We are a retired couple in our 70’s who live in the Adirondacks by a beautiful lake. We have a large house that we are told we can sell for about $2 million.
We love it here, but we’re tired. I am exhausted trying to maintain my home, both maintenance and work. And we worry about what the future holds.
Our only son lives in Connecticut with his two grandchildren and is considering moving there.
But traffic scares us a little. We have been able to spend time with our family, but our kids are about to start college and our son has a very demanding and powerful job that takes up a lot of his time. He also has a social life. We don’t want to interfere and we don’t want to be an obligation to anyone.
We still have friends who are alive and skeptical of our sale, but they live where we don’t want them.
So we are confused. Should I stay in Adirondack until I’m physically stuck and then sell the house?
No one bothers to visit. And everyone groans when I suggest selling, but my son will surely sell when we’re gone.
Money is not an issue, but getting reliable help can be difficult. Any ideas?
signed, Alone in the Adirondacks
‘big move‘ is a MarketWatch column that looks inside and outside real estate, from searching for a new home to applying for a mortgage.
Questions about buying or selling a home? Want to know where your next move is?Email Arti Swaminathan [email protected].
First of all, I think I will do my best to move, but go to your own place.
There is no point in living in a huge house with family far away, with no friends and no help in case of an emergency. Driving, traffic, especially as you get older, it can all become a slogan.
It wouldn’t be an “obligation” for my son if he had his own place.
So what to do with the northern house?If you feel like it, here’s an idea: List your home on Airbnb
Or any other short term rental site renting a smaller one near my son’s house?
Renting a room on Airbnb requires “trusted support”. Because it takes a lot of effort to keep it up to date, like checking in a guest and taking care of maintenance his requests.
Your son seems to be busy, but if he is willing to help, if you can find a way to make it work, such as hiring someone to take care of the place while you are away, you can do this. It seems that you can leave the house as it is. Short term rental, and move to another rental home in Connecticut.
“Renting a room on Airbnb requires “trusted support”. Because it takes a lot of effort to keep it up to date, like checking in a guest and taking care of maintenance his requests. ”
If maintaining a short-term rental becomes an issue, consider selling.
You said your son would likely sell it, but assuming you died before him, why would you keep the land and live far away from your son or grandchildren? Are you advising them to hold on longer so they can sell for a higher price?
If so, you’ll have to weigh the quality of life that comes with living close to family versus the cost of aging to a home that’s becoming increasingly difficult to maintain.
Furthermore, you said that after you died, your son was going to sell it anyway.
So I say: Good luck, sell your house, downsize, and get closer to your son.
A basic comparison of average home prices in Zillow
Shows that you are likely to find more value in Connecticut.
A typical value for an Adirondack home is $612,500. Jiro Say. The home you live in has increased in value by 31.4% over the past year.
Compare to typical prices for homes in some big cities in Connecticut.
New Haven $270,000
Regardless of what you do after selling your home, even if you end up buying or renting a small home, you are likely to make some money from the sale. increase.
Admittedly, the market is tough.
Home sellers are having a harder time finding buyers. They are offering more concessions and lowering list prices as buyers struggle with higher mortgage rates than before.
But it is possible. The Adirondack is a beautiful place and we’re sure there are eager buyers and investors looking to convert to Airbnb.
“Nobody wants to visit,” you say. Let’s change that.
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