We have shared with you in several of our articles over the last couple of months that we are considering to downsize our home. This would be a move to a local Sedona townhouse only a half mile away and about one third smaller than the space we are in today. Part of the decision has been a struggle for us, trying to decide if we should buy the townhouse, relocate to another city, or simply stay in Sedona in our current home.
Through word of mouth, we found some buyers. Our current home is in sales escrow and the buyers will be residing here in early January. It looks like things are starting to fall into place with timing.
The approach to our decision making has been from both a financial and emotional perspective. Check out these recent posts to understand in real time the challenges we are struggling with in our decision.
I fully realize this should not be considered a struggle because we recognize we have some very nice options. It really is a first world problem in the scheme of things. I am grateful for the opportunity we face in the decision to downsize our home.
The townhouse is an option to downsize our home
I have to admit that synchronicity does play sometimes into our decision-making. The Sedona townhouse we planned to move in to is owned by my in-laws and has had some long-term tenants. Recently the tenants gave the indication they would be relocating out of state within a couple months.
Then the timing really began to work. We took advantage of the tenants being out of town on vacation, asking them for permission to see the place because we were considering buying. Dianne and I let ourselves in after nearly a year of not being inside. The place was full with stuff wall to wall. We felt the place was small and needed too much work.
To say we were underwhelmed would be an understatement, and we both decided not buy it. A couple days later, we told my in-laws that we would be happier living in a single family home.
The last few weeks of November were spent looking on line and working with a realtor to find another home. With an easy 15-minute drive outside of Sedona, the housing costs decrease significantly, enabling us to stretch our dollars much further, so we began searching for a new place to live.
Guess what? We made an offer on our dream home.
Had we lost our minds?
There is a newly constructed community located about 15 miles west of Sedona. Well, when I say new I mean that new home building started about 10 years ago. Most of the phases with the builder are complete with only a handful of lots left to develop. There is an active resale market of existing homes for us to select.
As previously mentioned, our housing dollar goes a long way in this community. Granted we would not be amongst the red rocks and great trails, however we would be in a golf course community with a nice view of the mountains. We could increase the size of our home by 50%, own a home 30 years newer with a more modern design and layout, for the same price of our Sedona home.
This really tempted us. In fact, the builder’s model was for sale and we began Jones’ing for the place. We made a low, but what we felt reasonable offer on the home that has been on the market for over a year. The seller promptly countered back with the same price he had the home listed for 5 months earlier before he increased his price for staging. His counter offer also came with the statement that this was his “final offer”. This all took place last Sunday afternoon after meeting up with some fellow bloggers in Phoenix.
We revisited the aforementioned townhouse to reconsider purchasing
With their December rent payment, the tenants gave their 30-day notice to move out.
The same day we were in Phoenix, the in-laws called to say the tenants moved out that day. They were shocked that the tenants moved so fast after paying a full month of rent earlier that week. They said the place had no damage and was spotlessly clean. We decided to give the place one more look.
This time our tour of the townhouse changed our minds. This surprised both Dianne and I because we seemed so convinced on not buying it a few weeks earlier. We decided to weigh this option again over this last week. We worked on getting some estimates for a couple of remodel projects and began estimating our total cost once the projects would be completed.
After much thought and deliberation, we decided to buy the townhome. We let Dianne’s parents know last night about our decision to purchase.
We are 7 months into the Just One More Year blog experience and things are beginning to happen!
I have had this “just one more year syndrome” for so many years I felt compelled to create a blog talking about this subject and sharing our journey. The housing option was a key component in the decision to leave our jobs that provide our wages. The downsizing of our home will enable us to earmark money to fund our bucket list, replacement costs, and travel plans for years. The timing of the sale of our existing home and the purchase of the townhouse seemed to finally fall into place and fit.
This decision to downsize our home also catapults us to full debt freedom several months sooner than what I felt we could do – even only two months ago. This puts us fully on track from a financial perspective to escape the daily grind from our employers next year.
I appreciate the people who have been following along as we consider these decisions, trying to understand our perspective, real-time as the options have unfolded. We have about three weeks before all of this is final. Things could certainly change. We are keeping our hopes up and our fingers crossed that the sale of our home and the purchase of the townhouse happens as planned.
Are you considering a downsizing option right now? I would love to hear about your decision-making process and justification.