Mike,
I don’t understand why you so readily blew off the first option, downsizing. I think that option should appeal to many people, and if applicable, may be the best choice. Six years ago, my wife and I downsized from suburban Chicago to suburban Phoenix. We went from a real estate tax of $23,000 per year on a 4300 sq ft home to a real estate tax of $4,000 per year on a 2350 sq ft home. Our home in Illinois did not appreciate much since 2007, but our home in AZ has appreciated by over 50% since purchase. I get to golf twice a week all year round instead of golfing only half of the year in Illinois! We moved into an active retirement community, and we have more friends now than when we lived in the Chicago area. Yes, it gets hot in the desert in the summer, but that is when we like to travel. For us, leaving family was not an issue since we have one daughter in Brooklyn and the other in CA. Our lifestyle has markedly improved since we downsized! Not to mention that it is nice to get rid of all that crap that accumulates in your basement!
Comments
Mike, I don’t understand why you so readily blew off the first option, downsizing. I think that option should appeal to many people, and if applicable, may be the best choice. Six years ago, my wife and I downsized from suburban Chicago to suburban Phoenix. We went from a real estate tax of $23,000 per year on a 4300 sq ft home to a real estate tax of $4,000 per year on a 2350 sq ft home. Our home in Illinois did not appreciate much since 2007, but our home in AZ has appreciated by over 50% since purchase. I get to golf twice a week all year round instead of golfing only half of the year in Illinois! We moved into an active retirement community, and we have more friends now than when we lived in the Chicago area. Yes, it gets hot in the desert in the summer, but that is when we like to travel. For us, leaving family was not an issue since we have one daughter in Brooklyn and the other in CA. Our lifestyle has markedly improved since we downsized! Not to mention that it is nice to get rid of all that crap that accumulates in your basement!
Post: Home Rich Cash Poor
Link to comment from July 1, 2022