Dear MarketWatch, My husband and I are unsure if we should downsize now or wait for housing prices and our debt to come down.
I would rather not stay in this home without being able to keep up with it and therefore getting less money when we do sell it. Dear Dreaming, It sounds like you and your husband have crossed what some have called the “Freedom Threshold.” The choice of where you live is no longer necessarily dictated by things like family or work obligations, meaning you have the freedom to rethink your living arrangements.
You’re right to be cautious about downsizing. “Downsizing is a very popular concept, but often easier said than done,” said Sean M. Pearson, a financial adviser and associate vice president with Ameriprise Financial based in Pennsylvania. “There is likely not going to be a duplicate of your house, with a few less rooms at a cheaper price in the same neighborhood, much less near all of the fancy shops and restaurants,” he said.
Estimated the home value a few years ago? You might want to recheck first
Pay off your mortgage first. Why keep paying interest when you don’t have to.
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