When to downsize? When kids leave for college or later?

[Anonymous]

I plan to sell after my daughter goes to college. I won't need a 4-br SFH w/ basement for one person, and the upkeep is a pain. Better to cash out, sell to a family with young kids who'll want the great schools, and buy something smaller and not single family, with little to no yard work.

I'll make sure I get a 2BR so that she can stay during the summers if need be.

[Anonymous]

I would wait until a little after college. Coming home from college to a familiar room was really nice. Now mom is downsized we just visit at hotel rooms.

[Anonymous]

"I would wait until a little after college. Coming home from college to a familiar room was really nice."

+1

[Anonymous]

When the youngest is dropped off for college, the for sale sign is going up. We intend to buy a 2-bed/2-bath condo in the city, so there is room for guests (our two are 7 years apart, and if the older one isn't independent by 25 I will shoot myself), and a vacation home on a lake where we can get together for larger family gatherings. I'm not staying in the GD suburbs one second longer than I have to!

[Anonymous]

Downsize if you want, but then don't expect your kids, their spouses and your grandchildren to want to visit you in your 2 bedroom house. Why not just shut bedrooms off or repurpose them for your needs? Turn a kid's bedroom into your craft room.

[Anonymous]

Can you downsize **within** your current house, at least while your kids are in college? Live within it like it's a two bedroom condo; close off doors to all the excess rooms; get rid of all the stuff you would get rid of if you were moving into a condo. Then you'll be ready to make an easy transition into the condo of your dreams once they're stable?

This. We bought a house that was too big for us from the start (because it was available in our preferred neighborhood at the time). We don't use all of the rooms now, but I think it's cheaper to just stay for a while. Our college son comes home on vacations and will no doubt be here for a while after college.

You can always "job out" the cleaning and the lawn on your house. There are costs associated with moving and your downsized house may not be as cheap as you think. Do a bit of research on that.

All that said, you don't want to wait until you are very elderly (80's) to downsize. My ILs did that and it was horrible.

[Anonymous]

I would also take into consideration your current location when deciding how soon to downsize. For example, if you are currently in a suburban area with a lot of retiring boomers right now and are thinking about moving closer to the city when you downsize, I would do it as soon as possible, since I don't see any way appreciation in your current neighborhood keeps pace with where you're planning to move.

[Anonymous]

Anonymous wrote:When the youngest is dropped off for college, the for sale sign is going up. We intend to buy a 2-bed/2-bath condo in the city, so there is room for guests (our two are 7 years apart, and if the older one isn't independent by 25 I will shoot myself), and a vacation home on a lake where we can get together for larger family gatherings. I'm not staying in the GD suburbs one second longer than I have to!

We have more kids with less spread so that doesn't work. Nor would a lake house-assuming they stay in DC area DE would get usage.

[Anonymous]

Anonymous wrote:Why even downsize? What are the positives?

Getting a place in the city so I don't have to drive anywhere. No 1/3 of an acre that I have to maintain or pay to maintain. No empty bedrooms/basements that I have to pay to heat and cool and clean. More proximity to what I want to do and more money to do it with. Vaction house that I can use for family gatherings and rent out for income the rest of the time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:When the youngest is dropped off for college, the for sale sign is going up. We intend to buy a 2-bed/2-bath condo in the city, so there is room for guests (our two are 7 years apart, and if the older one isn't independent by 25 I will shoot myself), and a vacation home on a lake where we can get together for larger family gatherings. I'm not staying in the GD suburbs one second longer than I have to!

We have more kids with less spread so that doesn't work. Nor would a lake house-assuming they stay in DC area DE would get usage.

Everyone is different. That is my plan. Good luck with yours.

[Anonymous]

Anonymous wrote:Downsize if you want, but then don't expect your kids, their spouses and your grandchildren to want to visit you in your 2 bedroom house. Why not just shut bedrooms off or repurpose them for your needs? Turn a kid's bedroom into your craft room.

Not every two bedroom house has to be small. Seems to me like a 2-bedroom condo with a large living area, a pool, and the city right outside your front door would be fun for kids. And you know, if the kids/grandkids don't like it well, too bad. I'm working my ass off to provide for their education and a great life now. I think by the time I'm 65 I will have earned the right to live how I damn well please.

[Anonymous]

I guess I don't get how having 2 properties will be less hassle. Especially the lake house. My parents had a second house for a while and all they did was maintain it when they went there (or think about that). They finally sold it (even though they had it rented for a while). If you want total freedom, just rent a beach house when you go to the beach.

[Anonymous]

Not every two bedroom house has to be small. Seems to me like a 2-bedroom condo with a large living area, a pool, and the city right outside your front door would be fun for kids. And you know, if the kids/grandkids don't like it well, too bad. I'm working my ass off to provide for their education and a great life now. I think by the time I'm 65 I will have earned the right to live how I damn well please.

+1 I think that once your children are "launched", you should live however you wish. Many condos have guest rooms that can be rented. We always used a condo room rental when visiting our parents. It actually worked well . . . we all had our privacy. And, how often will your kids visit anyway? If they have a place, you can go visit them there. Or you can all take a beach vacation together. I would not sacrifice my lifestyle for the few times that they visit.

[Anonymous]

Anonymous wrote:

Not every two bedroom house has to be small. Seems to me like a 2-bedroom condo with a large living area, a pool, and the city right outside your front door would be fun for kids. And you know, if the kids/grandkids don't like it well, too bad. I'm working my ass off to provide for their education and a great life now. I think by the time I'm 65 I will have earned the right to live how I damn well please.

+1 I think that once your children are "launched", you should live however you wish. Many condos have guest rooms that can be rented. We always used a condo room rental when visiting our parents. It actually worked well . . . we all had our privacy. And, how often will your kids visit anyway? If they have a place, you can go visit them there. Or you can all take a beach vacation together. I would not sacrifice my lifestyle for the few times that they visit.

+1.

[Anonymous]

Anonymous wrote:If you want to downsize, wait a few more years until they find their first stable jobs. A lot of them come back home after college.

A great way to not end up with a boomerang kid is to not have space for them.