Have you looked forward to the freedom of growing old in your Bethesda family home? Perhaps as retirement approaches, you think now that downsizing is the best option—both financially and for your mobility. There are lots of options here - staying in your current home and living more frugally, moving someplace smaller in the same town or moving to someplace less expensive. Moving from an expensive city to a smaller town like Darnestown can unlock a lot of equity that could fund your retirement plans. Here’s are some considerations for you to evaluate before making any big decisions.
Is it financially worth it?
Most assume that downsizing will generate the best financial return for retirement, but that isn’t always the case. Really look at the numbers to ensure you will receive a true financial benefit before making any decisions. Factor in condo fees, tax differences, decorating and any potential maintenance or repairs to get an accurate estimate of how much you will truly be saving. Some of the new condo communities in downtown Bethesda, like the Lauren, or the Stonehall carry a hefty condo fee which could feel like a mortgage payment. Are you going to use those amenities - or would you rather use that money to travel or help your children buy a home?
Where are you moving?
If you live in the city, you may be considering a move to the country. But if you’ve always been a city person, will you enjoy living somewhere smaller and more pastoral? Make sure you love the community, lifestyle, weather and neighborhood you are planning to move to before you make the move. Many people enjoy living in a college town in retirement because it combines that small town feel with lots of activities such as lectures, concerts, and sports events, all at a fraction of the price of a big time city. My husband took classes at Gettysburg College for several years at no cost at all. He loved the classes and adored Gettysburg.
Think about mobility needs.
If you currently live in a home with many stairs, moving to a bungalow or a condo might be worth considering. Mobility can be a big hurdle with age and staying in a home that requires you to go up and down stairs all day may prove to be a challenge. Many downsizers choose to avoid townhouses for this reason.
Proximity to healthcare and family.
While moving somewhere remote might sound like the life you’ve always dreamed of, does it actually make sense to be far away from all local amenities? Do you want to be far away from a hospital in time of crisis? Will you miss being near family? Will you still be able to drive long distances as you get older.
If you would like to know the value of your home in the DC metro area, please reach out to the Lise Howe Group at 240-401-5577 or email us at Lise@lisehowe.com. If you would like a confidential, no hassles estimate of the current value of your home, just click here!
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