Sigarms
Super Member
Had a somewhat serious discussion with the wife about selling our home to downsize in the future.
This will be a major pain in the butt process.
Wife is looking at retiring in the next 5 years or so, and that is when we no longer want to be in our current home. Me, I just love to work and will probably do so for another 10 years.
This has been the only home I've ever bought. Would be my wife's second as she bought when she moved to NC and I rented. House is WAY to big for us now that we are empty nesters, and it gets harder and harder to keep up with the work around the place on either of our ends.
Thought process is to get a paid evaluation on the home in the market place, what recommended work needs to be looked for a quicker sale vs increasing the value of the home and plan on that work over the next 5 years.
Looking at the rate of inflation from when we bought the house and seeing what's in the market now, given the house and property size, I'm thinking that should not be a problem.
Then the question becomes do we buy land and build new, or look around in the meantime to see if something appears that we could buy?
House and land is paid off, and if we were to buy, we could pretty much afford 20% down or buy a couple of acres with the plan to building a smaller house.
Here is the key question... if you're looking at selling your home in 5 years, exactly when do you start the process and plan? Reality is real estate market could be completely different in another 5 years and I'm kind of scratching my head on exactly where to start and when.
Just looking from advice from people who have been down this road.
Thanks!
This will be a major pain in the butt process.
Wife is looking at retiring in the next 5 years or so, and that is when we no longer want to be in our current home. Me, I just love to work and will probably do so for another 10 years.
This has been the only home I've ever bought. Would be my wife's second as she bought when she moved to NC and I rented. House is WAY to big for us now that we are empty nesters, and it gets harder and harder to keep up with the work around the place on either of our ends.
Thought process is to get a paid evaluation on the home in the market place, what recommended work needs to be looked for a quicker sale vs increasing the value of the home and plan on that work over the next 5 years.
Looking at the rate of inflation from when we bought the house and seeing what's in the market now, given the house and property size, I'm thinking that should not be a problem.
Then the question becomes do we buy land and build new, or look around in the meantime to see if something appears that we could buy?
House and land is paid off, and if we were to buy, we could pretty much afford 20% down or buy a couple of acres with the plan to building a smaller house.
Here is the key question... if you're looking at selling your home in 5 years, exactly when do you start the process and plan? Reality is real estate market could be completely different in another 5 years and I'm kind of scratching my head on exactly where to start and when.
Just looking from advice from people who have been down this road.
Thanks!