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Senior citizen stuck in wrong house in difficult real estate market

last month

I loved my house when I bought it 30 years ago. But conditions have changed and it's no longer working for me. It will work less and less as I age. The main issues:

  1. It's surrounded by 120' pine trees very close to the house. The number and severity of windstorms have increased dramatically on my street (at the top of a hill) in the last 10 years.
  2. The house has no front door. I have to walk up a lot of steps and around to the back of the house carrying heavy groceries.
  3. It's 95 years old and in need of some painting and remodeling.
  4. The neighbor next door is building up a junkyard.
  5. The landscaping work is endless and difficult. I do a huge amount of hard physical labor on my property.
  6. The neighborhood isn't friendly, which has gotten worse due to political divisions. The town is a major opioid center with increasing levels of violent crimes.
  7. The house is too big for me---1600 sq ft, when I could be happy in 900 sq ft.
  8. Therefore much of my money is tied up in too much house.

None of those was really a problem 30 yeas ago. I finally decided to move. The selection of available houses in my area is extremely small. In one year of daily searching I only found four houses worth visiting. Plan B is to build a new house, so I started looking for land, only to discover that there is even less desirable land than houses.


If I could add another $100,000 to my house-buying budget, yes, I could find a house to buy. But that would be an over-investment in a too-large home when I want to downsize.


Some positives in my situation: I'm still strong and reasonably healthy. I own my home mortgage free. I have enough cash to buy land. My house would sell quickly, and the sale of the house should cover the cost to buy or build a small house. I have a good realtor and a general contractor lined up to build a new house. I've met with a bank and made a plan to qualify for a short-term loan if needed. I'm still working and also have social security.


Despite those positives, I feel like I'm stuck in a real estate market that's not moving. The value of my house has increased steadily over the last five years, but that doesn't help much if there is no suitable land or houses to buy.


I considered trying to make my house more livable by addressing some of the things on the above list. Each of those involves numerous difficulties and expense, and it doesn't seem to make sense to put money into the wrong house. I don't want to live in an apartment, condo, or mobile home.


At this point I'm losing heart. I fear having to live in my current house into my 80s and 90s. I don't know what to do at this point. I feel like there must be a solution somewhere, but I'm not seeing it. My question: Is there anything more I can do at this point to improve my housing situation?

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