There are mixed reviews when it comes to downsizing your home.? You are an empty nester in a house too big for just the 2 of you and you don?t feel like walking up and down the hill, or mowing the lawn or fixing the roof anymore.? Downsizing is an obvious choice.? But what?s stopping baby boomers from selling a big house to get something smaller and possibly less expensive?
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Lots of baby boomers are not in the position they thought they would be in 10 years ago. Either their 401(k) savings have eroded, or have lost jobs and have been unable to find employment to replace their incomes at the same level. They might be upside down on their mortgages, or have lost so much equity they?re afraid to buy again.
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On the other hand, it could just be too lazy to move.? But you have to realize, there will come a time when your house may not suit your needs.? What happens when your knees go, or your eyesight, causing you to drive less to none at all.? Those thinking about downsizing may consider transit-oriented developments, where public transportation is in proximity to homes, she said. If you?re staying put, know how you?re going to get around to the grocery store or doctor, whether it involves public transportation or assistance from family and friends.
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On the upside,? the recession is letting up and the housing inventory is going down,? said Rolf Pendall, director of the Metropolitan Housing & Communities Policy Center at The Urban Institute. Boomers are ?selling into a market that doesn?t look so terrible compared with a year ago.?
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Retirement Planning | Real Estate Retirement
Source: http://blog.annuitythinktank.com/archives/14201
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