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NSMR- Buying our retirement house

justmakingthebest's picture

Submitted by justmakingthebest on Tue, 03/21/2023 - 8:47am

DH's grandparents built the perfect home for retirement. It is in DH's hometown, which is a small town in KS. DH has a lot of family there and I don't mind it. It's not on a coast but with the cost of living there- we can afford to travel.

We thought we would have 2-3 years before we would have to make this decision but it turns out that we are going to have to buy this thing by May if we want it. 

We would be purchasing it for about 150K under the comps in the area but it needs close to 100K in work. Speaking to a realtor, we can get it "rental ready" and rent it for about what the mortgage we would need to pull out for the house and repairs, so I think it will be ok. I work for a custom builder, have for the last almost 10 years, so I have a lot of hook ups on materials- but I don't know anyone out there to do the actual work. Hopefully we can find someone to do the initial remodel for setting it up as a rental and then the final for when we actual move there. We just can't afford to do it all right now while still dealing with SS18 child support settlement, our current home, my kids still being in high school, etc. 

I am mostly just stressed over buying a house that needs renovations 1300 miles away- all why the possibility of Japan is back on the table for us next year! I don't even know what we are going to do with our current home! 

It really is kind of our ultimate goal to mover there and it is a super cool house. It would mean a lot to keep the house in his family too. Perfect for us to grow old in, only 1 step for the entry way, rancher, 4 beds 3 bath 2000 sq ft., it has the wider door ways, the master has a roll in shower, it was built for them to live out their lives in it- and they did. It just needs a lot of updating. And this is happening so much faster than we had planned. 

Home inspection is tomorrow and that will tell is more, at this point I don't even know if I want the report to come back good or a disaster!!!!! If it's structurally sound and we are just dealing with cosmetics- we are going for it. If there are bigger issues at play, we will pass. 

Comments

Harry's picture

Submitted by Harry on Tue, 03/21/2023 - 9:20am

That too much to do.  You can't do renovations to a house if you are 1300 miles away.  It will be a total disaster, the people who type of work are problematic bad.  Not showing up, leaving doors unlock. Ect. Either move there now, or sell that home and save th money to buy a hone there when ready to move 

ndc's picture

Submitted by ndc on Tue, 03/21/2023 - 4:28pm

This is not something that should be rushed.  There will be other houses.  You have enough going on.  I'd pass.

justmakingthebest's picture

Submitted by justmakingthebest on Wed, 03/22/2023 - 9:26am

There will be other houses, but not the house his grandparent's built- and since he is part of the estate, we won't get a deal like this.

thinkthrice's picture

Submitted by thinkthrice on Tue, 03/21/2023 - 5:05pm

From someone who has been through remodeling hades several times.  

Also this isn't in BMsville is it?  I think you mentioned she lives in KS.

SteppedOut's picture

Submitted by SteppedOut on Tue, 03/21/2023 - 5:45pm

If it is in or near BMville can you imagine if a property management company rented to bm/one of bm friends. 

thinkthrice's picture

Submitted by thinkthrice on Wed, 03/22/2023 - 11:19am

Too close for me.   As it is now we live 25 min from Girhippoville and every time I drive through there I need a shower. 

SeeYouNever's picture

Submitted by SeeYouNever on Tue, 03/21/2023 - 5:37pm

I would contact a property management company because you will need one. I have a rental in another state and they coordinate all the repairs and even updates if I request it. They take a 10% cut of rent but it's worth every penny.

If you want to eventually live there kept another little horde of money for repairs and updates for when you're done with renters!

justmakingthebest's picture

Submitted by justmakingthebest on Wed, 03/22/2023 - 9:25am

We do have a property management company lined up if we buy the property, I am NOT managing it from another state even if most of DH's family is there. 

 

TrueNorth77's picture

Submitted by TrueNorth77 on Wed, 03/22/2023 - 10:14am

I think this is exciting. Yes it may be difficult, but not impossible. We are buying our (future) retirement home in another country as we speak, and it also needs work (more of a want, it is livable, just with some 70's features), which will be very difficult to do from another country. But I'm still really excited. I hope it works out for you the way you really hope it does :) 

Rags's picture

Submitted by Rags on Sat, 04/01/2023 - 11:40pm

Having a historic family home stay in the famiy is a rare opportunity.

Mom and dad built their retirement home while they were half way around the world. My brother and I were their eyes on the home build.  We were happy to do it after work every day and on weekends.  We caught several things that we had correctred before it was too late.  Taking the work crews a case of beer near the end of their work day made a huge difference for mom and dad's retirement home.  Bull nosed corners in lieu of square corners, coursed hand cut lime stone exterior in lieu of random patterned stone, a triple wide driveway entrance instead of a two car wide entrance flaring to a 3 car wide driveway, etc....

Mom would fly home every 6 weeks or so to check on progress.

We moved to a different State two years ago. Our retirement home is vacant. We have a full sensor and camera security system, law service, and neighbors who keep an eye on it for us. We send them a massive meat package a few times a year as a thankyou.

There are ways to make the international Expat stateside home owner thing work. Even during a reno or a build.

Enjoy Japan and enjoy turning your DH's family home into your retirement dream home.

Have fun!!!!