Buying a new home at age 50 in a nicer neighborhood

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fmzip
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by fmzip » Wed Aug 31, 2016 1:49 pm

Former Usher wrote:
fmzip wrote: Here are some photos of the interior of our home. Where did some of my money go over the past decade?? Here's more of it.....
Wow. Are you sure you want to move?

I'd love to hear more about your video game set up. Is that Ms. Pac-Man?
I know.....

So the arcade, that's an old pic. I've since upgraded after the basement flooded and the insurance paid for a new one :)

This baby, I fabricated myself and it plays over 5000 games, including every version of Pac-Man :

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I also had to have a dedicated panel to play Defender and Asteroids, my all time favorites!

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If you want one, you can buy one from this guy:

http://www.ebay.com/itm/Ryu-VS-Wolverin ... RTM2247625

I actually bought his tabletop unit that plugs into my base which plays the 5000 games, similar to this one:

http://www.ebay.com/itm/GAMEBOX-Gaming- ... 1841626349

SRenaeP
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by SRenaeP » Wed Aug 31, 2016 2:33 pm

fmzip wrote:
SRenaeP wrote:
But what if you don't want to buy the best house you can afford? Not to mention, who wants to move every 10-15 years if the neighborhood changes. I guess there's no such thing as a 'forever home' anymore. :(

-Steph
I'll say this Steph, I am glad we are looking now. At 50, I find this a bit unnerving. I can see why as people age, it gets far more difficult to move.

To your point, forever is a very long time. To the posters point about buying into the best you can afford, it's not a bad approach at all. Dumping all sorts of cash in a home in a deteriorating neighborhood is what you are staring at in this thread. To replace that retaining wall.....$50K front and back, then we needed grass and landscaping. Should have moved but I thought I was staying here "forever". ;)

Here are some photos of the interior of our home. Where did some of my money go over the past decade?? Here's more of it.....
I get what you're saying but it seems contrary to the BH philosophy of frugality. There are threads here all the time advising people *not* to buy more than they actually need just because they can afford it.

While I certainly don't suggest pouring cash into a home in a bad neighborhood, it almost seems like either way you lose. Waste cash on existing house or spend money on new house. Rinse and repeat in 15 years. Most of us avoid hopping onto the consumerism treadmill for smaller purchases but housing is the biggest purchase of all.

-Steph

fmzip
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by fmzip » Wed Aug 31, 2016 2:53 pm

SRenaeP wrote: I get what you're saying but it seems contrary to the BH philosophy of frugality. There are threads here all the time advising people *not* to buy more than they actually need just because they can afford it.

While I certainly don't suggest pouring cash into a home in a bad neighborhood, it almost seems like either way you lose. Waste cash on existing house or spend money on new house. Rinse and repeat in 15 years. Most of us avoid hopping onto the consumerism treadmill for smaller purchases but housing is the biggest purchase of all.

-Steph
Well, I think "frugal" is relative. I think I've been overly frugal with where I currently live which in hindsight may not have been wise. However, when I think of just the property taxes and interest I've saved, I've been enjoying life very much so in other areas. Saving nearly half my income seems frugal, but to others, I am sure what the pictures depict may look somewhat wasteful as well

My advice is to not drink all the punch, just enough that works for YOU. This thread started as one that shows how quickly life can throw you a very big curve ball.

Live up to no one's standard but your own

:sharebeer


As my realtor told me, your home is not an investment. It's merely for comfort so it's best to treat it that way.

pshonore
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by pshonore » Wed Aug 31, 2016 3:04 pm

sbaywriter wrote:Just to put things in perspective, if you were in SF Bay area you couldn't even get a nice 2 bedroom condo for those prices, let alone a gorgeous single family home. Out of curiosity I checked craigslist for anything below $500k on the peninsula (south of SF).

Except for a bunch of mobile homes, there were a couple of condos:

$325000 / 450ft2 - Nice and cozy second floor studio with a small, separated room! (san bruno)
$499000 / 1br - 622ft2 - OPEN HOUSE - WEST OF 101! (east palo alto)
Although Connecticut has a reputation for being an expensive place to live, it really is not. Once you get out of Fairfield and Litchfield Counties (roughly Western third of the state) and the immediate Shoreline, things are quite reasonable. In the Connecticut River valley, all the way from Hartford to New Haven, there are literally thousands of nice homes in the 200K - 400K price range. 1500 to 2400 sq foot Capes and Colonials, Ranches etc. on large lots. (one acre+ in the town where I live). The big cities (Hartford, New Haven and Bridgeport) are in decline and certainly not the first choice to raise a family, but the suburbs are quite nice and one you get 10-15 miles from the city, things get rural pretty quick. And traffic, there isn't really much. Half way between Boston and NYC, its a great place to live. Taxes are not cheap though.

student
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by student » Wed Aug 31, 2016 4:06 pm

fmzip wrote: Here are some photos of the interior of our home. Where did some of my money go over the past decade?? Here's more of it.....
The interior of your house looks even better than the exterior of your house. Your house is my dream house. I am same age as you and single. I currently live in an el cheapo condo. I have been thinking about moving for over a year now but I guess I am just too cheap. Houses that I want cost between $350K and $400K. (I think it is too expensive on my salary of less than $110K even though I only need to borrow $200K.)

You have an AWESOME house. I think the interior is better than the two houses that you are considering.

fmzip
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by fmzip » Wed Aug 31, 2016 6:48 pm

student wrote:
fmzip wrote: Here are some photos of the interior of our home. Where did some of my money go over the past decade?? Here's more of it.....
The interior of your house looks even better than the exterior of your house. Your house is my dream house. I am same age as you and single. I currently live in an el cheapo condo. I have been thinking about moving for over a year now but I guess I am just too cheap. Houses that I want cost between $350K and $400K. (I think it is too expensive on my salary of less than $110K even though I only need to borrow $200K.)

You have an AWESOME house. I think the interior is better than the two houses that you are considering.

The interior of either of the houses we are looking for will be like the one we have now. Once you create a nice space once, it's even easier the next time around.

I really appreciate the compliments :)

fmzip
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by fmzip » Tue Sep 06, 2016 7:45 am

Deal fell thru on the private sale. Posted our home on Zillow, had someone come by and look at it this weekend

Back to this one:

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student
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by student » Tue Sep 06, 2016 9:10 am

fmzip wrote:Deal fell thru on the private sale. Posted our home on Zillow, had someone come by and look at it this weekend

Back to this one:
Thanks for the update. Let us know whether you are able to get it.

fmzip
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by fmzip » Mon Oct 17, 2016 12:19 pm

Update:

This one sold....for just $5000 over our offer price of 30 days ago! Killer was, we were ready to write up an offer for $5K more 4 days before it sold but our realtor said "that $5K won't make a difference" :(

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So we are on to a new one. Here's where I am at, I'd like to pay it off in 12 years. 12 year payment with property taxes is $3495, $2246 more than our current mortgage (which will be paid off in 2 years) If I opt for the 30 year payment, it's easily manageable at $2316, $1247 higher than our current mortgage. The mortgage amount would be $293K. Thoughts on holding a mortgage into retirement? We likely won't stay in CT into retirement so that is why I was thinking to have it paid off in 12 years when I am 62 and hopefully can retire as well. I've been told by a financial adviser (who is my cousin that has nothing to gain by this as I don't have anything with him) to do the opposite. No sense to tie up equity in the house. I'd take the 30 year mortgage regardless for flexibility, just wondering if it's worth pressuring ourselves to pay it off or not. With interest rates so low, not really sure what to do. Here's the latest home:

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student
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by student » Mon Oct 17, 2016 1:19 pm

fmzip wrote:Update:

This one sold....for just $5000 over our offer price of 30 days ago! Killer was, we were ready to write up an offer for $5K more 4 days before it sold but our realtor said "that $5K won't make a difference" :(

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So we are on to a new one.
Very upscale (at least to me). Move-in ready. Keep us updated.

fmzip
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by fmzip » Sun Dec 11, 2016 8:16 pm

Update for those following...

We bought one finally, close on 1/31. A little smaller than the previous two and $100K less! HOA neighborhood with 1/2 acre lot. Say goodbye to yard work and SNOW SHOVELING FOREVER :)

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We also have ours under contract too, sold it on Zillow without a realtor...All cash buyer too :)


Merry Christmas to us :)

SRenaeP
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by SRenaeP » Mon Dec 12, 2016 8:08 am

I'm glad it worked out for you guys! Enjoy the new house.

-Steph

student
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by student » Mon Dec 12, 2016 8:32 am

Congratulations.

Herekittykitty
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by Herekittykitty » Mon Dec 12, 2016 1:22 pm

Nice!

The house is lovely. $100,000 less than originally planned is also lovely!

Well done.

Thanks for the update.
I don't know anything.

csm
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by csm » Mon Dec 12, 2016 3:19 pm

Love the brick house - much more than the others you were looking at!

Congrats on the new home and excellent result selling your existing home. It also sounds like a financially sensible result all around.

Please post some interior photos once you get moved in - would love to see them after following this thread.

denovo
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by denovo » Mon Dec 12, 2016 6:59 pm

fmzip wrote:Update for those following...

We bought one finally, close on 1/31. A little smaller than the previous two and $100K less! HOA neighborhood with 1/2 acre lot. Say goodbye to yard work and SNOW SHOVELING FOREVER :)
That's a pretty long escrow. Make sure to get a thorough inspection from a non-agent recommended inspector.
"Don't trust everything you read on the Internet"- Abraham Lincoln

fmzip
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by fmzip » Mon Dec 12, 2016 9:20 pm

csm wrote:Love the brick house - much more than the others you were looking at!

Congrats on the new home and excellent result selling your existing home. It also sounds like a financially sensible result all around.

Please post some interior photos once you get moved in - would love to see them after following this thread.
Well....

Full disclosure, the $100K savings is going toward some renovations ;)

I will definitely post some before and afters, it's going to be pretty dramatic!

I already had the inspection, I have a close friend in the business so I hired him. The house is fairly new, built in 2006. No issues found.

fmzip
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by fmzip » Wed Jan 03, 2018 11:57 pm

csm wrote:
Mon Dec 12, 2016 3:19 pm
Love the brick house - much more than the others you were looking at!

Congrats on the new home and excellent result selling your existing home. It also sounds like a financially sensible result all around.

Please post some interior photos once you get moved in - would love to see them after following this thread.
The unveiling will commence......what a project it has been!

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More to come

pshonore
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by pshonore » Thu Jan 04, 2018 11:32 am

We need a picture taken today! (So we can all see the blizzard raging thru Connecticut) :happy

fmzip
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by fmzip » Thu Jan 04, 2018 8:13 pm

pshonore wrote:
Thu Jan 04, 2018 11:32 am
We need a picture taken today! (So we can all see the blizzard raging thru Connecticut) :happy

Here's a video out the back door!

http://thetechhouse.myqnapcloud.com/~fm ... i/blizzard

fmzip
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by fmzip » Thu Jan 04, 2018 10:24 pm

Here's a few...


Master Bath Before:

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Master Bath After:


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Dining Room Before:

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Dining Room After:

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Kitchen Before:

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Kitchen After:


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Living Room Before:

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Living Room After:

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Guest Bath After:

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Laundry Room Before:

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Laundry Room After:

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sergeant
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by sergeant » Fri Jan 05, 2018 3:21 pm

I missed this when it started. Congratulations! Your new home is very nice, as was your last home. Are you happy with the move? Did the re-model come in under budget? How has the move impacted your finances?
Lincoln 3 EOW!

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LadyGeek
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by LadyGeek » Fri Jan 05, 2018 4:53 pm

This thread is now in the Personal Consumer Issues forum (home renovation).
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

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jfn111
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by jfn111 » Fri Jan 05, 2018 5:43 pm

Very nice! :beer

student
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by student » Fri Jan 05, 2018 7:20 pm

Wow. HGTV showpiece!!!

fmzip
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by fmzip » Fri Jan 05, 2018 9:00 pm

sergeant wrote:
Fri Jan 05, 2018 3:21 pm
I missed this when it started. Congratulations! Your new home is very nice, as was your last home. Are you happy with the move? Did the re-model come in under budget? How has the move impacted your finances?
Thanks all for the kind words.

As far as the budget....nowhere near. We planned for $65K, it was $135K with furnishings and landscape. What we planned to do was a kitchen and master bath, it turned into putting down more hardwood, refinishing entire floors,painting the entire house, revamping the laundry room and guest bath, load of electrical, plumbing etc. etc. We purchased it 1/31/17 and moved in on 4/15/17 and that in itself wasn't enough time to have it completed! I think we felt as we were knee deep in renovating mode and you only have one time to have a fully empty house, so we took advantage of that and just got everything done. I also felt that I really struggled opening up the wallet at first, once it was open I just said, whatever. You need to enjoy life a little.

We love the new neighborhood. We are the youngsters at 51/53, the majority are retired and everyone is so friendly and engaging.

The purchase really couldn't have come at a worst time as my business/income went down by 20%. Fortunately the portfolio was up 15% or so so it felt like a good year! The plan is to pay the house balance off in 12 years, versus the 29 year balance, and put $24K a year instead of $40K that we planned in the 401K's. If we get to 63/65 with $1.7-$1.8 with a paid for house, I will be pleased. We are on track with just under $1M and zero debt, and two newer cars, no children, no major expenses in sight.

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jabberwockOG
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by jabberwockOG » Sat Jan 06, 2018 12:17 am

Great looking remodel - hopefully you did not improve it past what the new neighborhood will sustain for future sale. Even if you did it will be enjoyable and likely almost worth it if you stay in it long enough.
Last edited by jabberwockOG on Sat Jan 06, 2018 8:28 am, edited 1 time in total.

csm
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by csm » Sat Jan 06, 2018 5:08 am

Congrats - the remodel is lovely. The "before" and "after" of the living room looks like out of a decorating magazine.

fmzip
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by fmzip » Sat Jan 06, 2018 10:39 am

jabberwockOG wrote:
Sat Jan 06, 2018 12:17 am
Great looking remodel - hopefully you did not improve it past what the new neighborhood will sustain for future sale. Even if you did it will be enjoyable and likely almost worth it if you stay in it long enough.
We picked it up for $365k. House next to us same layout just sold for $400. Both homes are 10 years old neither had been updated.

I doubt we will get it all back but that wasn't the plan, home sweet home is what it's all about

fmzip
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by fmzip » Sat Jan 06, 2018 10:42 am

jabberwockOG wrote:
Sat Jan 06, 2018 12:17 am
Great looking remodel - hopefully you did not improve it past what the new neighborhood will sustain for future sale. Even if you did it will be enjoyable and likely almost worth it if you stay in it long enough.
We picked it up for $365k. House next to us same layout just sold for $400. Both homes are 10 years old neither had been updated.

I doubt we will get it all back but that wasn't the plan, home sweet home is what it's all about. It's exactly the way we wanted it.

Limoncello402
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by Limoncello402 » Sat Jan 06, 2018 11:52 am

At age 59 I moved from a home in a lower cost area to a higher cost, and much safer and more friendly, neighborhood. So I moved up when many are downsizing. I've never been happier. I have an ideal house in a fabulous area, perfect for me. I had no mortgage at the old place and took a small-ish mortgage to afford this place, plus I have things to fix up. But again, it was a great move for me. On the other hand, I am well situated for retirement in a couple of years so that was not a worry.

fmzip
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by fmzip » Sat Jan 06, 2018 12:22 pm

Limoncello402 wrote:
Sat Jan 06, 2018 11:52 am
At age 59 I moved from a home in a lower cost area to a higher cost, and much safer and more friendly, neighborhood. So I moved up when many are downsizing. I've never been happier. I have an ideal house in a fabulous area, perfect for me. I had no mortgage at the old place and took a small-ish mortgage to afford this place, plus I have things to fix up. But again, it was a great move for me. On the other hand, I am well situated for retirement in a couple of years so that was not a worry.

We did the same in regards to the neighborhood. It so nice to finally feel part of the community, hard to put a price tag on some of the perks in life

Traveler
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by Traveler » Sat Jan 06, 2018 10:00 pm

I remember your original post and the lovely pictures of your old house. Congrats on the new one - it is just as beautiful. I hope you enjoy it for many years.

fmzip
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Re: Buying a new home at age 50 in a nicer neighborhood

Post by fmzip » Sat Jan 13, 2018 11:52 pm

Traveler wrote:
Sat Jan 06, 2018 10:00 pm
I remember your original post and the lovely pictures of your old house. Congrats on the new one - it is just as beautiful. I hope you enjoy it for many years.

Thank you!

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