Quote:
Originally Posted by Sliver
But my list wasn't even exhaustive. I just rattled off a few examples off the top of my head. Kitchen cupboards and counters don't last forever. Toilets and sinks don't. Carpet, and tile, and linoleum don't. Plumbing leaks. Pipes burst. Doors wear out. Renovations need to be done to accommodate changing needs.
I know you don't need to do some of this stuff. I was at an estate sale yesterday where the house hadn't been upgraded since it was built in 1969. Well, now it will be gutted by the new owners because the old ones didn't stay on top of keeping it current. If you're not going to keep an updated home it eventually catches up to you in decreased value.
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I think we are talking past each other a bit here. This conversation started around a poster saying they could live off of 24k a year and you challenged that isn’t enough for home maintenance.
A person living off of 24k per year likely is doing the work themselves, and only replacing when broken and not for aesthetics.
Then it migrated to retirement scenarios where again it’s unlikely in a normal length retirement to be doing major aesthetic renovation. Though RedForevers points of needing more contract work done are well taken.
Your position of NEEDING more than 1% and saying 5% is probably close is just wrong. However if the goal is keeping a modern house that is in today’s style I agree 5% would be required. I think that is a separate discussion from where this one started.