Lifestyle change from single family to townhome
3katz4me
8 years ago
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chispa
8 years agoNothing Left to Say
8 years agoRelated Discussions
Townhouse vs Single-Family, help!
Comments (7)While I would imagine that in most places the sfh will have more long run value, what needs to be noted is that all markets are different. An example is that last week I noticed that both a sfh and a duplex town home sold in our target area which had also both sold in 2006. I know the area very well (in fact sitting typing from our second home about 1/4 mile from the town home and about a mile from the sfh). Locations are both very good and on par with the other, maybe slight edge to sfh because while both are equidistant to the ski slope the sfh is on golf course . Exterior finishes equal, and while I'm not as familiar with interior finishes, I would suspect, just judging from exterior and locations, that interiors not that different, with maybe a slight edge to the town home because a little newer. The details: sfh 3324 sf, built in 1998 with kitchen and bath reno in 2002, sold for 1,276,000 in 2006, and sold for 950,000 last week. Townhome 3062 sf, sold new in 2006 for 849,000 and 949,000 last week. Obviously, there may be some circumstances I don't know, but both had been on the market a while and neither was bank owned or marketed as a short sale. In general, and just from my observations over the years, including looking at both types when we bought this house in 2004 and keeping up with sales since then, I'd say that the values of sfhs and nicer town homes (especially those where each side/ unit is unique and not cookie cutter, reverse negatives of the other) hold about on par in the middle price points, with maybe an edge to town homes. But in higher and lower price points, single family might have a slight edge. The reason is probably that in this area about 60 percent of the sales are second homes. While would expect that the previous advice is correct and - again in general - a sfh will hold value better, it all depends on your particular market. You might want to do a little research there and talk to your realtor....See MoreProfound Lifestyle Changes
Comments (10)I believe that the oil from the Alaska pipeline is sold to Asia. Alaska is so far from the rest of the US that it makes no logistical sense to ship it here, it is closer to Japan. In any case, that oil and the offshore oil have been part of our oil supply all along and have made no significant dent in what we import. Our use has gone up up up since the oil shortages of the 1970s and we did nothing to change that over the past 30 years. We have lived off of cheap oil from the Mideast and buried our heads in the sand when anybody suggested it was a bad plan. Why is anybody surprised that this could happen to us again when we did nothing to lower the growth of our dependency on foreign oil? The hated President Carter had tax incentives for oil companies to explore shale oil extraction and for other alternative energy sources. Regan dropped those programs and Americans have ignored the issue for the last 30 years. If you voted for Regan, oilman Bush or failed oilman Bush, you supported this. Clinton did not address the issue, either. Until last year, Congress did not up the CAFE standards for gas mileage for the US produced cars. They have been the same for decades. The only way to get industry to spend money on changing the way we use energy is to give them tax incentives or legistlate mandatory changes- or wait until demand makes alternative energy exploration financially viable. We waited until demand forced the issue. The problem with that is that there is a lag time in which the cost of energy skyrockets. During that time, the lower income people suffer the most. That is what is happening now. If you let supply and demand run the marketplace, you get these huge swings that hurt the little guy and enrich the wealthy investors. Since Americans are so afraid of government intervention, we let the market forces drive things. So prepare to suffer. Next time, remember that government intervention (like current subsidies for wind farms) can even out the peaks and valleys and protect us from the cruel vagaries of an unchecked marketplace....See MoreLow-end single-family detached, or mid-range MH?
Comments (4)The disadvantage is that you will have no appreciation with the MH/park. Also, it sometimes happens that the park property can be sold - many of the older parks are located on land that is quite valuable nowadays, especially since it's already zoned for multiple units. Make sure you do some research first. The question is what will you do in 5 years? Only you can answer that. If you think you MAY need an asset that MIGHT appreciate - depending on your local RE market, who knows if it will or not at the end of five years' time? - then the SFH could essentially be the bond portion of your investment portfolio - relatively illiquid, but secured by an actual asset. However, 5 years is a very short time to profit off RE, especially when you add in the associated costs of a SFH. That's why I think the deciding factor is what you plan to do in 5 years. Do you want liquidity/flexibility, or are you willing to risk a higher percentage of your funds for a possibly greater gain? We have friends who did the exact opposite of what we did. We bought the low-end SFH home. They stayed in a rent-controlled apartment. 25 years later, all four of us are in or close to retirement. Our home is paid off, so it's worth about $500K as a net asset. However, we have the usual property taxes, homeowners and earthquake insurance (this is CA) costs, plus considerable maintenance - there's a number of big-ticket items coming up for replacement in the next 5-10 years. Our home has been considerably updated and modernized, so it's in our best financial interests to keep it that way. We plan to stay here for another 5-10 years, then sell and rent, probably from one of my family. They bought a mid-level MH in a park located in the country, near their favorite fishing/hiking area. Gated park, very lovely - they did lots of research for a couple of years before picking this one. Because they have no children, they are not concerned about "leaving the kids the family home." This choice gives them the lifestyle they want to enjoy until they start needing assistance, at which time they'll shift into another lifestyle again. We're both happy with our choices. Financially, we're both about even with one another. This is why when I post to the Household Finances forum, I try to point out that finances are highly individual, and there is no one right or wrong that applies to everyone. Good luck in making the right decision for you....See MoreRetirement: what lifestyle changes?
Comments (9)As you can see from the posts above, there are specific issues to address when considering retirement. #1 is the physical: what will your health allow you to do, and for how long? Then what? Do you have a plan for coping with the inevitable aging? Do you have a backup plan for that plan? What happens if you can't drive for a short period, say for convalescence? #2 is the financial: have you done a budget? Are you free of excess debt? Have you reserved for large expenses: home maintenance such as a new roof or furnace, or the inevitable new/used car? How will you handle inflation if it goes above 5%? How long are you estimating your money will need to last (most people grossly underestimate how long they actually will live)? How much do you need to pay for healthcare - Medicare covers less than 65% overall of total elderly medical expenses, and nothing for vision, dental, hearing, or long term care. What do you spend most of your money on now? What do you propose to spend it on after retiring? We travel just around the West Coast, so yes, our costs have gone up. But we will not be able to do this forever, so now is our time to 'get up and go'. #3 is social/emotional: do you make friends easily? Do you have hobbies now or have you always focused on work and the co-workers around? Do you like spending time alone or are you willing to go out and make new friends? There is no right or wrong answer to these questions; but they can indicate what you may want to do with your time. ********** We retired at 55. All our friends/family are still working except for a few very wealthy friends and some who are much older and retired at the usual 65 age. So our weekends are still socially concentrated. We don't have a lot of friends, but that is our preference. We both have many hobbies and spend considerable time (and $$) every day on them. I don't do volunteer work, for example. I tried it before my spouse retired but didn't really enjoy it. Right now we have very full lives and I don't want the weekly commitment. But I'm willing to try it again at some future date, perhaps when our lives slow down a bit more. Retirement comes in phases because your health changes. Flexibility of mind is perhaps the biggest key to happiness. We are financially stable although certainly not rich (I wish, LOL), and able to afford living in a very expensive but beautiful area. Because my spouse did the "catch-up contributions" to his 401k for the last few years before retiring, we actually were living on a bit less than what our post-retirement income is. Although unintended, I now recommend this to people because it is really the best way to figure out if you can financially manage a retirement. In a three or four-year period you are going to experience 'bumps' that will show if you can manage on a specific amount. Once you are retired, there are no more performance bonuses coming in!...See MoreDLM2000-GW
8 years ago3katz4me
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