So who has downsized/relocated when kids went off to college

[RangerNole]

My daughter leaves for college in a year, son is already in college. Wife and I have been discussing moving/downsizing after my daughter leaves. Anyone done it?
We live on HHI have an amazing 3000 sq. ft. house with water/marsh views from our front yard and front deck. Bought the house as a foreclosure and at the time I really felt that this would be the house I die in. Now I look at the house and say why would I spend the money on the upkeep, utilities etc. when it is just the 2 of us. Wife and I have always loved the mountains ( Asheville, etc), we go up there for at least a week a year. On the other hand my home will do nothing but go up in value and it is likely the house will be worth in the 800k range in another 10 years.
I hate to get rid of something I love and will just grow in value. On the other hand selling now and buying a condo or something in HHI and also buying a house in the mountains would be really nice. Summer in the mountains and winter in HHI sounds wonderful. Also could buy in the mountains and rent our home in HHI 6-8 months a year. Likely be able to pull about 2k-3k per week. I have done the rental thing and know the headaches it will bring. Probably will not do anything for a few more years and as far as work I only need to be near a mid-size airport since I travel for anything I would be doing.
I know the LRs would just buy the house in the mountains and higher a person to live in it while they aren't there; but for those few of you in a more normal financial situation; thoughts? PS hope the paragraph structure meets the LR standards.

 

[OrlandNole]

You live in HHI? I didn’t know.

 

[RangerNole]

You live in HHI? I didn’t know.

Yep wife and kids moved here right after 9/11 since I wouldn't be around much and her parents were here. Once I used up all my miles and points for free trips overseas I finally moved here too. Which adds another dichotomy to the decision. Since wife's parents live here we need to think about that too.

 

[Formerly Rockymtnole]

If you really like the locations and would really spend enough time in each place to justify it, I'd keep a place in HHI and buy a second home in the mountains.

And as an added bonus you'd have a whole new HOA and neighbors to get into disputes with. A man's gotta have a hobby!

 

[goldmom]

We did! While we were at youngest child's high school graduation the Realtor was putting a For Sale sign in our yard.
Went from 4800 sq. Ft. To 3400.
I know that's still a lot of house but it's Texas so there's big and then there's biiiigg.
Had to get rid of an enormous amount of stuff too.

 

[LesClaypool]

And as an added bonus you'd have a whole new HOA and neighbors to get into disputes with. A man's gotta have a hobby!

I picture Jaqen H’gar from Game of Thrones saying that.

“A girl has no name.”

“A man must have a hobby.”

 

[JohnnieHolmesNole]

My daughter leaves for college in a year, son is already in college. Wife and I have been discussing moving/downsizing after my daughter leaves. Anyone done it?
We live on HHI have an amazing 3000 sq. ft. house with water/marsh views from our front yard and front deck. Bought the house as a foreclosure and at the time I really felt that this would be the house I die in. Now I look at the house and say why would I spend the money on the upkeep, utilities etc. when it is just the 2 of us. Wife and I have always loved the mountains ( Asheville, etc), we go up there for at least a week a year. On the other hand my home will do nothing but go up in value and it is likely the house will be worth in the 800k range in another 10 years.
I hate to get rid of something I love and will just grow in value. On the other hand selling now and buying a condo or something in HHI and also buying a house in the mountains would be really nice. Summer in the mountains and winter in HHI sounds wonderful. Also could buy in the mountains and rent our home in HHI 6-8 months a year. Likely be able to pull about 2k-3k per week. I have done the rental thing and know the headaches it will bring. Probably will not do anything for a few more years and as far as work I only need to be near a mid-size airport since I travel for anything I would be doing.
I know the LRs would just buy the house in the mountains and higher a person to live in it while they aren't there; but for those few of you in a more normal financial situation; thoughts? PS hope the paragraph structure meets the LR standards.

Need to keep rooms for the kids because you know they are coming back to live with you.

 

[DFSNOLE]

We have a 3100sf, 5 bedroom, 3.5 bathroom house that just two of us live in now. My wife wants to sell and downsize. I want to wait until I'm closer to retirement.

 

[ericram]

So when is the LR Retreat in Hilton Head?

 

[funksouljon]

Need to keep rooms for the kids because you know they are coming back to live with you.

Haha, don't they call em boomerang kids?

 

[funksouljon]

My folks down-sized after we left. And their place fits them great, but is too small for kids n grandkids to all visit. So its a royal PITA to get together.

 

[Fijimn]

My daughter leaves for college in a year, son is already in college. Wife and I have been discussing moving/downsizing after my daughter leaves. Anyone done it?
We live on HHI have an amazing 3000 sq. ft. house with water/marsh views from our front yard and front deck. Bought the house as a foreclosure and at the time I really felt that this would be the house I die in. Now I look at the house and say why would I spend the money on the upkeep, utilities etc. when it is just the 2 of us. Wife and I have always loved the mountains ( Asheville, etc), we go up there for at least a week a year. On the other hand my home will do nothing but go up in value and it is likely the house will be worth in the 800k range in another 10 years.
I hate to get rid of something I love and will just grow in value. On the other hand selling now and buying a condo or something in HHI and also buying a house in the mountains would be really nice. Summer in the mountains and winter in HHI sounds wonderful. Also could buy in the mountains and rent our home in HHI 6-8 months a year. Likely be able to pull about 2k-3k per week. I have done the rental thing and know the headaches it will bring. Probably will not do anything for a few more years and as far as work I only need to be near a mid-size airport since I travel for anything I would be doing.
I know the LRs would just buy the house in the mountains and higher a person to live in it while they aren't there; but for those few of you in a more normal financial situation; thoughts? PS hope the paragraph structure meets the LR standards.

Yes; we (essentially) have a two step phase down. Of course, im a little late with having children. Nonetheless, we are going stay in our current house until the little one gets through elementary. That’s six years (she starts kinder in the fall). That gives us time to get this place ready to sell and we will have a good amount of equity. Then we are going to downsize to a 3 bedroom one story. The issue will be do we stay in the ‘burbs or move to Houston. That’ll be difficult because moving into Houston would been likely having a 30 note and paying for private school while staying out in Pearland would likely me little to no lien on the Home-but not really somewhere we want to end up. And I would like to get my daughter in one of the better parochial schools in Houston.
Once she goes to college and we will be in our late 50s, I’m going to try to position ourselves so my wife will have the home free and clear, and maintence and insurance are minimal. I am presuming that I die first and most likely in my 60s. So she’ll need to have a pretty debt free life that sets her up for retirement and the crazy swinger parties that entails.

 

[NoleGrad83]

My folks down-sized after we left. And their place fits them great, but is too small for kids n grandkids to all visit. So its a royal PITA to get together.

That may be by design.

 

[RangerNole]

I thought about just buying/building a place in a few years but having 2 mortgages even if 1 is really low compared to the home value doesn't sound smart in your mid 50s.
Having room for kids if they return is something to think about, but neither of my kids could make a living in their career fields where we live; therefore if things came to that I would rather pay their rent and help them out in place where they could find employment in their career field.
Grand kids is certainly something to think about; which is one of the reasons I lean towards hanging on to my current house. Maybe doing somethings to make it less expensive to maintain. Even if I rent the house out for 6 months a year at the low end in 8 years I should net 200k. That is assuming I only keep 50% of the proceeds.
The POA issue would be a non-issue as I would build a on a lot not in a neighborhood. Not a prepper but having an under ground bunker, high ground and a close by water source would be a must. Not to mention I figured out POAs. Unfortunately you can't be nice and reasonable. Gather info and facts then punch them in the mouth. Sad but true.
HHI retreat I would have to be here for more than a week for that to happen. I am thinking more of a HHI help rangernole finish his lengthy honey do list.

 

[squiffynole]

Need to keep rooms for the kids because you know they are coming back to live with you.

I can vouch for that.

 

[seminole97]

I'm definitely a prepper, so having an under ground bunker, high ground and a close by water source would be a must.

FTFY.

 

[LesClaypool]

FTFY.

 

[RunRonnieRun]

Yep wife and kids moved here right after 9/11 since I wouldn't be around much and her parents were here. Once I used up all my miles and points for free trips overseas I finally moved here too. Which adds another dichotomy to the decision. Since wife's parents live here we need to think about that too.

Did you just pick a random $5 word to throw into the middle of that sentence?

 

[JohnnieHolmesNole]

My folks down-sized after we left. And their place fits them great, but is too small for kids n grandkids to all visit. So its a royal PITA to get together.

May have been brilliant planning on their part.

Wifey’s parents downsized to some townhouse deal. Small. Now all “family gatherings” must be staged at my estate. Pretty sure the father-in-law purposefully mapped that out. I have countered by taking my discrete group out of town for various holidays. “Oh, sorry, we won’t be here.....going to ____.” Your move, bro.

 

[InjunJoe]

Why do you figure you will kick the bucket so early? Family history?

 

[RangerNole]

FTFY.

Eh if you build in the mountains you need the high ground, you want a water source nearby and the ability to put a basement/bunker under your house that is self sustaining is just smart. People can make fun, but I bet those in hurricane destruction places wish they had power, water etc.; I bet those in places roads were closed for 2 weeks wish they had the same.
Although the comments are good, so please continue.

 

[RangerNole]

Please

Why do you figure you will kick the bucket so early? Family history?

Not sure if this is directed at me? If it is, nope. Plan on living a long time at least into my 80's while being active. However I have no desire to owe anyone money after maybe 65. When I do die I plan on not owing anyone one a dime and hope to leave my kids a bunch of money that can improve their lives and my grand kids lives.

 

[InjunJoe]

No, it was to Fijimn. He has a plan to set his wife up financially so that she can live the "swinger" life after he bites the dust in his early 60's. RangerNole, I like you plan. I have a similar one myself. plan

 

[Fijimn]

No, it was to Fijimn. He has a plan to set his wife up financially so that she can live the "swinger" life after he bites the dust in his early 60's. RangerNole, I like you plan. I have a similar one myself. plan

Cancer runs in the family. I have hit life pretty hard and I have a very high stress job. My over/under is probably 69 1/2

 

[InjunJoe]

Fijimn,

Here's to you. Plan for the worst, and hoping you're pleasantly supersized.

 

[Fijimn]

Fijimn,

Here's to you. Plan for the worst, and hoping you'er pleasantly supersized.

From your lips to God’s ears

 

[seminole97]

Eh if you build in the mountains you need the high ground,

Indisputable, Ranger-wan Kenobi.

you want a water source nearby

My grandpa bought his 120 acres in the foothills of the Ozarks where a spring fed the creek. By the time he retired 40 years later county told him that water wasn’t safe to drink anymore.
It’s in the back of my mind the JR Alford Arm isn’t too bad a walk behind my house, but I admit I don’t own any of the Amazon peddled water treatment tools that are relatively cheap.
Have a recommendation beyond boiling?

and the ability to put a basement/bunker under your house that is self sustaining is just smart.

Definitely agree if you live in tornado alley an underground safe place is a great idea.

People can make fun, but I bet those in hurricane destruction places wish they had power, water etc.; I bet those in places roads were closed for 2 weeks wish they had the same.
Although the comments are good, so please continue.

I kid, but I’ve also know end of the world type preppers. This one guy on disability would tell me stories about his prep at some compound in Alabama for when Y2K was used as a pretext for dictatorship. I moved back to Tallahassee in ‘99 so I didn’t get to find out what happened with him.

My consideration towards preparedness for even run if the mill hurricane events was totally different when I was alone. With wife and kids I look at it differently. I do continuity of operations planning for work, so I guess it was already a mindset I’m drawn to in some respects.
There’s a distinction in my mind between semper paratus, and thinking you have enough beans and bullets to survive in the post EMP apocalypse.

 

[RangerNole]

Funny you mention Y2K. I was in 20th SF group at the time and they had a bunch of us on orders around the state with SATCOM and HF radios up in case it was the end of the world. Just a little anti-climatic

 

[FreeFlyNole]

My kids are little, so I have a long way to go to even think about downsizing. I paid my house off last year and have been contemplating buying a vacation home. Problem is, I work way to hard to take any long vacations. And the last thing I need is another headache. I already have two rental properties, so I'm well versed in how much of a PITA they can be, and am accustomed to the plethora of expenses that can pop up.

Also, I have been talking to a couple of friends about going into a ski house in Colorado for a few years, but both of them got divorced in the past 18 months. Both were wife initiated, and both out of the blue. These dudes are both solid citizens, which makes me leery of doing a deal like that with anyone. As lives can be torpedoed in a seconds notice. And even with tight contracts, I'd hate to be left holding the bag, or in some three way legal dispute with friends.

I think I'm just going to sit on the place I'm in and sock money away for 2 or 3 years and then buy a house on the water, or on a nice golf course. I'd rather sort of live in my vacation home, you know what I mean?

Also, there are some serious tax considerations for having multiple properties and renting them. With the new tax plan, you have to take a look at what you want to do and what that means to you from a tax liability stand point. Having two houses isn't what it used to be. Also, when renting out one property, short or long term effects how you can file interest and property taxes on that place.

If you can afford to stay in your place, stay there, don't you work as a fireman sometimes in HHI? Couldn't you rent one of the rooms, maybe to a young fireman, or even Air B&B a room out since you are in a pretty popular place? Could you make any modification to give private ingress / egress?

 

[Nole Lou]

Yeah, literally just did. Technically, the square footage is about the same, but we lost a bedroom and a yard and picked up a small basement/theater room. And the cost was an upsize, LOL.

My oldest just graduated undergrad, and my second leaves for college in August. My youngest starts high school in the fall. The original plan was to wait four more years, but we decided to jump the gun between his middle and high school. Preemptive downsize.

Two reasons we didn't/couldn't wait. First, we just became so sick of where we were living, as the county had allowed so much overdevelopment that the roads and schools were just choked. And as our youngest got older, the attraction of having a nice yard and being in a safe, landlocked subdivision just lost most of its appeal.

Second, the kind of place we wanted to live, a walkable "in-town" place where you don't have to get in the car and there is stuff going on, is just skyrocketing in price everywhere. Whether it's in a big city, smaller city, or even a suburban town, the increase in price is just astronomical over recent years. We'd kind of eyed Chattanooga, which has a cool little downtown, but two bedroom condos/townhouses are clearing half a million and keep rising...in Chatta-freaking-nooga. We looked at a place like Decatur, which I love, but you're pushing $700-800k for a two bedroom. In four years, basically any place I would want to live was going to be pushing a million dollars, and that just wasn't going to happen. Obviously, depending on how much you're willing to buy into gentrifying neighborhoods it's going to open up your possibilities somewhat, but my wife has a pretty high floor as to number of junkies she steps over, etc. I'm more flexible, but I know I'm working within parameters with her. It looked pretty likely any hope of living the type of lifestyle we wanted would slip away over the next four years, and at best result in serious compromises to what we really wanted.

So we played out every possible approach, with virtually every possible location in the southeast, and just decided to pull the trigger now. Not delaying four more years of the lifestyle we want was a factor, as you only have so much time. And my son being totally ok switching high schools was important. We bought a 3BR/4BA townhouse in "downtown" Alpharetta. Saturday mornings we walk to the farmers market to get vegetables and farm eggs. Thursdays we walk down to the town center to "food truck night" to drink beer, get something to eat, and listen to the band. Saturday they had another event with food, drink and band, but I didn't make it. Sunday afternoon my wife and I walked out and sat in a brew pub and had a few drinks and listened to live music. Then we walked a couple doors over and got dinner, before walking a little bit in the other direction to get some ice cream to eat while we walked home.

There's probably 30-40 places within a ten minute walk to eat, and almost as many to drink. 2 or 3 brew pubs/craft beer places alone. Plenty more on the way. We're a quarter mile from the park and the public pool. Street events all the time. Short of being in-town a BIG city, where you'd have true world-class dining and entertainment options, this is my best life. And I've got a 15 minute commute, instead of 45 minutes.

It wasn't cheap at over $400k, but I truly believe that once they finish this area, this could turn out to be an amazing investment as well. As I said, I've been watching these type of locations hard over the last few years, and if we stay here more than ten years, I'm not going to be shocked if this is pushing toward seven figures. If it isn't, that's fine too, nothing we've done is dependent on crazy appreciation and it wasn't the reason for the choice, but I think there's a chance that this ends up being a huge home run.

 

[Formerly Rockymtnole]

Housing prices are crazy. I'm curious if the percentage of household income people are spending on their mortgage payments has risen drastically in recent years. The median home price/ median income levels don't seem to match up.

 

[FreeFlyNole]

Yeah, literally just did. Technically, the square footage is about the same, but we lost a bedroom and a yard and picked up a small basement/theater room. And the cost was an upsize, LOL.

My oldest just graduated undergrad, and my second leaves for college in August. My youngest starts high school in the fall. The original plan was to wait four more years, but we decided to jump the gun between his middle and high school. Preemptive downsize.

Two reasons we didn't/couldn't wait. First, we just became so sick of where we were living, as the county had allowed so much overdevelopment that the roads and schools were just choked. And as our youngest got older, the attraction of having a nice yard and being in a safe, landlocked subdivision just lost most of its appeal.

Second, the kind of place we wanted to live, a walkable "in-town" place where you don't have to get in the car and there is stuff going on, is just skyrocketing in price everywhere. Whether it's in a big city, smaller city, or even a suburban town, the increase in price is just astronomical over recent years. We'd kind of eyed Chattanooga, which has a cool little downtown, but two bedroom condos/townhouses are clearing half a million and keep rising...in Chatta-freaking-nooga. We looked at a place like Decatur, which I love, but you're pushing $700-800k for a two bedroom. In four years, basically any place I would want to live was going to be pushing a million dollars, and that just wasn't going to happen. Obviously, depending on how much you're willing to buy into gentrifying neighborhoods it's going to open up your possibilities somewhat, but my wife has a pretty high floor as to number of junkies she steps over, etc. I'm more flexible, but I know I'm working within parameters with her. It looked pretty likely any hope of living the type of lifestyle we wanted would slip away over the next four years, and at best result in serious compromises to what we really wanted.

So we played out every possible approach, with virtually every possible location in the southeast, and just decided to pull the trigger now. Not delaying four more years of the lifestyle we want was a factor, as you only have so much time. And my son being totally ok switching high schools was important. We bought a 3BR/4BA townhouse in "downtown" Alpharetta. Saturday mornings we walk to the farmers market to get vegetables and farm eggs. Thursdays we walk down to the town center to "food truck night" to drink beer, get something to eat, and listen to the band. Saturday they had another event with food, drink and band, but I didn't make it. Sunday afternoon my wife and I walked out and sat in a brew pub and had a few drinks and listened to live music. Then we walked a couple doors over and got dinner, before walking a little bit in the other direction to get some ice cream to eat while we walked home.

There's probably 30-40 places within a ten minute walk to eat, and almost as many to drink. 2 or 3 brew pubs/craft beer places alone. Plenty more on the way. We're a quarter mile from the park and the public pool. Street events all the time. Short of being in-town a BIG city, where you'd have true world-class dining and entertainment options, this is my best life. And I've got a 15 minute commute, instead of 45 minutes.

It wasn't cheap at over $400k, but I truly believe that once they finish this area, this could turn out to be an amazing investment as well. As I said, I've been watching these type of locations hard over the last few years, and if we stay here more than ten years, I'm not going to be shocked if this is pushing toward seven figures. If it isn't, that's fine too, nothing we've done is dependent on crazy appreciation and it wasn't the reason for the choice, but I think there's a chance that this ends up being a huge home run.

One of my best friends is the sole developer of the Liberty Hall, I walked through the construction project last week, it's badass... Chef Todd Hogan with Indigo Restaurant has the first floor for a New American cuisine restaurant. Berkshire Hathaway has the second floor, the third floor will be mixed offices and the top floor will be a private club called the founders club. The roof is one huge bar with half a dozen out door fireplaces.

 

[funksouljon]

Housing prices are crazy. I'm curious if the percentage of household income people are spending on their mortgage payments has risen drastically in recent years. The median home price/ median income levels don't seem to match up.

You mean the cost of housing seems to be a bit inflated, almost bubble-ish? Again!?

 

[Formerly Rockymtnole]

You mean the cost of housing seems to be a bit inflated, almost bubble-ish? Again!?

To me, anecdotally, yes.

 

[Nole Lou]

One of my best friends is the sole developer of the Liberty Hall, I walked through the construction project last week, it's badass... Chef Todd Hogan with Indigo Restaurant has the first floor for a New American cuisine restaurant. Berkshire Hathaway has the second floor, the third floor will be mixed offices and the top floor will be a private club called the founders club. The roof is one huge bar with half a dozen out door fireplaces.

Cool. Yeah, that's going to be interesting. Not sure I'll ever have much reason to be inside there, but it seems quite cool. The rooftop bar is part of the private club, right, not open to the public? Or did I get that wrong?

I get the attraction of such a roof top bar as part of a private club membership, but it does seem like not having that open to the public, if it's as cool as it sounds, is leaving money on the table.

I'm very curious about whether the concept for the private club is really going to fly. Seems somewhat like an idea whose time has kind of come and gone, and I wonder if the theme of the club, while I get it and it's probably well-intentioned, is going to mainly attract rich cranks.

 

[itsjustme0770]

I haven't done it, but I am seriously considering retiring in 5 years (I'll be 52) and moving to Steamboat Colorado with my wife and (now) 5 year old. I'll have more than enough in the bank and want to make sure I spend as many good times with the boy hiking, skiing, fishing, etc. as possible.

 

[funksouljon]

To me, anecdotally, yes.

I was being sarcastic. I don't think its anecdotal.

I haven't done it, but I am seriously considering retiring in 5 years (I'll be 52) and moving to Steamboat Colorado with my wife and (now) 5 year old. I'll have more than enough in the bank and want to make sure I spend as many good times with the boy hiking, skiing, fishing, etc. as possible.

I thought I started late with kids... I like Steamboat, but thats a long winter. Retire at 52?, man I wish that was even an option I could consider.


Where is the humble brag thread, we need to bring that back.

 

[FreeFlyNole]

Cool. Yeah, that's going to be interesting. Not sure I'll ever have much reason to be inside there, but it seems quite cool. The rooftop bar is part of the private club, right, not open to the public? Or did I get that wrong?

I get the attraction of such a roof top bar as part of a private club membership, but it does seem like not having that open to the public, if it's as cool as it sounds, is leaving money on the table.

I'm very curious about whether the concept for the private club is really going to fly. Seems somewhat like an idea whose time has kind of come and gone, and I wonder if the theme of the club, while I get it and it's probably well-intentioned, is going to mainly attract rich cranks.

I’m not sure if the roof is lake or part of the private club. I don’t know what a membership cost but they have already stopped taking members and started a backlog. I’ll see him at the end of this month and ask him. He isn’t running any of the businesses. Just owns the building and leases the space.

 

[RunRonnieRun]

I’m not sure if the roof is lake or part of the private club. I don’t know what a membership cost but they have already stopped taking members and started a backlog. I’ll see him at the end of this month and ask him. He isn’t running any of the businesses. Just owns the building and leases the space.

John Adams?

 

[NYCNole]

Leave HHI? That place is phenomenal and my target for retirement. During next housing bubble burst the wife & I will be purchasing in HHI. Should have done it in 2009-10.