Should I downsize now???

User Forum Topic
Submitted by treehugger on July 29, 2019 - 9:59pm

We have recently been considering downsizing. Currently have a 3000+sq ft 2 story house, with a pool, on a large lot. One kid gone to college, the other has 1 more year then likely gone.

We are considering selling the big house worth ~$800K, we owe $300k and have 3%interest rate, so $1350 a month + $120 HOA fee.

Struggling with the upkeep of house and considering buying a smaller house in same neighborhood, but things are selling like crazy! Two houses just listed, both ~1600 sq ft first was $619 within a day they raised to $649 and we heard pending with 8 offers the other was $565 and after 1 day pending with multiple offers.....both needed work.

We own a condo and are considering moving into condo temporarily, see if the big house sells, then be ready to jump on a smaller house. Is this foolish to sell my big beautiful totally upgraded house for a smaller home that likely needs work?

Is anybody making predictions on what I will be saying the real estate market is doing a year from now? Is now a good time to buy? What will i think a year from now?

I am going to reach out to HLS to get prequalified and get his input.....Sheldon if you are trolling I need to talk to you!

Submitted by temeculaguy on July 29, 2019 - 11:11pm.

cutting your square feet in half for 181k to 151k in savings doesn't seem worth it to me, especially when you factor the transaction costs. Then there's the property tax recast, since I do not know what you paid for your 800k valued house but if it was less than 650k you'll be paying more in taxes. You might not see any savings. Kids in college come home for breaks and sometimes after college they come back for a spell. Plus once they start families those rooms come in handy when they visit. If you've got one in college and one in high school, it's premature to downsize IMHO, life still may have many variables in store for you.

If you want to go "all in" sell the big house, live in the condo and see what happens. I'm not optimistic that nominal values will fall, I fear inflation will eat that up in the next downturn.

Submitted by scaredyclassic on July 30, 2019 - 7:13am.

Dear treehugger.

Is it just about $ or is it a spiritual/environmental impact type concern.

What upkeep is is too much? A/c? Sweeping?

I feel sometimes our large houses are ecological horrors, collectively. It's not like we are building them. But we are guilty of excess by buying more than we really need.

All this bad environmental impact for walk in closets and unused bedrooms.

Ugh.

But what can I do? Realistically, nothing. My wife wouldnt downsize into a small condo [unless it was on Laguna beach]

my interest rates too low. The payment is right, no HOA, low taxes,

There's nothing else here shed accept.

Plus like tg says I'd probably not come out ahead financially and I'm definitely not doing a big move for no money.

Basically in the immortal acronym of the wu tang clan, C.R.E.A.M.

So i'll just live here with a ridiculous increase in square footage per person per day on average.

I feel bad. But then, that's my way.

Smaller. More efficient. Hard not to fantasize about how beautiful itd be

My a/c is still busted, the savings and guilt assuaging are incredible. Maybe vandalize your own a-c in an easy to fix way for a while..

Bman I'd love a cool tiny little efficient place. With no pool ... landscaping does bysoeoe else

Maybe forego downsizing and get an ebike, if it's bad energy over your carbon footprint, treehuger. A gorgeous mid drive Bosch evoke. I'm gonna go ride it this minute. It's a good way to hug a tree

Scaredy cat, whose own cats kill too m any birds, just like the evil cats in Franzen' s book FREEDOM. Ugh.still. I love my little orange puss.

Submitted by svelte on July 30, 2019 - 9:59am.

I agree dont sell.

We had a similar plan to yours when our kids left, we were going to downsize so we sold. But we ended up buying a bigger house! And we are glad we did. We get visitors often and all the space is handy then.

We have even had kids and grandkids move in temporarily, so all space is used then also. I know some people go smaller just so kids cant come home, but we enjoy being the hub of the family. Our house will be remembered as where all the great memories happened. It makes us happy.

Submitted by Coronita on August 4, 2019 - 7:14pm.

imho.. Don't mess with your primary home. Selling and trying to catch a lower price probably wont workout unless you subscribe to the notion of doomsday housing crash

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.