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“The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark.“- Michelangelo
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“Don’t give up. The beginning is always the hardest. Life rewards those who keep pushing through the challenges.” – Paulo Coelho, The Alchemist (1988)
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My last two blogs (THE BIG MOVE, and THE BIG DRAIN) focused on the emotional and mental decisions we faced in purchasing another home in the same city. We are now the (proud?) owners of another house. Two houses are one too many.
Generational differences were exposed during our negotiations for our new home. Our daughter felt we should share our intentions to purchase the home with friends and family. My wife and I didn’t want to share with anyone until we went through the act of sale. We wanted to keep the home purchase a secret and surprise everyone, while avoiding any uncomfortable explanations if something prevented the sale from completion. Our daughter felt that having friends and family on board would provide support for either eventuality. We decided on the former option and didn’t disclose our purchase to anyone except our immediate family until it was completed.
My wife and I went through an Act of Sale on our new home last Thursday (6/27/24). The enormity and reality of what we have done is starting to sink in.
The house we purchased is approximately seventeen years old and was not maintained. We are replacing the roof, replacing the stucco, repainting all exterior trim work, and repainting and renovating the house’s interior.
These needed renovations were not a surprise, as we had done due diligence and gotten estimates before the active sale. Not being surprised doesn’t erase the enormity and expense of a major renovation!
We were pleasantly surprised when we contacted our general contractor and he could begin the renovation of our house the following Monday. This Monday (July 1, 2024), a crew of six workers began renovations, and our contractor has made tremendous progress in only three days.
I entered the house yesterday with mixed excitement and buyer’s remorse. I can already envision what the house will look like when completed. The pathway from here to there is going to be extensive and expensive.
Most parts of the kitchen are either demolished or covered, as the painters and carpenters have started the kitchen renovation. I won’t limit that statement to the kitchen because the whole house looks the same. Floors are protected with heavy paper, and all walls are covered with spackling and new Sheetrock to repair nail holes and damaged areas.
The existing Jacuzzi tub has been removed. The new alcove tub is sitting in the middle of the living room. Before the new tub can be placed in the bathroom, the tub drain and plumbing will need to be repositioned and the flooring will need replacement.
While this has been going on inside the house, my wife and I have begun the rehabilitation of the landscaping. All the shrubbery and trees were overgrown and required significant pruning. We pulled weeds and removed dead growth.
I spent the majority of one morning trimming and mowing grass. The problem is not the amount of grass present, but the present condition of the grass. Weeds that weren’t removed were poisoned, and the hedges were pruned and trimmed. The goal is to reinstate the present landscaping to its past beauty. We will not do any upgrades to landscaping until all exterior renovations and painting have been completed.
Our contractor has a dedicated project manager for our job, and has set a completion date of one month for all interior renovations. With the scope of work required, this seems overly ambitious, but at the rate he has been progressing, it may be within reach. My wife and I had a conversation with our contractor before the commencement of renovations and explained that we had time constraints.
Our daughter, her husband, and their two children (both under four years of age) will live with us in our (current) patio home until we move into our new home. Once we move into our new home they will continue living in our patio home until their new home construction is complete in approximately eight months to one year. They are moving in with us before the sale of their New Orleans home to allow for adequate cleanup and staging of their New Orleans home before it is listed.
Once they move into their new home we will sell the patio home. This reason outlines why we chose the cash sale option for our new home. We knew we would not be able to sell our current home for at least another year.
It is commonly accepted that mortgage lenders are reluctant to lend money to individuals or couples without work-related income. Regardless of net worth or passive income generated, lenders are hesitant to lend money to retired people who are no longer working.
So, the cash sale option seemed to be the path of least resistance with the fewest potential roadblocks or problems.
Downsizing to a patio home ten years ago allowed us to dispose of “stuff” we owned but didn’t use. We have to pack up and move everything in our current patio home. Even though we streamlined our furniture and belongings 10 years ago, this move still seems like it will be a monumental task. We are packing as much as possible and will allow professional movers to handle the rest.
So now we begin the ”Big Push” to complete interior renovations, pack all of our belongings, and move into our new home within the next 4 to 6 weeks. We are less concerned with the needed exterior renovations, as exterior renovations can be addressed after move-in.
The area into which we are moving is controlled by an HOA. We must seek approval for all exterior changes to the house and landscaping. I have registered with and received acceptance into the HOA portal. Late this week I began the Architectural committee’s application process for needed improvements and renovations.
Future blogs will memorialize how quickly the “Big Push” commences and reaches completion. As stated above, our plans are to move into the new home sometime in the next 4 to 6 weeks.
Now that we’re starting the “Big Push” we’ll get to evaluate how much gas we have left in our tanks.
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Final Thoughts
I certainly hope that Paulo Coelho is correct, and the beginning is always the hardest. This home purchase and renovation are not the hardest things I have done in my life.They pale in comparison to many things. But, this is the first time I’ve purchased a house at age 72!
My biggest question is truly: “How much gas do I have left in my tank?” Like many other times in my life, I was initially overwhelmed with all the multiple steps needed to complete the task of successfully navigating a cash purchase of an expensive home, extensive renovations of said home, and moving again (into our fourth forever home). My doubts were many and focused mainly on the expenditure of time and energy that would be necessary to complete this project, and on my ability to maintain the mental focus needed.
Like multiple times in the past I decided to break down the project (The whole pie) into manageable pieces (See: BUILDING A RETIREMENT PIE: ONE SLICE AT A TIME) and eat the pie one slice at a time instead of trying to eat it all at one time.
I began building out a daily “to do” list and focused on what items needed to be addressed that day, and what items needed to be initiated to be successfully completed at a later date. At the end of each day I built another “to do” list for the following day. And things started happening!
When we began negotiating the purchase of our new home, our realtor helped us to contact a roofing contractor, a stucco renovation service, a home inspector, and a general contractor for painting and carpentry. Their estimates helped with negotiations, and provided guidance on the cost of our future renovations. After the purchase of the home, one phone call to each vendor secured their services. We started interior renovations this week, and will start exterior renovations as soon as we receive clearance from the HOA architectural committee.
Over the next few months we’ll both have a chance to find out how far and how long I can climb, and if I can reach and cross the finish line! I must admit that I have already eaten several pieces of the pie, and I am starting to feel like I will be able to eat the whole pie (even though it may take a couple of months).
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