My wife and I are (finally) shedding our McMansion of 10 years. It has been nearly impossible to sell, but we have found buyers -- at a $50k loss -- and we could not be happier. In personal finance, I have figured out how to make and invest money to great effect, but when it comes to real estate decisions I have been anything but "successful."
Our home sale in the burbs of a large Midwestern city has put us in an interesting spot. I am 45 and my wife is 36. We will have a stache of $2.4MM and no debt, post-sale. Without the burden of a too big home, its utilities, upkeep, taxes and HOA, our annual spend is likely to be around $60k. With a 2.5% SWR I will be more than comfortable in ridding us of my all consuming and "stressful by design" corporate gig. We love to travel and, on the cheap/via travel hacking, plan to do as much as we can; my wife is from Europe so we will be able to spend more time with her family as well with the life re-design.
In the process of downsizing, we are considering a single family home but are intrigued by the possibility of condo living. With a SFH we would likely carry a small mortgage ($350k purchase price). The condo, we would pay in full ($260k). *THE CATCH in my mind -- $571 per month for a condo HOA fee. I absolutely hate the idea of this ongoing cost, yet the condo location (in the city) and the ability it provides for us to lock the door and leave for months at a time is extra appealing. Special assessments scare the hell out of me. I am also concerned, to a lesser extent, about the low depreciation of a condo compared to a SFH.
If anyone has thoughts on this small conundrum or has advice about SFH versus Condo living in general, then I would appreciate the feedback. Cheers.