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Planning for Retirement |
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We have owned our current home for 7 years (purchased when home was 10 years old), and we refinanced approximately 5 years ago to a 4.75 % fixed 15 year loan. Our thought is that we are planning wisely for retirement as we will have the home paid off in full by age 50.
Friends have said real estate agents have advised them that you should never stay in your home more than 7-10 years as you begin to lose value and the tax break from the interest as it whittles down. Their advice was to continue to take the equity built and "move up" as you look to retirement so that your return is greater when you do sell your home at retirement age and "downsize." Is this a good idea? |
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First of all, congratulations on a real treasure of a mortgage! You certainly have a winner there.
Your retirement planning sounds very good indeed to me. And I don't agree at all with your friends or their real estate agents. What they're advising is ridiculous and has no basis in economic theory or sound financial planning.
My husband and I have been in our home for more years than I care to say in public, and we have no intention of moving ever, unless we're forced to by health considerations some day.
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Edith
Originally published on November 4, 2007 |
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