What should I do about living situation?
I am a single female almost 70 years old and have inherited a 3000 sq ft Victorian home. Lately it seems the maintenance is snowballing and I think contractors see this and try to take advantage ($4800 to re-shingle a 300 sq ft back porch roof?). Almost everything here needs repair from plumbing to the crumbling brick exterior. I considered selling an buying a smaller ranch style house, but then I'd still be responsible for maintenance and upkeep. I even looked into senior housing, but around here they are either for very low income, disabled or shabby. On the other end are very nice communities with lots of amenities (most of which I don't need or want), but have too many rules and cost more than I can afford (some cost $6000 or more a MONTH!). I can't decide what to do.
- JanetLv 71 month agoFavorite Answer
Keep on looking. Your house is a millstone.
There are certainly decent low-priced condos in decent neighbourhoods in the city where I live, and the condo fees are not back-breaking (my daughter has a very nice 2-bdr condo in a 3-story walk-up apartment, and her condo fees are only $300 a month).
Also consider ... if you sold your house, how many months could you pay RENT off that money? The city where Iive, if I sold a Victorian home, depending on the value (neighbourhood and shape it was in), I could use it to pay rent on a decent 1-bedroom house for anywhere from 37 to 56 years .... longer than you are likely to live.
As it is, you have a lawn to mow, possible sidewalks to shovel, when you own a house. This doesn't get easier as we get older.
ALSO, where I live, eligibility for senior subsidized housing depends on our annual income, and NOT on our savings.
- Anonymous1 month ago
Just get it on the market and sell it for the best price. Use that money (with any you might already have) and buy something far more sensible with however much you can afford and to your own taste. There is nothing worse than a millstone around your neck. Long term, it is usually more cost effective to buy than it is to rent but, at your age, (and depending on any health issues) it might be wiser to rent. Only you know the fine details.
- AnnLv 71 month ago
If you inherited this free and clear, then it is yours to sell if you wish to. Something like that will eat right through your savings and it will always be in need or some major repair. I would sell it to someone who would turn it into a bed and breakfast, or to a couple who enjoy large DIY projects. You would be better suited in a small condo that is manageable. I'm 82, and moved from a 13 room monstrosity into a 1,050 ft. townhouse I can manage.
- AlexanderLv 71 month ago
Not everything merely old merits preserving. Myself included.
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- 1 month ago
Unfortunately WE can`t decide what to do for you.
Everyone views a situation in a different way.
If it were ME in your position, and of a similar age, I`d sell the old big house as it stood, and let someone else renovate the place.
Then I`d buy or rent a nice mobile home on a retirement site that has all amenities to hand.
Including affordable odd job men. (or women)
Mobile homes do not need anywhere near as much maintenance as a residential house and if ground rent is reasonable, what's not to like.
I only stay in MY home because its well away from neighbours and I don't want close neighbours, and I also have a big dog, but if needs must in a few years time i may move to a MH site. (UK). JMO.
- old timerLv 71 month ago
being on your own you don't need it, it will drain you of all the money you have, sell it and buy something smaller for yourself, a 2 bedroom home or condo is all you need, you will be more comfortable in a smaller place, that's what i did and it was the best thing i've done.
- LynnmarieLv 71 month ago
It depends on whether you love it or not. Maybe consider renting out a bedroom or two to help with the maintenance costs.
- Anonymous1 month ago
You could look into moving to an area with a lower cost of living and getting a condo or townhouse. My husband's grandmother moved into a condo when she was in her 70s. It was small enough that she was able to take care of cleaning it on her own, and the condo fees paid for lawn maintenance, roofing and gutter repairs and the like. She did have to move a bit further out of town to afford it, but it was a community aimed at independent seniors and had a bus that drove people to the local grocery and shopping areas a few times per day. She was able to get by without a car, which saved a lot of money.