Retirement Saga: to move or not to move
Today, I'm back at home base, declaring it would be wiser and better to stay in our current home; renovate in smaller ways than presented to the outrageously expensive contractor (my original plans may not have been quite as absurd), seek another bid from someone with the more original and conservative renovation plan, or even step-by-step hire folks ourselves from the different areas of work we want done. There are so many benefits to this choice. Let me explain...
I guess I should have prefaced this post with the fact that I intend to turn this into a series of posts that will follow us on our journey to make this decision. Who knows how long it will take, how it will turn out, or even what the end result will be - whatever the decision - will we ultimately be happy with the choice we make? Interesting...
The one and only draw back to staying here in this house is the fact that it is a two story. This fact may present a serious problem as we age-in-place if one or both of us decline in our health and can no longer navigate stairs well (or at all). The rest is seriously just preference. Space, layout, style - all of that is just a matter of learning to be content or make some minor changes to more closely reflect what we really want. The proximity of the homes on either side - we like our neighbors, but wow are we all close together!
I find it frightening that after John and I had come into absolute, firm agreement that neither of us would be willing to take out a new monstrous 30 year mortgage, agreeing that we'd both rather live in a thatch covered hut, that at the first sign of a property that mimicked a miracle from heaven I jumped on the LET'S SCREW IT AND TAKE OUT A GINORMOUS MORTGAGE FOR A HOUSE THAT WASN'T EXACTLY PERFECT bandwagon. No, just NO!!!
Thankfully, I have learned to listen to my husband, and the minute he walked in the door yesterday I reminded him that I count on him to ground me, to peel me off the ceiling and remind me to just stay calm and not be in a rush. Even though things happened so quickly - the realtor responded to me right away, scheduled a viewing for that evening even though it had been blocked out by the homeowners because they would be packing for a trip, and we were able to complete our pre-qualification process by the close of the day - I knew before we left the property that John and I were in full agreement that this was not the one. We plan to view more properties and keep the possibilities open, but as of this morning, I am back at home base, thankful for my straight-thinking husband.
I often use the following question to help process when a tough decision has to be made: where is the most potential regret? Is there a greater possibility of regret if we take out a whopping 30 year mortgage that almost doubles our monthly expense (our current 15 year mortgage will be paid off in 7 short years!) for the increased space and layout, one that will still have stairs to fully enjoy said space..., or choosing to stay and make the best of this house? Everywhere I look in this house, there is potential for making it more of what we really want. It will no doubt further the fact that we are already over-priced for the neighborhood, but if we plan to stay here long term, what do we really care? That might seem ludicrous to money savvy folks, but it makes more sense than that above referenced mortgage, don't you agree? We can't take it with us, and we already will never make any profit off of the property because we purchased it prior to the 2008 real estate downfall.
So the most potential for regret? Unquestionably the additional 23 years of double the payments, a major move, the process of selling or renting this house, the possibility that we won't like the new digs as much as we think. The suffocating burden of debt, causing the possible absence of other hopes for our retirement, i.e. traveling, vacations, helping others when in need, just enjoying each other as much as possible with dates, hobbies and other activities... me thinks the answer is obvious friends.
Honestly, I get way more excited thinking about ideas for fixin' up this old house. It's not ideal, it never will be, but what price am I willing to pay to pursue something else that will probably never be ideal either.
So that's the way the pendulum is swinging today. I actually hope it doesn't swing back the other direction. There is peace here for me. I am almost afraid of myself and the dumb decisions I could make without remembering these things. Maybe this is just a good reminder for myself :-)
I guess I should have prefaced this post with the fact that I intend to turn this into a series of posts that will follow us on our journey to make this decision. Who knows how long it will take, how it will turn out, or even what the end result will be - whatever the decision - will we ultimately be happy with the choice we make? Interesting...
The one and only draw back to staying here in this house is the fact that it is a two story. This fact may present a serious problem as we age-in-place if one or both of us decline in our health and can no longer navigate stairs well (or at all). The rest is seriously just preference. Space, layout, style - all of that is just a matter of learning to be content or make some minor changes to more closely reflect what we really want. The proximity of the homes on either side - we like our neighbors, but wow are we all close together!
I find it frightening that after John and I had come into absolute, firm agreement that neither of us would be willing to take out a new monstrous 30 year mortgage, agreeing that we'd both rather live in a thatch covered hut, that at the first sign of a property that mimicked a miracle from heaven I jumped on the LET'S SCREW IT AND TAKE OUT A GINORMOUS MORTGAGE FOR A HOUSE THAT WASN'T EXACTLY PERFECT bandwagon. No, just NO!!!
Thankfully, I have learned to listen to my husband, and the minute he walked in the door yesterday I reminded him that I count on him to ground me, to peel me off the ceiling and remind me to just stay calm and not be in a rush. Even though things happened so quickly - the realtor responded to me right away, scheduled a viewing for that evening even though it had been blocked out by the homeowners because they would be packing for a trip, and we were able to complete our pre-qualification process by the close of the day - I knew before we left the property that John and I were in full agreement that this was not the one. We plan to view more properties and keep the possibilities open, but as of this morning, I am back at home base, thankful for my straight-thinking husband.
I often use the following question to help process when a tough decision has to be made: where is the most potential regret? Is there a greater possibility of regret if we take out a whopping 30 year mortgage that almost doubles our monthly expense (our current 15 year mortgage will be paid off in 7 short years!) for the increased space and layout, one that will still have stairs to fully enjoy said space..., or choosing to stay and make the best of this house? Everywhere I look in this house, there is potential for making it more of what we really want. It will no doubt further the fact that we are already over-priced for the neighborhood, but if we plan to stay here long term, what do we really care? That might seem ludicrous to money savvy folks, but it makes more sense than that above referenced mortgage, don't you agree? We can't take it with us, and we already will never make any profit off of the property because we purchased it prior to the 2008 real estate downfall.
So the most potential for regret? Unquestionably the additional 23 years of double the payments, a major move, the process of selling or renting this house, the possibility that we won't like the new digs as much as we think. The suffocating burden of debt, causing the possible absence of other hopes for our retirement, i.e. traveling, vacations, helping others when in need, just enjoying each other as much as possible with dates, hobbies and other activities... me thinks the answer is obvious friends.
Honestly, I get way more excited thinking about ideas for fixin' up this old house. It's not ideal, it never will be, but what price am I willing to pay to pursue something else that will probably never be ideal either.
So that's the way the pendulum is swinging today. I actually hope it doesn't swing back the other direction. There is peace here for me. I am almost afraid of myself and the dumb decisions I could make without remembering these things. Maybe this is just a good reminder for myself :-)
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