Author Topic: Experience selling the family homeplace?  (Read 1260 times)

Dawn

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Experience selling the family homeplace?
« on: June 14, 2019, 02:14:54 PM »
How do you decide to sell your home that you grew up in..with all the memories, etc? We own enough rentals to support ourselves and want to travel once our children get in college (@ 4 years). We currently live in a country home (inherited) with about 45 acres, ponds, woods, creeks on three sides. Very peaceful. I'm just torn at the thought of selling but think that it would simplify our life - which is something we both want. Home values in western NC aren't very high so we wouldn't necessarily get a lot. Anyone sold their old home place and regretted it or felt relief? Thank you!

former player

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Re: Experience selling the family homeplace?
« Reply #1 on: June 14, 2019, 03:05:31 PM »
Not quite the same, but I was offered the chance to inherit my grandparent's house: it was a three bedroom country house about 300 years old, with lovely stone mullioned windows to the main rooms and old wooden beams across the ceilings.  Both my grandparents on that side died while I was still a child but I have fond memories of them and the working well, the double seater privy, the wood-fired kitchen stove, the old brick cellar and the one of a kind apple tree. 

I turned the offer down because the person offering it to me wanted me to commit to living in the house and I wasn't prepared to limit my life choices in that way.  A young family now live in it very happily - with some modernisations I'm probably quite pleased not to have seen. 

Someone else will similarly cherish/change your family home if you leave it now for new adventures.  Of course, if you decide to stay that just means that someone else will cherish/change it after you die, and in the long run whether the change in ownership happens now or later isn't going to matter to the house. 

I would counsel doing what you think will make you happy and that you will regret the least, and accepting that you don't control what will happen to the house when you leave it, as you surely will one way or another.

robartsd

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Re: Experience selling the family homeplace?
« Reply #2 on: June 14, 2019, 04:57:00 PM »
My mom still lives in the house that I grew up in and my disabled sister will have a life estate to it if Mom passes before she does (fortunately neither seem to be too close to their final rest). It will be hard to see the old family home go when the time comes; but I doubt any of us would be in a position or want to buy out the house when it comes time.

Money Badger

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Re: Experience selling the family homeplace?
« Reply #3 on: June 15, 2019, 05:06:38 AM »
Dawn,  This really brings back memories..  As I went through exactly this in 2013 through 2014 when the family homeplace (was 40+ acres of less desirable acreage (floodplain/a bit land locked), but grew up expanding the house, barns, etc. and turning it into a really pretty farm.   But while the memories were great, my spouse and kids didn't love the lifestyle... and the time and expenses of "fixing it back up" after my Dad passed began to consume us.   My brother and I agreed to sell it and move on with life and it was completely the right decision.   I was the most enamored with staying initially, but I found the sale liberated me to focus on my family and friends and it greatly helped accelerate FIRE plans as well (though not dramatically so after paying off my Dad's estate debts).   Now 5 years later, the good old memories are still there...   And my family lives in a "mini" version of what we sold, but that far, far better fits our life.   Live where you want your life to go... not where your life was.   

Dawn

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Re: Experience selling the family homeplace?
« Reply #4 on: June 15, 2019, 06:56:36 PM »
"Live where you want your life to go... not where your life was." So true and great advice.
Thank you Money Badger!