Downsizing when all the kids move out

[olderthandirt]

I'm debating on whether downsizing once all the girls are gone next year is a good idea. I have a mortgage but only about five years left on it. I'm just not sure what I'd do with such a big house when I'm on my own.

 

[On The Mark]

Downsize the house itself when the mortgage is up. Many people in that position sell and then buy a smaller home. That, or you can rent out a room and take that income to pay off the mortgage faster.

 

[CHenne]

I would wait until the mortgage is paid. You can sell then and use the entire selling price towards a new smaller home. This way your kids will still have a place to come back to after and during college.

 

[Andersson]

It depends what you really need. Is there a chance any of the kids will move back? How is the market in your area? If you can keep it and sell for a good rate once it is paid off, do it.

 

[Alfy]

Once you know the children are not moving back I would downsize to a smaller house. That way you will hopefully have extra money from the sale to buy the new house and save for retirement.

 

[popsmcnitt]

If the kids are not moving back then there is no sense in having a large house unless you plan on starting a new family. It is fairly difficult to sell a house at the price that you desire considering how the rough market. I might list it for sale but only let it go if you can get the price that you want but also have another home waiting in the wings. It's a tough thing to time just right. What are you looking to downsize to? A ranch style home? A condominium?

 

[jason]

I'm debating on whether downsizing once all the girls are gone next year is a good idea. I have a mortgage but only about five years left on it. I'm just not sure what I'd do with such a big house when I'm on my own.

If I was by myself I would buy land and less house. The time spent in a house is a lot less then time spent outside. But my wife is the opposite. The harder part is the mortgage. Right now rates are pretty darn low. So it could be good. Five years from now who knows. Then again my father talks about rates in the high teens low twenties in his time. So it is all on how you look at it.