Quote:
Originally Posted by radeonboy
My feedback from elderly people living in a big home is: - Higher Maintenance Costs: Constant upkeep (more stuff to break), more cleaning, constant yardwork + repairs etc.
- Unused Space: Extra space is nice to hold more people when needed, but doesn't happen as often as originally anticipated
- Physical Challenges: Health/mobility issues make stairs / expansive rooms / yards harder to navigate, and still requires more effort even when healthy.
- Higher Running Costs: Taxes / utilities / insurance etc. feel expensive for the space used
- Isolation: Not sure how big your uncle's current house is, but a large house (4000sqft+) to one person can be isolating. Is your aunt in the picture?
You already mentioned your uncle is financially secure, but not everyone is willing to have their money chipped away with these added running costs. Hired help is expensive and adds up over time that he could've spent on something else. If he's in it to flex, a smaller $5M SFH in Vancouver west side beats 8500sqft out in burnaby IMO.
My next-door neighbors are a retired elderly Caucasian couple. Pretty standard fare - one loves to garden and keeps her yard in tip-top shape, and the other handles all the general maintenance and upkeep of the house (power washing, seasonal cleaning, etc.). They’re passionate about curb appeal and highly skilled at maintaining their home, but their workload feels increasingly overwhelming and harder to keep up with as they age. |
My parents are in the same boat, they're now in their mid-70s, living in a 4,000+ sq/ft home with just the two of them. The house is only about 20 years old but still requires a lot of upkeep which they can't keep up with. They could easily cash out and put a few million in the bank, but nope because my dad refuses to leave Vancouver and move into a condo.