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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It make zero sense to downsize for many.

My neighbor bought his 6,3000 house in 1975 for $150,000 irbid now worth 1.8 million.

With 500k exemption he would owe taxes in 1.15 million at capital gains rate and state tax be like 300k. Plus 120k realtor fee/moving costs. Then where would he go?

The house is only 2,100 sf per floor. He renovated main level to add huge master suite with bathroom. He rarely goes upstairs or downstairs.

He is already 85 and still perfect health. He does keep his house up, new roof, window painting, lawn service. He has lived there 50 years so has a guy for everything. He would lose that too if he moves

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The better play is to put the home in a trust and let one family live and raise their kids in it full time. Grandpa either buys or rents a nice new construction condo. [/quote]

I have a 4000 sf home and plan on living in it as long as possible.  I could never live in a condo.  It is all one sprawling level, very conducive to senior life. I will be an ornamental hermit in my neighborhood.

I don’t want my kids to feel tied to this area.  They are always welcome, but their careers could take them anywhere.  Pushing them to take over the family home would probably not be welcomed by my future DILs (I have boys).  I don’t want to be THAT kind of MIL.[/quote]

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