Hello All,
Long time reader, first time poster. I need to change my current living situation within the next few years, but I would take a loss on selling my house. I don't want to make an irrational decision, yet feel I have no other choice.
I am a female in my 40s, single, two kids still at home (junior and senior in high school).
My house is two story with an unfinished basement, 2800 finished square feet. 4 bed 3 bath. It's becoming difficult to maintain and is more space than we need. After the nest is empty, it will really seem like a huge waste.
I love my house and thought I would be here forever. The bigger issue is my ability to live in the house safely. Without going into too much detail, I was diagnosed with a progressive, incurable neurological disease a few years ago. It is slowly robbing me of my mobility. At my last MD check, I was told it's progressing faster than he thought it would. I already have difficulty with the stairs and have had some falls due to poor balance and muscle weakness.
There is no bedroom or bathroom on the main level. I've checked into remodeling to change that and the layout will not work. I've also checked into a chair lift for the stairs. Also a no go. Not to mention HOA rules.
If the day comes I have to stop working, I don't want to be in this expensive house. I know this is not the MMM way, but I also don't want to save all my money so I can travel 10 years from now. I need to do those things now, while I can still somewhat get around.
My plan is to rent a single level small home or a condo/apt with elevator. I don't expect my kids to bathe and feed me either, so going from renting to assisted living would be best.
I owe 309,000 on my house. I bought at the top of the market. Today I could get about 300,000. I hope to just break even after commission 2 or 3 years from now.
I'm trying not to make emotional decisions. What would you do in my situation?
Thank you