RHYS MARTELL  |  financial advisor

Downsizing Your Home For Retirement



I’ve had a lot of clients who either already have downsized their home for retirement or plan to in the near future.


And for obvious reasons. It’s less to take care of and it usually costs less.


But the main reason most people want to downsize is for the money they can pocket. If you can sell your home for 1.5 and buy a smaller one for a million, that’s an extra 500 grand that you can use to help fund your retirement or even wipe out the rest of your mortgage.


Not bad. Makes sense.


But one thing I’ve noticed in nearly every case: while they may downsize, they usually don’t downgrade. In fact, they tend to upgrade because it’ll likely be their home for the next 20-30 years.


Key point: downsizing can make a lot of sense, but it’s very easy to overshoot how much cash you’ll end up with once all the dust settles.

 

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