Reply to sell as-is vs renovate

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[quote=Anonymous][quote=Anonymous]

DP: You sound like you're doing great and I don't think you have to worry so much now if it's more than 5-10 years away (definitely not if it's 29.5!).  If you can, hold out on getting your social security checks until you're 70--keep working and spend down assets as needed instead to supplement.

[b]What are your estimated living expenses for retirement if you were to stay in this house?[/b]  Your 1m will generate about 40k/yr, you should have a good estimate of your social security on mysocialsecurity.gov, and you have an annuity.  [b]If that's enough to cover your expected expenses with some cushion[/b], then you could decide on a portion of the 375k to be spent on renovations that make it work for you to live in for the next 5-10 years.  At that point you can reassess if you are staying or selling and make a decision on whether to renovate more or sell as-is.
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If I were to stay put, I could cover my monthly expenses, especially after peeling off kids' pricey car insurance costs each month. I haven't factored in house maintenance into my monthly budget yet, though. You raise a good point and I should tweak my spreadsheet a bit. (Roof on the house will likely need replacing in 7-10 years, for example.)[/quote]

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