The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: Roadrunner53 on January 15, 2018, 08:54:05 AM
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My Hub and I built our modest raised ranch in CT back in 1975. We have lived here ever since, 42 years. The house has been paid off for many years. The taxes are under $5,000 a year. We have never had kids but in reality the house is too big for two people. We would really like a one floor house. Our house requires going up two half flights of stairs to go from the garage to the living area. As we age, I am thinking the stairs will not be good. We both have little issues now with our knees. One floor homes are much more expensive than homes with two floors. This house is only costing us $417 a month if you divide out the taxes by 12 months, not counting of course normal maintenance. Our house is probably worth around $300K. Another thing is that both of our bathrooms are very small and if either of us required help bathing, it would be a nightmare in such a small space. I think about this stuff because my Father had a stroke years ago and my Mom was very sick and needed assistance. So, being that we are not sick or handicapped at this time I would like to prepare for the future. A future that does not include sickness...hopefully!
What would you do?
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In theory a one story home is more expensive to build than a two story home of equal size. In reality, there's little difference. The additional cost of roof and foundation is nearly offset by the need for a lot of ladder or lift work by roofers, framers, brick masons, etc. Then you'll have to pay extra for leaf removal and window cleaning every year. Plus your stairway eats up square footage in a two story, so the two story should really have a bit more sf for a better comparison.
I think you should sell and build/buy what you want.