First Gen American asks:
When do you downsize, upsize, etc. When you can no longer afford the house you live in, how long do wait until you make the decision to sell. (Due to a life change..job loss, stay home with kids, etc)
We got nuthin’ for this one. We’ve never been in that situation and never wanting to be in that situation means we haven’t bought as much house as we could afford or bought a house at all and we’ve always had lots of money in the bank.
So yeah, we’re not the people to answer this question.
The people we know who have been in this situation have generally not made the decision to sell at all– just the decision to short-sell or foreclose when forced. On the internet, we’ve seen people take in housemates to help pay the rent, though IRL I don’t really know of this happening. People we know tend to upsize over time and only downsize when their kids go to college or they get divorced.
It’s a good reason to live under your means and to lifestyle inflate slower than you can afford to!
I have definitely moved, but not for can’t-afford-it reasons.
I got a bigger place when my partner joined me in Blasted Place after three years there alone; my place was fine for me but wouldn’t have been enough room for the two of us. We downsized when we moved to Paradise because Paradise is expensive.
Yeah, when moving across country we’ve sometimes moved into smaller but more expensive places (see: our current rental). But we’ve never sold a house!
Once again, does the grumpy nation have a better response than our poor one? It must…