Reply to starting to think downsizing to a townhouse not worth it

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[quote=Anonymous]Is it possible you're underestimating the value of your home? Or are you thinking of moving to a much more expensive location? I'm in the DC/Baltimore area (Anne Arundel County, MD), in a house also roughly worth $1.2M (new construction 5 yrs ago, about 4000 sq ft). There are a lot of townhouses in the $400-700k range near me. Even if I look in more upscale areas (downtown Annapolis, near the water, newer townhomes) there are still options around $700k. Yes, I can find townhomes up to $2M or more, but these are either waterfront or the renovated historic rowhomes. Most of these townhomes are 1400-2000 sq ft, so half of less the size of our current home, but have at least 3BR/2BA.   Would you have an option to stay in your current area but in a smaller home? There are older (1960s era) ranch homes in my neighborhood around 2000 sq ft that would sell in the $600-800k. There's enough of an upside to a smaller home in our neighborhood that we'd consider that move. Even with renovations we could likely downsize and pocket about $300-400k.[/quote]

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