NEW YORK (TheStreet) — Many Boomers may decide to downsize their large multi-level houses in retirement, while others may hang onto their homes for family gatherings and passing on to children. What's the right move for you?
You might want to stay in your home if …
You have a strong emotional attachment to your home.
A lot of times the decision isn't as much financial as much as it is emotional, says Craig Brimhall, vice president of wealth strategies at Ameriprise Financial.
"People envision their grandkids in the spare bedroom, and that's a very emotional thing. Sure, it makes sense to save money on a home when you can, but if family ties override that, then you may find yourself doing just the opposite of what you said you'd always do," he says.
Leaving a home will always be somewhat bittersweet assuming you have positive memories of years gone by, Brimhall explains.
"Many people have a tough time parting with the family home. If you aren't really fired up about moving into a condo, and financially you aren't being forced to leave, then it's OK to stay put."
You want to leave your home and property to your children.
"If you don't want to let go, your kids probably don't want to let go," Brimhall says. "Even if you're ready to sell, you may find your kids say, 'Don't do it! I want the home!'"
Kids sometimes have surprising opinions about what parents should do in retirement, says Judith Chipps, senior vice president of wealth management at Merrill Lynch.