“I can’t do the stairs much more,” said an attractive woman from Philadelphia.
“It’s actually four floors,” she continued. “The house is over 100 years old. Our neighbors recently expanded their first level, so they would have more space without going upstairs. We are thinking about doing that too,” she said. “But we just don’t know.”
Baby Boomers are now between 56 and 76 years of age. As a cohort, they are still pretty healthy and active, but every day it seems I get inquiries from people considering remodeling their current home or buying a condominium on the beach. I’m always thinking beach, but it’s a very personal question and I urge buyers to explore it emotionally.
I couldn’t help but wonder about the four floors. I thought that was more like a townhouse. I couldn’t envision the set up and what might be a solution so I asked for more information.
“Well, the laundry is in the basement, along with a recreation room. Then you go up and you have the main floor. The second floor is where the bedrooms are and the third floor is another bedroom but no one goes up there much anymore. It was great when the kids were little, but now it’s just the two of us.”
It seemed like a pretty nice house with lots of room and I wondered if a much smaller condo would be to their liking.
“Joe had both knees replaced in the last few years and going up and down the steps is tough,” she continued. “Just carrying the laundry baskets from the basement to the second floor is getting to be a lot for me. I keep reminding myself that its daily exercise, but we just aren’t sure how much longer it will be practical.”
Aging in Place
I have learned over the years that some of the most difficult decisions about moving for retirement is leaving a familiar place, family and friends. Starting over in a new city, much less a new country, is not for the faint of heart, but rather for the more adventurous.
“What are your options?” I asked trying to consider both the idea of leaving familiar Philadelphia and the possibility of moving to Panama.
“We could stay put and add an addition. They call it ‘Aging In Place’. Sounds a little dreadful, but it would just mean putting a master bedroom, bath and laundry room on the first floor and pretty much abandoning the rest of the house,” she offered. “Then maybe a patio with a outdoor kitchen because Joe grills almost every night.”
Comparable Costs Between Buying and Renovating
She continued explaining that putting on such an addition would run somewhere close to $250,000 if they got the appliances Joe wanted, the custom cabinets and and patio. “We worry about overbuilding in the neighborhood. You want to get your investment out and everything isn’t like you see on HGTV where they do some remodeling and then realize an extra $50,000 in equity. It doesn’t work that way.”
I thought the idea of a new kitchen and spa bathroom sounded great before I reminded myself they could have a new condominium for what they were thinking about investing in an addition. Real estate prices in Panama vary according to the area and level of luxury, but there are plenty of beachfront condos around that $250,000 price point.
“Then we’d still have those tough Philadelphia winters and all the maintenance associated with an older home. Joe is constantly doing things around the house,” she continued. “I worry he would miss that,” she said smiling as we looked out over the Pacific Ocean. “Can you have too much of a good thing?”
More Exciting than Florida
“I find that people come here when they get tired of climbing those steps,” I said, shading my eyes from the sparkles dancing off the gentle waves. “Some people want to stay put and for them retiring to a completely new place isn’t right. For others, it’s a perfect change. They don’t want to just move to Florida but rather move somewhere it’s different and a bit challenging. It’s all about whether you would be happier staying right where you have been, investing in a remodel that would allow you to function better or buying brand new, with elevators and a balcony, pools and an easy social life.”
My new Philadelphia friend was smiling, content. “I hear adding on can be a nightmare,” she laughed. Three months turns into a year and the dust is everywhere. I like the idea of embracing a new challenge. It’s been a while since we’ve done something new together. And learning a new language has always been on my bucket list!”
She glanced out over the infinity pool and the ocean that spread out endlessly beyond. “How much did you say these condos are?”
