Through the eyes of a downsizer

What was the trigger for you to decide to sell your home and move?  

The first step was selling the family vacation home.  We had gone there for many years when my kids were young.  We as a family realized we were using it less and less over the years.  The grandkids were grown and starting their lives so we made the difficult emotional decision to let it go.    

After going through the emotional work of selling a cherished place making the decision to sell my primary home, which was also my office, became easier.  I now realize if I had made the move sooner,  I would have had the opportunity to start a new practice in NY and I would have also had more time being closer  to my grandchildren as they were growing up. 

Why did you decided to keep and rent out your primary residence?

Mostly financial.  I know Real Estate can be a great investment.  I am able to supplement my income with the rent I receive, and I didn’t have to pay capital gains.  I moved to an area with less expensive housing costs so I was able to buy without selling.  Another factor was the realization the house would most likely be bought and torn down to build something larger.  That part was based on emotion.

How did you choose where to move.

I have two children who live close to where I am now.  They had a large part in making the decision to move.  By being closer to them it helps put their mind at ease.  Of course, we didn’t know we would be living in a pandemic, which would have been even more difficult for them if I had been many hours away.  I also realized, as my friends and colleagues were moving, I had less of a sense of family in DC.  One of the unexpected gifts is realizing all my kids and grandkids are great cooks.  I love being able to share more meals with them.

How did you decide on which house to buy?

I took a few trips up to NY. I originally thought about selling the house in Bethesda and buying a multi family house in NY.  I ended up finding a great single family house with a large lot, which I ultimately ended up buying.   I also wanted a house that needed some work so I can put my personal touch on it.  That also allowed me to keep the Bethesda house as an investment property. I have an added advantage of having a son in law who is a contractor.  I was able to oversee much of the work from a distance because I had someone I trusted in NY.  

What mistakes did you make?

There were a few.  One was I didn’t make many of the hard choices about what to get rid of.  I am having to deal with that now.  It is difficult to separate the item from the memory.  My new house isn’t much smaller, but I probably have one move left in me.  Before I make that move I will need to do a lot more paring down of things.  I am lucky in my kids want some of the items so I can still enjoy them.  I am taking my time and sorting through things now and letting go of more.

Any advice?  Yes listen to the voices in your head-the unconscious thoughts.  When you start thinking about a move start doing some of the work.  Start getting rid of things, doing the work on your house and dreaming about where we want to be.