Magnolia trees are hard to under plant. If you limb it up, don't plant on planting much under it.

Unless it is diseased I wouldn't cut it down. When you say close, how close? As long as it's 9-10 feet away from the foundation you should be fine. A good rule of thumb is that a tree needs about 1 foot of root area for every inch thick its trunk is - so for a 12 inch magnolia (fairly common mature tree), you would need 12 feet clear on each side. In practice, 9 to 10 should be okay as long as there is adequate space on the other side, without roots penetrating.

Although expensive, if you do choose to cut down, perhaps you could relocate? Magnolias are good urban trees and quite hardy.

We have two huge magnolia trees in our front yard that desperately need trimming so we had a company come out for an estimate. While they were out we also had them give us an estimate to cut one of the trees down since it is too close to the house for my comfort and also encroaches on the neighbor's yard. These trees drop leaves all year round so they are beautiful but definitely a pain. We're seriously considering cutting the one down that is too close to the house but feel guilty about getting rid of a perfectly healthy tree. Again, it's very close to the side of the house so I worry about roots in the foundation at some point. But it's also on a slope where it probably sucks up a lot of excess water and it provides shade in the summer. What are your constructive thoughts on getting rid of a tree like this? FWIW, we have plenty of other trees in the yard so this would likely open our yard up significantly. TIA.