Retirement house size?

[JoeP]

A friend of mine and I were talking this past weekend about retirement, and we both agreed that we'll be downsizing when we get our kids through college and we settle on a retirement home. This makes a lot of sense for several reasons: lower taxes, less energy, smaller space to clean, fewer things to go wrong, etc.

Then he told me about friends of his who are moving to GA. They are probably in their late 50s. Their "retirement" home will be a 4200 sq ft house. My response: "So they were out of single family homes?"

I get the fact that some people want to have a Big House, but I cannot fathom the rationale behind 2 people living in a house that size.

[bjl584]

A house that size would be a burden as you age unless you have the means to pay other people to do the work for you. If your friend is well off enough to be able to retire in comfort and be able to afford to pay others to mow his lawn, clean, and do maintainence, then more power to him.

[jpg7n16]

I get the fact that some people want to have a Big House, but I cannot fathom the rationale behind 2 people living in a house that size.

When people do things that don't make logical sense, there's usually an emotional reason behind it. I think that a lot of people view their homes as some sort of reward for the work they've done, or some measure they judge themselves by.

Some feeling like,"you mean after 35 years of work, all I get is this home??" - or "all I have to show for it is this??" ie. "This is the reward I get?" or "I thought I'd be further along by now" type thinking.

Even if "this" home more than meets their needs, it may not emotionally be what they were hoping for. And even if they have an extra $300k in the bank because of it. Some people would rather have a $500k house that makes them feel like "I did it" or "I made it" or "I did better than my coworkers" than a $200k house that just meets their living needs.

[JoeP]

Some people would rather have a $500k house that makes them feel like "I did it" or "I made it" or "I did better than my coworkers" than a $200k house that just meets their living needs.

Absolutely, and there is a market to support that. Personally, we'd rather have a SMALLER house for the reasons I mentioned above. We don't care what people think, and we are not in any kind of competition to show off our success with trophies. If people act like they're slummin' it coming our little house compared to their McMansion, I don't want their company!

We'd rather use any extra money on recreation such as boating, fishing, travel, family, and a nice porch to watch the lake!

[graceful]

I would "guess" that in their case, perhaps they can buy "more" for their money in GA AND they are hoping to have ALL their kids and grand kids to come stay at their house for holidays and they have a big family.

That would be the only reasons I would get such a big house. Now if family lived close by, I would opt for a bigger living room area and less bedrooms because everyone would probably sleep at their own homes.

[DebbieL]

I am all about small houses. I really don't understand the need for 2 people to rattle around in a house that size either. Just more room to accumulate crap. More things to dust, lol. Wasteful IMO.

[disneysteve]

I agree with graceful. I see nothing wrong with a larger home if you have the need, the desire and the money. I know several retirees with big families and big homes. They love hosting multiple family members for holidays, get-aways, etc. Nothing pleases them more than having a house full of people. They could have gotten a modest 3-bedroom place, just enough for themselves, but they would hate living that way.

[DebbieL]

My boss is rich (and you will never meet a more greedy/ungiving soul). He and his wife are in their 60s and live alone in an approximately 6000sf house that they use "maybe" 1/5 of. Complete and utter waste. They have a cleaner (who they pay less than I pay my own cleaning lady) that comes several times a week just to keep the place up for them. The whole thing is a total waste. They also have a place in the country (45 minutes away) that is the same thing.

[disneysteve]

The whole thing is a total waste.

Not to them.

It is all about priorities. There are a lot of things other people do that I think are a total waste. I wouldn't do them but they enjoy them or think they are worth the money. It's their money, not mine, so I don't get to decide how they spend it.

[DebbieL]

I still think it is a total waste. From a societal standpoint. I do NOT believe in large footprint houses for 1 or 2 people. Very wasteful in many ways. I don't care how much money they have - isn't the point.

[disneysteve]

I still think it is a total waste. From a societal standpoint. I do NOT believe in large footprint houses for 1 or 2 people. Very wasteful in many ways. I don't care how much money they have - isn't the point.

I agree with you there. If we are talking about environmental impact, waste of resources, waste of space, etc.

But, as I said, I know people who have large homes and enjoy every inch of them. It isn't my place to say they don't have the right to own them.

I happen to think that cemeteries and burials are a tremendous waste of space and money. I'd love to see everyone cremated and returned to the earth, but it's not my call. So people continue to spend $10,000, $15,000, $20,000 on a metal box which they proceed to bury in the ground never to be seen again. Talk about a waste. At least people get to live in the big houses.

[PMMM]

I have several friends as well who owned their own business and then sold them and made many, many millions. They too have very large homes. In the range of 6k to 8K square feet plus homes in Phoenix. They only have a couple of children and very few grandchildren so the large homes are not really based on need by having a large family. They can afford it and have lived in large homes pretty much all their life. Hey they worked their buns off and made the right business decisions and quite frankly sold at the right time. (Smarter people than me that's for sure.)

If I had that kind of money I wouldn't have a large house. My home of choice would be a yacht. Heck with the house. LOL

I don't begrudge anyone who worked their butts off and realized a payoff. They can spend it as they like. As for the environmental footprint, I suppose I am ambivalent about that.

[rob62521]

Maybe these folks have always dreamed of having a huge house...I wonder after a few years if the prospect of downsizing will appeal to them.

[JoeP]

Maybe these folks have always dreamed of having a huge house...I wonder after a few years if the prospect of downsizing will appeal to them.

When you need an intercom to find your spouse in your Compound, it might be time to downsize, especially if your hearing starts to go as well. Also, if you forget your keys a few times a week, you can get a good cardio workout going up and down 3 flights of stairs to get them.

"Honey, where are you?"
"I'm in the bathroom!"
"Which one?"
"The one upstairs!"
"Which one upstairs?"
"The one next to the study!"
"Which study?"