We would like to downsize one more time soon ... within next 5 yrs ... to a more aging friendly house. WE like our current house but it has too little storage, lots of stairs to get in and out, plus a steep driveway which is a PITA to deal with in the winter. We want our last house purchase, something that will last us the next 20+ yrs or until a CCRC.
I am 62 and DW is 58. I will retire within 2 yrs and DW is thinking 4-5 yrs.
We are in southern NH and real estate is not cheap where we are. Also, some of the towns we like make our commutes too painful. We still will have to do a mortgage.
So, we have a sort of dilemma. Do we wait 4-5 yrs to retire and then downsize? We'd have more time to plan and get things in order. Our options will also be greater since we no longer have to worry about commuting. Some lower tax towns will now be an option. : )
On the other hand, we'd have to obtain a mortgage when we'll be on a lower, retirement income. How much of a challenge is that??
Also, I worry about interest rates creeping up.
Anyway, we're going back and forth on our strategy and have gotten mixed recommendations from people we know.
Any thoughts from folks who've faced this? words of advice?
Thanks a bunch.