👴🏡👵 When Should I Downsize in Retirement? (AARP Article)

[Winter2025VA]

FROM THE ARTICLE.

Is Now a Bad Time to Downsize?

Consider these pros and cons before moving to a smaller home in today’s market.

By Cameron Huddleston, AARP. Published July 23, 2025.

Downsizing to a smaller home, condominium or apartment shortly before or in retirement can reduce your housing costs, free up cash and lessen the burden of home maintenance. But many older adults aren’t eager to move.

A May survey by real estate company Redfin found that 1 in 3 boomers who own their homes say they’ll never sell. Another 30 percent said they don’t plan to sell within the next decade.

USE THE LINK BELOW TO READ THE ARTICLE.

https://www.aarp.org/money/personal-finance/downsize-home-in-retirement.html

[Winter2025VA]

[Tuesday 11/4/25]

(1) Did YOU downsize when you retired?

(2) Do YOU plan on downsizing?

(3) Any CHALLENGES with doing this?

(4) Any TIPS to share?

Take care,

Nicole  ‌‌‌‌👴‌‌‌‌‌‌‌‌👵‌‌‌‌  (Retirement Forum)

[Winter2025VA]

Alot if us "retirees" would like to AGE IN PLACE. And that is okay IF where we are will be SAFE for us as WE AGE.

Personally, I "downsized" to a cute Studio Apt in the hills of Virginia while I FIGURE OUT moving back to Sunny Florida.

NOT in a hurry as I do enjoy my "hill" & 4 seasons.

[1] Did you downsize in your Retirement or would like to?

[2] What IF any "challenges" did you face?

*** The challenge for me once I "relocate" back to Florida will be allowing my only child to kind of be my boss./lol

I get an earful when she checks on me here in Virginia from Florida. Going to be "interesting" when I am NOT too far from her. That is my "rock" & reason to live.

Take care,

Nicole  👴👵  (Retirement Forum)

[nctarheel]

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@Winter2025VA wrote:

Alot if us "retirees" would like to AGE IN PLACE.

NOT in a hurry as I do enjoy my "hill" & 4 seasons.

[1] Did you downsize in your Retirement or would like to?

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As far as AARP'S article is concerned, several of their assumptions are not entirely accurate. With many boomers, a paid off home is their most comfortable financial position. To downsize, in many areas, can expose the senior citizen to having to secure a new mortgage. That would be my situation. I own an older home but to buy a smaller, newer home in my area would cost considerably more than my old home would net me. Interest rates are triple what they were a few years ago.

Their assumption that maintenance costs are less if you rent is unfounded as rental fees have some basis in the cost of maintaining the rental property so even if you rent, you are still paying for maintenance, just not directly. Same goes for property taxes on rental property, that cost is figured into the rental fee the renter charges those that rent.

We are staying in our soon to be 40 year old home, probably until our demise.   

[Winter2025VA]

Thanks for stopping by NC @nctarheel and sounds like you & your wife have made a decision that works for you!!! Take care, Nicole!

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@nctarheel wrote:

As far as AARP'S article is concerned, several of their assumptions are not entirely accurate. With many boomers, a paid off home is their most comfortable financial position. To downsize, in many areas, can expose the senior citizen to having to secure a new mortgage. That would be my situation. I own an older home but to buy a smaller, newer home in my area would cost considerably more than my old home would net me. Interest rates are triple what they were a few years ago.

Their assumption that maintenance costs are less if you rent is unfounded as rental fees have some basis in the cost of maintaining the rental property so even if you rent, you are still paying for maintenance, just not directly. Same goes for property taxes on rental property, that cost is figured into the rental fee the renter charges those that rent.

We are staying in our soon to be 40 year old home, probably until our demise.   

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