upping my debt to downgrade

[albireo13]

Well, we are selling our big-a$$ clown house to downgrade to a modern house, half the size, closer to the ocean.
The cost is the same but it is modern, very efficient, and better quality.  Our life style should improve dramatically
(not married to house work each weekend).  However, with the realtor fees, closing costs, and moving expenses we are actually taking a step backwards in terms of debt.  It's amazing how much the financial "blowflies" start swarming whenever a real estate transaction takes place!

  I feel like it's the right thing but, I was hoping to reduce our mortgage.  I will never have the house paid off by retirement time but,
we should be ok.

[zephyr911]

This doesn't sound like a downgrade, just a downsize. Everything about it sounds better, aside from the cost. And it should pay you back over time in reduced energy cost, maintenance cost, time savings, etc....

[albireo13]

Yes, actually it is a downsize.
I expect our quality of life will improve .... less room area to furnish and keep clean and heat, more efficient heat and insulation, lower maintenance, smaller yard, no in-ground pool to run, etc.

  Our monthly "burn rate" should drop quite a bit.  Plus, it is a good opportunity to start fresh, with reduced services (cable TV, land line phone, etc).

Being over 60 yo now, I am looking forward to my weekends freeing up from yard and house maintenance.  More local travelling and activities (biking, hiking, etc).

[zephyr911]

Oh, I forgot to mention, I did this about 18 months ago and we love damn near everything about it. Most of us habitually grab way more space than we need, and all it does is increase our burden in terms of time, energy, and money.