The reason for the epic downsizing we undertook last year was we decided to sell our house! After owning the home for 20+ years, we were ready to turn the yard work and maintenance over to someone else. The super hot real estate market helped seal our decision.
The sale of the house was fast and furious. There was a long line of people waiting in the driveway to go through the house (COVID) and we ended up with 20 offers the first weekend, most waiving inspection and contingency. The couple we sold to was able to take much of the furniture and lawn care items we didn’t have a need for.
We found a new rental apartment in our same community, which was essential so our daughter can finish high school. We love our second story view of the sunsets, the beautiful grounds, and heated, underground parking. We are paying a premium for our location right now, but can consider a less expensive community once we are empty-nesters. We were grateful to be renters when severe storms knocked power out for many days last summer while we were on vacation. Had we still had our house, we would have been very concerned for our sump pump.
Most of our neighbors are senior citizens from the surrounding community who also sold their house for easier living. Our building is handicapped accessible which is nice when we have family over with mobility issues.
We had kept detailed records in Quicken the whole time we owned a house, so we had a really good idea of what we were spending in a year for expenses related to home ownership. It would have been financially better to continue to stay in our house, but right now, the benefits of renting and enjoying a new, modern space are worth it to us; of course, we can also (safely) invest the money from the sale of the house. We aren’t sure whether we will stay here long-term, but love the idea that we can relocate with minimal hassle.
Good on you for following your star. When our kids were about 5 and 8, we sold our house so that we could be more flexible. It was critical that we put all the money we weren’t spending on mortgage payments, taxes, and maintenance into investments. But it freed us up to spend half a year in Costa Rica when they were 9 and 12. Years later, after they had left home and I was retiring, we moved out of the city to a smaller community where we could afford a decent house using about 25% of our investment nest egg. So far, we’ve lived and traveled well on the proceeds of the remainder and have no regrets about any of these decisions.
That’s great to hear. I remember the blog posts about your family living in Costa Rica! Years with kids at home go so fast, and having that family time is never something you will regret.
Our new layout works well with a teenager. Her bed and bath are on one side of the common living space and ours is on the other. If she is up late studying we don’t even hear her.
Your situation sounds ideal! It’s inspiring to hear that you’ve come through such big changes with no regrets.
This is the first time in either of our lives when we haven’t lived in a house built in the 30s or 40s. We are enjoying the change up of a modern space.