I need to build a home that has handicap modifications because I plan to age in place and NEVER go to a nursing home. I already have a home health nurse, but may have to expand her role as I become more aged. My current home has a negligible mortgage (about $5000 USD) so when I sell it, I’ll make my money back I paid for it. I’ve been looking to move for about two years, but finding the right builder, land has been a hard nut to crack. So I went to a real estate attorney to put me in the correct direction. My credit score is great, I’m pre-approved for far more than I want to build. I have a very stable and good retirement account. I’m planning on getting a 15 year mortgage, but killing it off in 7 years, like I did with my current home. I have some credit card debt, not a lot, but I want it gone before I move into my new home. “Murphy” always seems to visit me when I least expect him to, do I’ll prepare NOT to have him welcome in my new home. I have my 20% downpayment already. I’m going VA, so I don’t have to put down ANYTHING! BUT, I’d like to take this year (2020) prepare my current home for sale, get rid of what I’m not moving, kill debt and save an additional $12,000 earnest money, so I CAN dictate where and how I want this home built. I feel (and have been treated) like I’m less than competent about making financial choices because they see my wheelchair and service dog before they see me. I’m the budget nerd, saver, planner and I’m not a dumb blonde! Even with 1/2 my brain tissue damaged, I still have an IQ of 149! For the new home, I’m planning on a 20% house payment to monthly income ratio, or about $1200/month. This will allow me to still re-save a portion of my retirement income, pay extra principal, eat, utilities and still enjoy the years I have left. I had always planned on retiring at age 45. My family tended not to live much beyond age 50, and I’m the lady living member of my family. This age 45 would still give me time to enjoy NOT working. My home would be paid for and my children would be done college. Well, illness moved that age back to age 40. So, I began dipping into retirement 5 years earlier, that’s why there is still a bit left on my mortgage. But I was still able to pay cash to send my children to law school and medical school. I’m also a single parent. **** In conclusion, should I wait until December 2020 and get absolutely EVERYTHING I can afford in my new home, secure knowing that if I only had one of my four retirement incomes, I could still afford a $1200/month mortgage payment? Or buy now and settle for a little less? I know the answer seems easy, but I only have a service dog to bounce questions off of, and he doesn’t talk back and stares at me like I’ve lost my mind. Move, Mom? Doggo: “Sure Mom, move, just bring along my bed, food and extra treats. Budget? Doggo doesn’t understand Excell spreadsheets. Woof.” I hope to hear some replies. 12 months is not long to wait. Not as long as being medically retired at age 40 and still being around at age 59. I’ll be 60 once the home is built.
Save the money, get what you want, and pay off the credit card debt. “I have too much money” said no one EVER. “I have too much debt, my choices are limited, I can’t do what I want to do” says most adults. Take the extra time to get your ducks in a row, draw up architectural plans, figure out where you want the house to be, perhaps secure the land and THEN worry about building and loans. You could also possibly look into a condo that you could modify that is pre-existing.
AnnieB posted:
Save the money, get what you want, and pay off the credit card debt. “I have too much money” said no one EVER. “I have too much debt, my choices are limited, I can’t do what I want to do” says most adults. Take the extra time to get your ducks in a row, draw up architectural plans, figure out where you want the house to be, perhaps secure the land and THEN worry about building and loans. You could also possibly look into a condo that you could modify that is pre-existing.
I hope I didn’t come across as being boastful about my situation. It seems straight forward, but a house is a massive purchase. This will probably be the last home I build or buy. I HAVE begun looking at JUST land/lot. I’ve found most new subdivisions have HOA’s which don’t want modified homes. Some have been fussy about my service dog. One told me that they had “too many” disabled Veterans already. (Which I don’t think is legal) Thank you for the feedback. Talking to my service dog only gets a tilted head and a funny look!
