Question: I recently retired and my husband will retire in several years. We make more than $4,000 monthly together and already own our 1920 home of 1,600 sqft. It's an old-fashion home with space heaters, but in good condition. We have updated much of our home.

My husband wants to sell and I want to remodel rather than have a 150 to -200,000 dollar home and high monthly payments again. Within our area the homes are selling at 60 to $90,000 and I believe that we can sell for $89,000. I want to stay and he wants to sell. What do we do?

Answer: You now have a given monthly income -- but what happens after he retires?

Whether to move or not move is a personal decision. There is no "right" answer other than the one which makes sense for you both.

As a start, compare the finances required for both homes -- have a chart showing monthly mortgage payments, property taxes, property insurance, electric, gas and water. Show your tax write-off with each home as well as your income today and after your husband's retirement.

Then ask who will clean this new and larger home.

Published: November 30, 2007

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