Reply to At what age you should downsize?

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[quote=Anonymous]We’re in CA where many homes are one story and if you’ve lived in it more than 6 years has a ton of equity. Ideally, I would love to downsize from our 3000 square foot house in a top school district to a 1800- 2000 square foot house in a more walkable and less family/school focused area.

1. We have over the past five years replaced most everything..kitchen, bathrooms, floors refinished, painted, roof, electrical, hvac etc. I really don’t want to jump back into this. As we’re not flippers, I know things were done up to code and done well. Even if we buy a remodeled house that looks turn key, it’s likely a flipper or developer cut a bunch of corners. My favorite are houses in Berkeley or the areas adjacent in Oakland. Full house beautifully remodeled….but never closed their permits, never addressed the foundation etc.

2. Realtor fees. Watching realtors take 5% of a $4M sale for doing nothing is too hard to stomach.

3. Cap gains. If we own the house until we die, the kids don’t pay cap gains.[/quote]

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