance costs than a 2 yo home, so does a condo bldg.

Condos Shit the Bed just like houses. My condo built 1979 had super low fees from 1979 to 2006. Around 2008-2014 it need new roofs, new fencing, sidewalk repairs, repave parking lots, new gutters, undated lighting, power washing building, repairing hand rails, painting trim. Building in 2018 had to take a ten year loan and raise common charges. Guess, what. Like a house it is a ticking time bomb as all that work done 2008-2014 is now 12 -18 years old. The building ran it into ground last time and place looked shabby by time overdue work done, I bet by 2030-2035 it all has to be redone again, no different a house

[Anonymous]

Our current plan once the youngest goes to college is a 3-4 bedroom condo in dc. (Maybe 3,000 square feet) and smaller 2 bedroom condo in NYC (Maybe 1,500 square feet). Possibly a third home somewhere warm year round. We have a beach house that family can visit.

But it all depends on what you mean by large budget. Our budget in today’s dollar for the 3 new residences would be $8-10M.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There are smaller older houses in this area OP.

We currently own a 2000 sq ft sfh in Silver Spring. You can find them more easily in the not as good school districts.

+1

Here is one in Annandale

https://www.zillow.com/homedetails/8112-Accotink-Dr-Annandale-VA-22003/51841811_zpid/

this is an odd suggestion

[Anonymous]

Anonymous wrote:Some of the newer town homes have elevators but will set you back est $1.3m min

Elevators break no one to fix them

[Anonymous]

Anonymous wrote:What is your housing situation or what do you aspire your housing situation to be. We will send our youngest to college in a couple years and our house just feels like a tiresome obligation to me. It has served us well during the kids childhood and I am so thankful, but it’s going to need updates eventually (kitchen, baths, floors, paint, yardwork beyond normal maintenance) and it just sounds so exhausting to me.

I don’t want a small condo - I still want my kids to have a comfortable space to be when they come home, at least until they are full established/working/done with grad school/etc.

We came from a townhome before this house. I didn’t like the vertical living or the lack of privacy on our deck or the lack of guest parking.

So I think we are stuck with single family but I want smaller but still in a nice area. Does this even exist?

When you no longer need a school system, Upper Marlboro, Maryland is quiet and lovely. Still maryland taxes though.