Downsizing

[snafu]

We sold SFH and downsized to a townhouse style, 4 level condo. Love it! wished I'd done it sooner but was put off by the work & associated costs involved in moving. I wouldn't buy until your house is under contract sold as the economy can change on a 'dime.'

Start now, ridding yourself of everything you don't use, don't need, doesn't serve you and your family needs. Anything new brought in requires something existing goes out. Don't use time, $$$ and energy moving extraneous stuff. We used a pkg of 'dot' stickers to denote what goes to the new place like sofa, bed, kitchen suite etc. If you don't like yard sales, start listing on Craig'slist & Kijji [local e-bay] in your community or box stuff for charity/tax deduction.

[Frugal]

You can always downsize by renting a cheaper apt.

[KennySoward]

I agree with those here who say downsizing is a good thing. For me, getting older means doing something else besides taking care of a gigantic house. Something smaller and cozier sounds nice to me, especially if you aren't the "cluttering" type.

[canada94]

Our home is paid off. And, the real estate market seems to be on the uptick. I talked with my realtor and she said things are starting to sell again. And, she is a good friend of mine so i don't think she would steer me wrong. Also, i have seen a lot of properties go and and be sold pretty quickly. We would just buy the other home, I would take a mortgage just because i don't want to plunk that much down. Then, when we sell the other home, I would pay off the mortgage. Our present home has been completely remodeled, updated and in good condition so I do think it would show well.
The other home will require some mild updates as far as carpeting, changing wallpaper, etc. It has a huge unfinished basement and I really want to finish that and make a nice game room as i have 3 kids, 2 who are young teens. I think they would really enjoy that. The draw back is my sons would have to go back to sharing a BR (13 and 15). They have before and are really great friends and get along well. And, eventually, when we remodel the downstairs, my older son could set up there. But, in a couple years he will be moving out anyway.
And, I really want to divest myself of a lot of the stuff I have accumulated. I am either going to do a big haul to goodwill or call an auctioneer and make up a bunch of box lots (I don't like holding yard sales).
Maybe I worry too much about the economy. But, I am just wanting to simplify life and put myself in the best possible position.

My advice is to never pay off all your mortgage, you are losing many tax benefits by not having a mortgage, your friend should be able to advise you on this.You dont need to have much 'outstanding' to get the full benefits.

[cschin4]

What "tax benefit" To pay $1 in interest on my home and get 20 cents back? So, if you want to send me $100,000, I will send you back $20,000. Sorry, i just simply did not see the point of paying 3x what the purchase price of my home was and calling it a "good deal".

[happygirl]

What "tax benefit" To pay $1 in interest on my home and get 20 cents back? So, if you want to send me $100,000, I will send you back $20,000. Sorry, i just simply did not see the point of paying 3x what the purchase price of my home was and calling it a "good deal".

This is what I thought when I read that.

As for downsizing, I've been considering it quite a bit lately too. I like the idea of less yard and less house to care for, but hate the idea of all that goes into a move. I'll be interested to see what you decide!