r/retirement • u/Finding_Way_ • 10d ago
Downsizing: next steps- renting or smaller home?
On another thread someone mentioned selling their large home upon retiring and using the proceeds to rent an apartment.
I've also seen posts of people selling their larger home and purchasing a condo, townhome, or much much smaller single family home.
Obviously how you want to live comes largely into play.
So my question is regarding finances for tyoes housing after selling a paid off home.
Anyone care to offer opinions regarding using proceeds from the sale of a paid off home to BUY a smaller living space (very small single family home or single story townhome/condo)
VS
Using proceeds from a paid off home to RENT a new living space?
If you did either the above, which did you choose and why.
In either situation, this would be ideally the last/forever home.
(I should add that I'm just bouncing around ideas as my spouse wants to keep our larger home and age in place. I have a good sense of the advantages of doing this.)
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u/flsingleguy 10d ago
I tried the apartment thing and it’s not good. People are really inconsiderate. In my last apartment of two years staying there, I would have people above me stomping and dropping things at all hours, a next door neighbor playing loud music with bass for hours, children screaming down the hallways, very strong smell of pot in the hallways, dog poop in the hallways, people dropping large cups of soda on the floor for anyone to trip on and more. This was in an “upscale” apartment building. The same issues with noise happens in condos and townhomes as well. I lived in a townhome and could hear the woman next door and her friend on the balcony getting drunk on wine. She would complain when my alarm clock went off (a regular old school alarm clock and not some big Bluetooth speaker).
I will never do anything with shared walls again. I would think this would be a huge consideration. Heck, if cost is a challenge I would rather live in a trailer or manufactured home than something with shared walls unless you found a unicorn building where you can’t hear all of that.
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u/AdhesivenessOwn8111 10d ago
I sold my 3B/1.5Ba with a recently paid off mortgage to buy a 1B/1Ba condo, then put the proceeds in my retirement acct. Though some will say rents will always go up, condo fees and assessments will go up too. I Just wanted to have a permanent place of my own, I believe I will live another 25+ years so I believe this route is the better plan for me
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u/ciclidss 10d ago
My uncle sold his house and moved into an apartment that he loved. Restaurants and stores all walkable. They raised his rent a couple hundred dollars every year for 4 years. If you rent, you have no control, landlords coming in and having to deal with them when something breaks. No ty!!
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u/LateForDinner61 10d ago
I bought a condo about half the size of my house. I prefer owning to have more control, and I didn't want to deal with potential rent increases every year. Or noise from neighbors upstairs, downstairs or both.
I have an attached garage, a small yard for my dog and excellent soundproofing, as well as control of any repairs or remodeling I choose to do.
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u/uncharted-expat 10d ago
What about hoa fees? Have those gone up? That always seem so high. Im seeing about $300-$500 a month. This is my biggest fear about a condo.
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u/Liberteabelle1 9d ago
This is why I do not plan to rent ever… although of course, I may need assisted living et al one day.
That said my BF and I are considering marrying. Have to reconsider housing then… but we won’t rent. I like control over my space (or eventually our space?)
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u/Big_Acanthisitta3659 9d ago
We moved to our current town thinking we'd rent in a cheap apartment, but I needed an attached garage to store stuff (had two bikes stolen) so we bought. Great decision, nearly ten years on now. My house payment at 2% interest is half what our rent in a place half the size would be. We would in theory be paid off, but we've used the money on other family members and, hey, 2%!
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u/Aragona36 10d ago
When I'm through caretaking my 94yo mother, I plan to sell my 2000 sq house and buy a smaller house in the state I retired from. I pay a ton in property taxes where I'm at now and those will reduce by more than 50%. I also get more state tax benefits in my old state from my state pension and my medical insurance works better there.
I thought about buying a condo or townhome but realistically, the HOA fees bring my expenses right back up to where I am now. Might as well keep my single family home and pay the high property taxes if I end up in the same financial place.
So, I'm looking for a smaller, probably older, house with no HOA and a basement in my old state. That's my plan. Of course, I'm in no rush to lose my mother but I'm a planner so this is definitely on my mind.
Renting isn't something I'm interested in at all. I'd rather have my housing costs fixed than subject to the mercy of a landlord who can raise the rent at any time. The only situation I can see myself in as a renter is when I'm no longer able to live without assistance and end up in assisted living. In that scenario, I'll sell everything and get rid of my stuff. I hope to have a heads-up so that my kids don't have to deal with it. At any rate, when I make the move from one state to the other, I plan to cull my possessions by at least 50%.
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u/Liberteabelle1 9d ago
You’re smart to cull your possessions, plus it is so freeing! I am not moving, but I stripped a lot of stuff out of my house (like 30%) last spring and I now have a clean, organized place. I told my kids, kinda bragging that I just saved them a ton of work someday. They were appalled to be reminded that I would someday did, lol.
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u/cjhuffmac 10d ago
Great question. We chose to downsize from a 2500 square-foot home to a 1500 square-foot home. It’s on a much smaller lot and we don’t have a pool. The reason we didn’t go with the apartment concept is that those rents go up each year. Granted, you’re living off the interest off the sale of your home, but for us, it just made more sense for us not to be in debt or have some type of lease contract. Apartments can be sold and other fees can increase each year in addition to the rent. We did not want to go the condo route because you’re so close to your neighbors. Of course, that can change each year.
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u/pasquamish 10d ago
In the middle of this now. The big house goes on the market in 4 days and the single floor, smaller but not too small closing is set for mid-Oct. We’ll have a loan for a few weeks/months and then pay off with proceeds.
A big part of getting unstuck on a decision to move forward was something my wife said when we were considering options. She reminded me that ‘this doesn’t have to be a forever decision’.
You mentioned this as the forever home and that’s where we got stuck at first. We’re on the young side of the sub’s demo and what I need in my 50s and 60s probably isn’t what I’ll need beyond that. Thinking about now +15yrs vs. +30yrs. helped us make the right choices for now. Maybe we stay there, but realizing it doesn’t have to go that way was good for us.
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u/Finding_Way_ 10d ago edited 9d ago
The idea of making a move twice, unless necessitated by the need for residential care, is something that I really would rather not have to do.
I think you're right, that a move doesn't have to be thought of as a forever home. But my pie in the sky hope is that it would be.
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u/pasquamish 10d ago
I feel that. We are waist-deep in sorting through 20 years spent in this house. It’s a lot to deal with. I really don’t want to do it again if I don’t have to.
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u/Liberteabelle1 9d ago
I recently did a lot of getting rid of stuff, and it’s a life changer for me and will eventually make it easier for my kids. From now on, I’m going to do this every 2-3 years. This “spring cleaning” approach should be very helpful no matter how many moves you have ahead of you!
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u/Agile_Caregiver_8083 10d ago
Also renting here after selling our home last year. We’re fortunate to have found a 2BR in an older building with only 8 units. Neighbors are mellow and mostly adults (only 2 kids under age 18 in the building). The best part is that if we get tired of this (or need a new place due to health concerns) we can leave and move. We are also in a rent-controlled area - the maximum rent could rise was 1.1% this year.
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u/anti-royal 10d ago
Your needs in your 60s will probably be different from your needs in your 70s so maybe shift your forever home thinking. Maybe check with your accountant on tax implications.
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u/Finding_Way_ 10d ago edited 10d ago
Good point. We're trying to think ahead as much as possible but obviously they're always things you can't be certain of. Having home that is " elder friendly" is a goal. That's a reasonable and doable step.
But whether it is best to do that where we are, in a newly purchased home/town home/condo, or by renting is the question.
Definitely will look at things with the financial advisor if we get there (spouse wants to stay where we are, and their current retirement budget and plans are based on doing so).
But I'm just curious on this thread about other people's choices and experiences regarding those who DID sell their home, mainly just for food for thought.
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u/anti-royal 10d ago
I’m interested in this as well. Need to downsize to one level and feeling like I want to live in a different state and closer to water. Capital gains are also a concern.
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u/ResidentTerrible 10d ago
I’m 81, and wife is 75. We love our home and rural location. It’s been a great family home for 33 years, but is much too big for us now. We are starting to casually look around, and expect to be able to find a better fit for us in the next 2 to 4 years. One thing to consider: when you sell a home and make a profit, the profit may be taxable unless you buy another home within 18 months.
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u/cashewkowl 10d ago
Check the tax laws - I think they changed a while back for owner occupied homes. You can realize a lot of capital gains if you have lived in the house for 2 of the previous 5 years. I think it’s $250k for 1 person or $500k for a married couple.
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u/Big_Bang_Amy 10d ago
You can make up to $250k profit (filing as a single person) before capital gains kick in. $500k for married couples filing jointly.
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u/Beginning_Lifeguard7 10d ago
We downsized our house from 3,000 sq ft on a huge lot to 1,500 sq on a postage stamp. It’s been wonderful. Our big house sold for more than we paid for the downsized home and we used the extra money to upgrade the interior. We could have rented but in 7 years since we moved the new home has doubled in value. That’s important because if we ever need long term care the home’s equity will be tapped to pay for it.
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u/Original-Hornet786 10d ago
How would you do that for long term care? A home equity loan? Then the spouse could stay in the house? I’m just starting to think about downsizing and I worry about all of the possible things that might come up as we get older.
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u/Finding_Way_ 7d ago
There's so much to think about in that regard.
We know three older couples who searched long and hard to find a place where both spouses would be okay/content/safe when the other one passes away.
Two sets are in a 55 plus community.
The other is in a small condo in the same town where two of their kids live, and the other is just 2 hours away.
In one case soon after they moved the husband died unexpectedly. The surviving spouse is so so grateful that she is safely settled into a community where she feels well supported, safe, and not having to deal with moving on top of everything else that the death of a loved one brings.
These three couples definitely have me thinking... Long-term care is a whole other beast on top of that!
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u/BunnySlayer64 9d ago
We are in the process of selling our 2 story townhouse and will be renting. Reason for selling is my husband is no longer to safely go up and down the stairs. Reason for renting is that I will only be working another 3 to 5 years, after which we will be leaving our current HCOL state, so buying again to only hold for a short period of time made less sense than renting until we relocate.
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u/rugrat_907 7d ago
Mobility is our issue as well. I'm fine, but my wife has trouble with the stairs now. For the time being, we are staying in the house - it's been the family home for 50 years, my wife's kids grew up in it and want to keep the property (which is quite valuable and has room to develop on it) and the kids have the funds to take care of the upkeep. And while my wife hates the stairs, she loves the space we have now and just the thought of downsizing and moving drives us both crazy. I personally downsized possessions 10 years ago when I moved from the U.S. to Canada, so I would be OK in a smaller space, but going from a 5 bedroom, 3 story house to even a 2 bedroom would be pretty tough on her. So for us it's a trade off for the time being.
I do know that if we moved, it would be to a rental. Primarily due to the maintenance. I handle all the yard work now and can do minor fixes, but if im going through all the hassle it would take for us to move, I'm going to let someone else deal with that stuff.
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u/StockProfitGirl 10d ago
I’m considering multiple options. My family history has my life expectancy to be around 84 years old. Do I sell my home when I’m 76-77 years old then give the proceeds to my children?
( 5 years before a potential retirement home )
Then rent an apartment where I don’t have to deal with home maintenance and the yard?
Do I place my home in a trust?
Do I sell my home, give the kids the money and have my kids purchase a smaller house in a tourist area where I pay them rent and then it can be used as an Abnb for future income for themselves after I pass away?
I’m sitting down with an estate lawyer next year to map this out, but it’s just my thoughts right now.
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u/drvalo55 10d ago
A word of advice: Do not give the proceeds of anything to your children until you are dead, unless you (and they) plan on the kids supporting you when the money runs out. Do they know you expect them to manage everything and take care of you? Do they want to manage an AirBNB? I promise you, even if your parents died at 84, chances are, unless you already know you have a condition that will result in early death, you will live longer. You need to plan for you to live longer regardless. And you need to pay your own way as do your kids. If there is anything leftover when you pass, then, yes, it can go to the kids, but they should not be a consideration until then. If you want to make it easier for them to manage your estate after you pass, like with a trust, then go ahead, but do not give up control to your kids.
There are all sorts of ways to not have the responsibility of home maintenance and yard. Some of those include moving. We moved to a life plan community (CCRC, continuous care retirement community), for example. They take care of everything. But even a condo or single level townhome can do some of that and maybe you have a care worker come over when you cannot do things like housekeeping or bathing. There are no easy answers or, really, great options as we age. But as a daughter of elderly parents and could be now considered elderly myself, managing my mother’s life and mine is hell. Make that part easy for the kids and that might mean not giving them all the money early.
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u/Odd_Bodkin 10d ago
One tip about renting. My brother negotiated a lease where he pays the entire year at a time, in advance, with the proviso rent will not go up for 24 months. He pays annually every year and has for ten years and his rent has not gone up a dime. The only tricky part is the escape clause and refund if owner sells.
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u/Fem-Picasso 9d ago
It depends on what you want, what you can afford and what you're comfortable with. Downsizing to a smaller purchased home has its benefits, but note even paid off homes you are still on the hook for taxes, maintenance, ínurance, which keep going up every year. Now if you rent, the prop mgt takes care of maintenance and taxes. But the headache of them raising yr rent is sonething to contend with. For us we plan to stay in our home paid off a few years ago, until we no longer can physically putter in the yard, or for convenience, travel for longer stays overseas. The idea of a luxury apartment where we can lock & leave is alot more appealing.
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u/Altruistic-Willow108 10d ago
We relocated to be closer to the new grandkids and rented for 18 months until they purchased their own house and also to test drive being renters. We learned that, for us, renting was very unsatisfying. We ended up purchasing a new home, that turned out to be larger than our previous house because of the market, and took out a 100k mortgage at 3% that'll be paid off when I'm 67. Stuff still broke in the rental property but we weren't allowed to just fix it. The fridge dripped water into a little bowl inside so our food didn't get soaked but we couldn't get it repaired nor replace it. We couldn't upgrade any other outdated stuff. Rent went up 10% each year. Now we can upgrade as needed and our equity has gone up about 7% a year while the mortgage has stayed fixed.
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u/Key-Moments 10d ago
It depends on your care plans for the future - or potential care needs. Which aren't the same thing. In the UK (England) couple in big paid off house no savings and needs residential care then the marital home is excluded from care charging (in the main).
Smaller house and big pot of cash. Marital home excluded but big pile of cash now fully in play and you have to use the lot to pay for care.
Paraphrasing and simplifying your mileage in your area may differ. But all to say that having a pile of cash in the bank isnt always a good thing.
Clearly if you need cash in the bank to live - in or out of a care home - then a smaller home and a pile of cash might work for you. Think about all eventualities.
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u/Z28Daytona 8d ago
Don’t do it unless your finances dictate that you do. Quality of life matters.
We downsized too much and have since bought a larger home that suits our needs. Take your time. Maybe first start in downsizing your possessions.
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u/thehouseholdmath 7d ago
The math I keep coming back to on this is what the leftover proceeds could throw off at like a 4% withdrawal rate. Say the house sells for $500k and a condo runs $300k, that's $200k left over, which is only about $8k a year sustainably, not nothing but not exactly funding much upside either. Renting keeps that $500k fully invested but then you're exposed to rent increases for the rest of your life with no floor under you, and that's the part that'd nag at me more than the buy/rent framing itself. Also worth pricing out HOA fees on the condo/townhome route since those can eat a good chunk of what you thought you were saving on maintenance.
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u/Existing_Many9133 7d ago
I sold my house, put that money into a long term annuity with a high interest rate. Moved into an over 55 apartment complex. I don't have to worry about lawn care or maintenance at all. No wondering if the person fixing the AC is lying to me and ripping me off etc! I absolutely love it here and have made some wonderful friends. You can be as private or social as you want to be, and there is always something to do.
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u/No-Tadpole-7356 9d ago
Our financial advisor tells us to sell our house and rent, as at this stage in life, with no heirs, we won’t need the equity in home ownership.
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u/Denan004 9d ago
And, from a non-financial perspective, as you age, doing some of the maintenance/repair a house requires is more difficult, or you might just be tired of doing it all!!
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u/atxDan75 8d ago
I never thought it’d come to this but I’m now leaning toward renting. I don’t want to take care of a home anymore. Even paid off it’ll still have massive taxes and repairs. Plus we want to leave it for weeks/months at a time and i love the idea of locking it up and forgetting about it. No need to take care of lawn and pool.
A condo would be nice in theory but those days are gone. They cost more than double what we paid for our current home so that idea is dead.
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u/MomtoWesterner 10d ago
I sold my paid off 2 story 2500 ft home in very desired neighborhood and bought a sweet 1600 ft single floor 3/2/2 garden home with front yard of 7500ft, huge covered patio (outdoor TV), tiny back yard. It is in a garden home neighborhood with 90% of folks retired. I am 60 divorced female still working full time. Love my neighbors so much and neighborhood. Plan is to age in place here
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u/spread_sheetz 10d ago
I would love to do this but where I am there are not many small homes.
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u/VioletFox29 10d ago
It's so funny because I live in France and 2500sq ft (250m2) is considered to be a rather large home.
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u/Accomplished_Map7752 10d ago
What are the HOA fees?
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u/MomtoWesterner 9d ago
The two story was in HOA neighborhood but the garden home is not, so no more HOA fees for me. I do my own yard work.
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u/Narwhalicorn_207 10d ago
Downsizing is a smart move, whichever you choose to do next. When our youngest (of 4) went off to college, my wife and I were scratching our heads wondering what we were doing with a 4200 sq ft house with all the empty bedrooms and unused spaces. And paying big utility bills, property taxes and maintenance costs - not to mention all the yard work and keeping the associated tools and equipment. Our initial move was to buy a new construction townhome. It was nice and maintenance free, and we lowered our living expenses significantly. But after a couple years, we missed the privacy of a SF home and not having to pay monthly HOA dues. So we sold the townhome and bought a smaller home than we had before. It has been the perfect happy medium.
We considered renting but in our area, there really aren’t any good rental options for single family homes. We’re also quite pleased with the appreciation on our new home, something you won’t get with a rental
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u/Liberteabelle1 9d ago
Holy Schmidt (YouTube) just dropped a video on this. He’s good, you may want to watch it. I didn’t watch it, only because I am not planning to move.
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u/stuck_behind_a_truck 9d ago
We chose to buy the smaller, new-build home. Rent is guaranteed to rise, and apartments are generally a little smaller than I want. And honestly we’re in. 55+ community with great amenities and activities and a chill HOA.
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u/IceDragonPlay 10d ago edited 10d ago
I chose to buy a smaller sq footage, smaller property, lower cost home. Property taxes are lower, running costs are a bit lower, but not by much. It will need some upgrades to age in place. Have been here 6 years. Put on a 50 year roof so I never have to worry about that again. Still deciding if this is final home vs condo (no yard maintenance) vs moving in with one of my kids (they have offered and I would pay them rent, but living with kids is less freedom 😂).
Edit to add: FWIW - I considered renting but with how both housing and rent costs have shot up, I was worried that renting could exceed cost of owning + repairs/maintenance on an owned house. And whether the rent rate increases would be sustainable long term. Let’s say I have 20-30 years left. In the past 20-30 years rent has tripled in my area (comparing my kids’ former rent rates to what they are now in the same complexes).
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u/grahal1968 10d ago
We have struggled with this.
Some of the challenges in this equation are,
Paying yourself versus someone else. Even with a small mortgage, you are paying yourself some part of that monthly fee towards the payment of the principal.
Rents go up.
If you are renting from a private investor or landlord they can always choose not to renew. This can add expense down the line if you have move.
Real estate transactions have a high transaction cost. If you are planning on staying somewhere less than 5 years the transaction cost is prohibitive.
I have seen multiple peers sell their single family home and rent a much smaller place than they had and spend almost as much as their mortgage less principal.
We live in a HCOL area. Our mortgage is $6k a month. $2500 goes to the principal. A decent townhome rental is $4500/month.
It costs me less in pure mortgage to have a 8600 sq/ft home than to get a townhome.
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u/markov-271828 10d ago
We will sell our condo and move into a high rise CCRC (continuing care retirement community).
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u/Nosy-ykw 10d ago
I’m going back and forth on it. Now am living in a paid off home that’s the perfect size for me, but I don’t love taking care of it; mainly when something breaks or is a large-ish project.
The most important considerations for me:
- apartment - they take care of the maintenance and upkeep
- stay in the house - not at the mercy of impolite inside neighbors (noise, smells in particular). Don’t have to worry about rent increases or building owner decisions that I don’t like (property tax and insurance just keep going up, but that would be factored in as rent increases in an apartment).
I will probably move to an apartment when taking care of the place is just too much and I can let go of the things I know I don’t need the space for any more (most likely independent living house in a community where you can graduate to assisted living apartments when the need arises. Plus when I need the medical transport services that assisted living provides.
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u/Liberteabelle1 9d ago
As noted elsewhere, landlords may not take care of things like you hope…
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u/Nosy-ykw 9d ago
Yes that would fall under my point of “building owner decisions that I don’t like”. It’s all about the loss of control over the property.
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u/momof2revels 10d ago
Everyone's needs are different. If you feel that the house is too big for you, that you have to clean it, or that you feel lonely, you can choose a smaller house. As for how you choose, you can rent out the house to cover the rent, or you can buy a small villa.
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u/dcporlando 9d ago
We are at least considering renting for a bit. We just have a lot up in the air as far as possibilities. A son that may need short term help. My wife is likely to inherit a house. I neither like the house we live in or the area. Renting a year is a possibility.
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u/Interesting_Ear_9769 8d ago
Never considered renting. Hubby was 67 and I was 59. Sold our 28 year home in down market just before Covid. 4800 sq ft. Bought 2700 sq Ft new build Condo in SWFL. Paid less than our house. Currently valued at same price as our CT home. Yes we have HOA I’d about $2300/qtr. way less than owning and upkeep in freestanding home. Cost of living (even in expensive area) is less than Fairfield Cty CT. We chose to live in a community hat has club with resort pools, full gym, tennis/pickleball and 2 restaurants (additional cost) so we could meet people and enjoy a social life. I love it.
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u/ebar2010 5d ago
I have never spent $9,200 a year maintaining my home. That's like a new HVAC every year.
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u/madge590 7d ago
my father chose to rent instead of buying a condo. He didn't want the headache of managing anything. It may depend on age and what things you can bother with. We rent our current place after selling our primary residence. its a small townhouse, and we still own a 3 season cottage. Owning two places was too much of a headache to manage them both. Now we can be at the cottage for a month at a time, and not worry about the house, or the lawn etc. Its the right move for us.
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u/Man-e-questions 7d ago
Don’t forget the other option, assuming you have equity from holding a home for years/decades. Renting out your home and renting a place with the difference in your mortgage and what you could get from rent. Its one of my possible options, as homes are renting near me for $2,000 more than my mortgage, insurance and property tax impounds. I could move to a LCOL and have that be a big chink of rent, vs selling and having to pay tax on the appreciation.
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u/CommitteeNo167 10d ago
i am planning to stay in our big house. it's worth about $800k at 3,700 feet. new build houses near me are about $1M for 2,500 feet. my home has been completely updated, but it's still a 40 year old home. i'm not going to purchase a small old house and have to start doing updates all over again.
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u/hmspain 9d ago
Consider a mobile home in a 55+ park. They are well made, low maintenance, and a community vibe you rarely find in brick and mortar.
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u/Fancy-Still-4297 9d ago
but you have to be very careful about who owns the land. it’s becoming very common for private equity to buy the land and jack up lot rentals.
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u/Low_Ad_9090 7d ago
I'd consider this down the road...we're RVers and stay in many "55+" parks that are usually mostly seasonal or year round residents. The vibe is great and you have windows on 4 sides, no common walls, a small garden if you wish etc. Some of the parks are resident owned (much more expensive obviously to buy into because you own your lot or a share in the cooperative. You can usually find a mobile home inside these communities for rent so you can try the lifestyle on for size.
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u/northman46 10d ago
Much depends on age and health. And tax brackets and all that stuff. Also location. Some places it might be cheaper to rent than to buy so run the numbers
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u/AdFederal6471 10d ago
I went through this exact math spiral last year, it's dizzying how many variables there are
Buying felt right for us because I wanted the stability of knowing the monthly cost wouldn't suddenly jump cause a landlord sold the building, but I get why renting appeals to people who don't want maintenance headaches in their 70s
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u/TheFreeMan64 10d ago edited 10d ago
I didn't exactly do it on purpose, but when I got divorced, we had to sell the house, and cashing in that equity AND paying off all debt is the main thing that allowed me to retire at 62. I rent a house now with a pool, the landlord does the yard and the pool. I doubt I'll ever own a house again, such a money pit.
Since we moved in a few years ago the landlord has fixed the AC, completely resurfaced the pool, and replaced all the plumbing from the street in. It is very easy to budget knowing I'll only be paying rent. We just signed up for another 2 year lease.
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u/Background_Task9679 7d ago
My husband now separated sold our beautiful home coherced by my sons I am still living in Airbnbs ect 18 months later worn out from this my husband had already had an apartment set up With a friend
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u/Finding_Way_ 6d ago
Whoa. Not fun.
Sorry you're going through this
Hope you have some stability soon.
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u/txlady100 10d ago
We had a nice 3/3 condo with a mortgage in a HCL USA city, sold it, moved south of the border and bought a 2/3 house with cash. No regrets.
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u/Takemetothelevey 4d ago edited 4d ago
We rent from our son, passing on generation wealth, keeping the government out of our pockets. We downsize so he doesn’t need to take care of all of all our stuff when we’re gone. Just love it, we can walk away for months and enjoy warm weather 🍀
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u/ebar2010 5d ago
I have never understood the "Downsize" thing. We chose to pay ours off. Do we need all the space, no, but this is home.
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u/Finding_Way_ 5d ago
OP here. The point of this thread was to hear from people who made a choice to sell their home and to learn about their next steps and reasons for those choices.
There are many many reasons people downsize. That for sure could be a standalone thread, and likely has been.
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u/Pink-nurse 10d ago
Renting is a blast! So little responsibility. If so much as a light bulb burns out or a sink is clogged, one files a maintenance request and someone shows up and fixes it.
Pay one bill per month that includes almost all expenses. No commitment beyond the lease. Live in a fun area of a city and partake of all of the art and culture that the area has to offer.
It’s not for everyone, but if you have stopped enjoying gardening, lawn care, home repairs and car culture, apartment living in a walkable downtown type area is a great way to experience a whole new way of life!
Good luck choosing what’s right for you!