You could talk to an agent in your area, but just be aware it's in their best interest for you to sell. I don't think anyone can really tell you the best thing to do, but here's what I would consider:

1. Financials - run the numbers on what you think you'd get for your house as is, and look for some houses that appeal to you. If there's a big difference in prices, I would really think about that. Would you need to take on a new 30 year mortgage? Real estate transactions are also expensive between agent fees and closing costs. Your property tax might increase as well.

2. Layout - is it single story? Stairs can be a big concern for some people as they age.

3. Size - I know you have kids who have recently left or will be leaving soon. Is the house too big for you to live alone? Factor in the effort to keep it clean, utility costs to heat and cool rooms that no one uses.

4. A newer house will be updated and will probably be less expensive to maintain as most new appliances are very energy efficient. But you'll lose out on the established neighborhood feel. And a yard can be easily and inexpensively hired out if that becomes a concern.

5. What kind of things are you talking about that need fixing? If it's cosmetic, like bathroom or kitchen updates, or new flooring, you can do them, enjoy it and then possibly get your money back upon selling. However, if major things are going like the AC or the roof, that's another thing. Keep in mind if you sell with big issues that aren't fixed, or with seriously outdated features, you are going to see that reflected in the price.

Agreed I want everything paid off if possible especially the house. We have a lot of expensive stuff that needs to be done to the house soon, like a new roof, painting exterior areas and replace some of the original wood siding, new windows, re leveling the back yard. Just stuff that is time to do. We considered selling this place and buying a country place but would definitely pay it off completely at purchase because I don't want to owe anyone. Those things will have to be done on this house either way. Once he retires we can make that decision.

There are so many variables, it's hard to give a one size fits all answer. But some comments/questions you may want to ask yourself as you process the decision:

1. If you are close to paying off your current home, would you have enough equity/value in the current home so that when you sell for a new home you could come close to paying the new home off as well? Or perhaps with the help of a shorter-than-usual mortgage - say 7 or 10 years? I would not get into a 30 year mortgage during retirement, but if you could swing a short term loan on your retirement income, it may be something to consider. It doesn't have to be an "all or nothing" proposition.

2. Would you get a fair price for your current home without making any of those fixes before listing it? You might attract some flippers or first time buyers who don't mind the challenge of a renovation, but you're likely to draw very low offers because of that. And, therefore, you may ultimately make some repairs to the home anyway just to make it marketable.

3. A new home doesn't necessarily mean no maintenance/costs. You might get lucky and not have to make any major repairs for 10-15 years, or you may still face an occasional leaky roof, a broken hot water heater, etc.

4. I, too, am a dog lover. I have four. I would be very careful about selecting a retirement home based on my dogs' needs rather than my own. If you are active, dogs enjoy walks and trips to the dog park as much as they do, if not more, just lying around a back yard. Most dogs are just happy to be with their pack. Mine spend most of the time indoors and only play outside 1-2 hours per day. They could get by in a smaller yard if they had to.

5. If you decide to stay in your current home, would you be up to spending some of your newly free time working in your yard to make it more self-caring? You could implement some aspects of Xeriscaping that wouldn't require daily maintenance but still give you and your dog the larger yard you enjoy.

6. I think there is A LOT to be said for being in a neighborhood you like and in an area where the homes are not on top of each other. I value my privacy and it sounds like you do, too. All things being equal, I would choose the more private neighborhood every time.

Hope this gets you thinking and helps with your decision.

I think what is important varies with the individual. I sold my home with a big back yard several years ago and bought a small home with a tiny yard and now have a yard service for the non garden areas. I even considered a condo but the yard service helped, I do not want to spend time on the yard although I love working in my small garden.

Another thing to think about is the economic climate. Right now, for instance, Houston area home sales are up. If you wait five years, you cannot necessarily count on the same sort of market.

I think you are wise to review your needs and preferences now. For me, the older I get, the less interested I am in working in home and yard with the exception of the gardens.

Kathleen, make a couple of lists, aka Ann Landers recommendation. Keep and fix plus all the likes and dislikes

then make one for a possible new house, pro and cons

now, really way the differences to see which is the better option.

Or

I know, you don't really like your neighbors. I know, there are quite a few things you don't like about your house, I know the kids are gone, and you can go smaller.

If you can go new, it doesn't really mean, all will be honky dorry... there could also be neighbor problems, yard issues, and this or that you overlooked.

and don't worry about space when the kids come to visit. I have a small 2 bedroom 1 bathroom house, and it works, when my daughter, son in law and the 2 kids come to visit. in fact, they prefer to stay here over going to her dad's, where there is LOTS of space and two rooms for them to use.

good luck in what ever you decide.

Moni

Good luck! What I would do is, leave my current house alone and wait until the market is on a good upswing, sell it, and buy another house (personal note, if it was me and I was retiring, I'd buy smaller and easier to take care of. The point of retiring is relaxing!). No point in making changes, because no two people have the same tastes. Just keep your hopes, wishes, energy, and decisions into your new place. As long as everything is running along fine.

I only know what I'd do for me. Personally, I would like the security of a paid off house. If I felt the neighborhood wasn't going to go down in the next twenty years, I'd stay. I'd start remodeling to make the place into what I want ...hardwood floors and other things for that particular house. As mentioned, you can make the yard more user friendly and get rid of a lot of the maintenance by xeriscaping and making some other changes.

No question that I would fix up the house and enjoy the heck out of my home, yard, and neighborhood. In a few years, we will hire a lawn care service plus a real gardener, if necessary.

It seems folly to me to move until I absolutely have to.

Thanks for all the replies. I'm just afraid all the changes I want will be more than the house is worth. Like tearing off the sunroom and building a patio or deck in it's place. All the fixtures in the house need replacing, lights and faucets. Countertops need replacing. I'd like new cabinets too. The flooring all needs to be fixed. Will probably need a new roof soon. My appliances are very old, over 20 years old now. My heating bill is outrageous in the Winter for such a small house, about 1400 sq ft. I probably could use better windows and doors. I know I want to change the front door. It goes on and on.

Hmm, those are a lot of repairs. I'm sure you know how much a new kitchen alone can run. You'll get some of it back when you sell, but comps in your area will only support a certain price. People won't pay much more than other similarly sized houses in the area are going for, even with nice upgrades.

If you have the cash to do those repairs, you might be better off selling and buying a new, energy efficient home and putting more money down. If you were planning on financing these repairs and home improvements, the interest rate on a loan might be higher than a mortgage.

First off....new homes, especially tract are not well built and altho it's all new they use cheap faucets, pressed siding and so forth. Your older home may not be well insulated, needs a new furnace, new flooring, new kitchen "and" baths. You need to make a list of what you'd gain and what you'd lose if you gave up your current home.

Definitely have your home paid for when you retire, even if it means down sizing.

It is certainly ideal to not have a mortgage when you retire. I bought my home when I moved to Iowa 9 years ago. I retired two years later. My mortgage will not be paid off in my lifetime but it is no larger than rent would be. I have a two bedroom one bath home that is 960 sq ft. I am now refinancing for the second time in order to lower my payments. I have put new windows in, replaced the carpet, bought a new stove and fridge that I like. This was all done over time. My son the painter, painted most of the interior when I moved in and has painted the rest of it over time. He repainted my living room this year because I got tired of the color. I also replaced the back door for an energy efficient one. My son used one of the new deck restoring paints to make my tired looking back deck look new. The appraiser was here a couple of days ago for the refinance and was very impressed by what I had done to the house. This summer I am replacing my front porch and steps. After that I will get the laundry moved to the main floor (it is in my unfinished basement). I just do these things as I have the money. I wouldn't want to move because I enjoy no having common walls and I have a large dog and 3 cats. My pets are all indoors. My advice would be to get some estimates from contractors or handymen that come recommended to you. Do one thing at a time as you have the money. By the time you retire you will be happy with your home.

"the changes I want will be more than the house is worth."

This comment really answers the question - the least expensive way to upgrade your living space would be for you to sell this house and buy something newer.

I think the trumpets that sound when people start talking about pre-retirement mortgage payoffs are unfounded. With today's low money rates, needlessly putting cash into a non-income producing hole in the ground makes no sense. You own 100% of your home's appreciation with or without a mortgage, why not free up the funds for conservative investments that can easily return more than the money costs to borrow? In other words, rather than have additional equity of $100K in your house, have a $100K mortgage and invest that cash in something else.

Especially for those with pensions. kathsgarden, haven't you said you're a VA nurse? Sacrificing to pay down a mortgage, as if that were some golden objective everyone needs to do, really makes no sense for retirees with an adequate income stream.

When my husband died 8 years ago, my house was already paid for. I took out a home equity line of credit and spent quite a bit of money updating the house. I got a new roof, new windows, redid the kitchen and bathroom and also spent money on landscaping. I continued to live there and really enjoyed it for five more years when I finally decided it was time to move on. I had found a condo that I really liked and could picture myself living in. So I sold the house and bought the condo and have been very happy with my decision. You just have to be ready to make the move and have an alternate plan in place. Just because this worked for me doesn't mean it will work for you. Good luck whatever you decide.

Agree, there's no one size fits all...here's what we did.

We bought (new) a typical tract house in 1984. Everything was cheap builder grade. After 25 years of kids and college, we finally had the $ to redo the kitchen and baths which were all shot. Even though we have plans to sell in the next 5 years or so we went ahead with renovating. I couldn't stand looking at junk anymore and without making the improvements it would sell as a fixer upper. We could have picked out cheaper finishes, but I didn't want to settle in case we decided to stay put once we both retired. I am happy we did the renos...I'm no longer depressed when I walk in the door looking at junky cabinets, tile, etc. And the house should sell more quickly if we do sell.

The original plan was for me to work another two years to pay off the mortgage, but I was so miserable at work, I decided to retire in December. We ended up selling some stock to pay off the mortgage. Because we paid off the mortgage, so far we are able to live just as well, if not better, on DH's salary and my small pension. Now we think we will be able to defer my SS until DH retires in a few years. And we should be able to recoup the $ we used to pay off the mortgage.

Unless you're wealthy or have a hefty 401K, I would definitely recommend not having a mortgage...it is so freeing not having years of payments hanging over your head.

Now that I am retired, I am grateful that my little house is paid off. I did lots of fix ups over the years. Still, my neighbors are very close and I often wish for more privacy. I think the next stop,for me will be the old folks home. Hope to,put that off as long as possible. I just don't want to be a nuisance to my son. My very old mother is still in n her house. My life would be easier if she would move out.

So many things for you to consider and only you can make the decision that will work for you. First....in my case...was health. I needed a handicapped assessable house...no steps, walk-in shower, etc...so I chose to sell, move, and build. What is your age? Do you live alone? Consider your finances...if you sell, can you get out enough out it to buy another one out-right, or would you have a mortgage?

If you love your present home, yard, and neighborhood, start to do some up-grading over the next several years...it will not only increase value, but you can enjoy your surroundings while you live there. If you get to the place where you are not able to do the yard work, hire someone to do it. I have a large yard and pay $35 a week during mowing season.

As someone else mentioned....make yourself a list of pros and cons of each option...take your time. Life changes all the time....what seems like the right answer now, could be all wrong tomorrow. Good luck in your decision.

I have a huge house and yard and it's just me and one old dog. I really love my house and it's location but what I really want is a almost tiny house. I think about 500 sq would be about right. I have soooo much stuff now I seriously need to downsize. I have been looking at Park Model homes and some of them are really nice and cozy. I would want one that does not look like an RV. I could use the extra money to travel and it would take no time to clean.

I thought that might happen recently when DD and SIL were looking at a place with 25 acres. I could have put my tiny house there but they decided not to buy the place. It was a great house except the bedrooms were tiny and the master bath was almost too small to turn around in.

I moved to Alabama to be near them and my Grandchildren. I am 3 miles from them now and that works well so I don't want to be far. I keep one or more of the kids when the others have activities that don't include everyone. If I had my tiny house on their property I could help with the garden, farm animals, etc.

I'd say if you aren't happy where you are do just enough to make your current house saleable and buy something else.

Oh, and 3 years ago I still enjoyed working in my garden. I'm not as excited about it now. Things change.

From the extensive list, it sounds as if you have been deferring regular maintenance for a long time. Fixture and faucet replacement can generally be planned in stages, so that you can take advantage of sales and other opportunities to lower costs. Depending upon how high end your tastes run, especially in relation to the value of the home, they can help with the visual appeal of your home, whether you sell or stay. New fixtures, paint, and things along that line can have a large impact in relation to the financial outlay.

Have the roof checked and plan on doing that repair before it begins to leak, or you will be limiting your available companies and increasing the expense. The sunroom to deck conversion should wait until you have decided if you plan to stay; that is an expensive item that will be for your enjoyment and probably won't get a large return percentage on investment. If you want mid-grade or lower appliances, you should consider replacing the appliances during sales periods and enjoy them for the five years before sale, or beyond if you stay.

A full kitchen remodel is expensive, and probably should be carefully considered before undertaking. When our kitchen remodel budget got eaten by an unexpected event, a DIY refresh of the 45yo kitchen became the best that could be done for now. For under $1000 we painted, put in a backsplash, gel-stained the cabinets and replaced the hardware, got all new lighting and "designer" outlets, and repurposed a piece of furniture into a dual microwave & toaster cabinet to free up counters space. For the cost, it made a huge difference! Yet we won't feel bad tearing it out when we eventually remodel, since it cost so little. Maybe your kitchen is a candidate for a refresh to get you by until you decide what you want to do. At least it would spread out the expenses and remodel disruption a bit.

Think big! You have more choices than just whether to remodel or sell. You could sell and rent, investing the proceeds. You might want to live in another location -- another town or state, not just a newer house or new neighborhood.

Your desire for privacy and list of needed renovations leads me to think you could move out, tear the house down, and build new. (You wouldn't have a crew underfoot for a year, and you'd have ALL new that would be free of heavy maintenance for ten years.) I don't know if your neighborhood values support this. You should talk to a Realtor anyway to avoid over-improving or putting money into projects that will not add value when you do sell -- like the sunroom demo with patio replacement.

Dogs don't need big yards. They need exercise. (Walks, games of 'fetch', dog parks.) The first home we bought was a small ranch on a quarter acre with a fenced back yard. The seller had a German Shepherd. There was a beaten path circling the back of the house. The dog spent his days indoors or *looking in*. Our Westie has a big yard. He seldom runs around in it unless we are out there with him.

In retirement, we sold our 'starter home' (of over 30 years) and bought a teardown on a nice lot in another town. We moved into our all new house in 2001. It's one story; hardwood flooring or tile throughout; three-foot-wide doors throughout; lever handsets; tight as a drum. Last year we had to replace a water heater. (Pretty good maintenance-free run, and I'm bracing for the change from that!)

BTW, if you are selling and buying in the same market, the "high" and the "low" of that market will apply to both ends of the deal.

Lots to think about. I went to a retirement seminar last Fall and this week got the results of a personalized retirement analysis from one of the people who was there giving a presentation. I feel so much better about my retirement than I did before. Even knowing that I can probably pay my mortgage after retirement, not sure I want to do that. I want to be able to travel before I'm too old and tired to want to travel.

Kath, I think you are on the right track. I think security is one of the most important thing we can have. We may have to give up somethings we want, but in my opinion it's well worth it.

Some things to consider that I haven't seen mentioned yet, cost to move can be significant. New houses are more expensive than the price you're told, generally. Most people I've talked to who built new found out the hard way that things like locks on the windows are optional extras, and so on. As mentioned, new houses, unless custom built, will normally have builder grade everything. 10 year roof, cheap faucets, plumbing fixtures and lighting. If you want to upgrade, figure quite a bit more than retail at the DIY store. Also they might not build it the way you want. For instance, a friend couldn't get the builder to install an ADA height toilet. So that would have required installing it himself or hiring someone else. More money. Appliances? If they come with, which seldom they do, they'll be cheap ones so plan on replacing in 5-10 years. And if they're not included/specified you could spend $1000 on them or $20,000 on them, depending on tastes. Figure that into the bill too. Unless you spend some major money on the new place, you might just defer your expenses for 5-10 years and be in the same boat you are now. If you put the roof on now, (which you might need to in order to sell it anyway), it should be good for 20-30 years or more.

Now for other considerations, are there concerns as far as medical services, shopping, emergency or the like? You know what you have, will it be more expensive in a new place? If so, it's an added cost. My point is to be careful to consider all items in making your decision. Heat costs are high for you now, but insulating should help significantly and you might even get some assistance if you qualify. Some other costs could outweigh the heating savings. Don't forget about taxes, assessments, HOA fees and other incidentals. If the new place has a public sidewalk you probably have to maintain that, additional effort or expense.

Personally, I would like to move. And soon. But there's a real comfort in having no house payment. Ideally I could move to an area where I could buy/sell with pocketing money, but that's not as easy as it would have been a while back. And a built house most likely wouldn't have the cripple-compatibility & conveniences I'd want so there's expenses there. Buying a modular, even customized would have issues. There's other benefits to living where I do. Problem is, being crippled up makes everything more difficult. So I hire mowing, shoveling and a lot of the maintenance. Would still have to do that at a different place though.

Lots to consider. Good luck!

Just curious, have you shopped any new homes in your area? It's been my experience that new homes are very pricey! I guess it all depends on where you live but the different between new and older homes where we live is quite substantial! We can buy an older home for $70,000 but a new home would probably be around $200,000 to $300,000! Maybe where you live, it's not that bad or maybe that price doesn't scare you like it does me! HA!

Here's another choice rather than buying a new home, what about shopping the real estate market and finding a home in your neighborhood that is all fixed up and doesn't need a bunch of work done to it?

Talking about tearing down a sunroom and building a patio sounds like a large expense to me, maybe $20,000? Also if a certain style patio is something important to you, chance are you would still have to build this patio even if you buy a new home.

Yes, I've looked at new homes in Lexington, the nearest big city. The one I work in. Awful, cheaply built things, crammed right into each other. Some of them you can barely get a lawnmower between. I know property taxes are higher there than here. The home for the same size would be more expensive. I haven't looked at new homes here in my town yet, other than driving by them. There are some cute "Craftman-style" homes near me in a new tiny subdivision. But I don't like the tray ceilings in them and open kitchen/living rooms. I love the bathrooms in them and the way the outside of the homes look. They're a little bigger than my house and about 5 years old. Not sure if they're still building them or not. I haven't driven through there in a while. That's one problem I noticed when looking at new homes. None of them have a separate livingroom and kitchen they're all open concept which I hate. Tall (cold) ceilings. Another thing I hate. If I stay here the sunroom has to go. I despise letting the dogs in and out in the wintertime. Especially when the stupid doors freeze out there and I have to find one that's working to let them out.

You've gotten lots of great advice and I think the bottom line is you got to do what makes YOU happy!! I'm doing my traveling now while I'm still working and letting my company pay for it...When I retire I don't plan to go anywhere unless its to see family!! I will have traveled for well over 45 years...I've seen more in my life than the average folks and I just want hubster and I to sit back...enjoy the doggies and grandkid (s) and love life!

Brand new is almost always more expensive -- for houses as well as cars. Buying a newer home from its' first owner may be less expensive, and the house may come 'settled', with some wrinkles ironed out and some upgrades and landscaping.

I'd encourage you to look at the big picture before starting to improve your existing house bit by bit. Decide if you want to keep the house or move. Understand the difference between easing your frustrations with things like the sunroom doors and making improvements that will help you sell faster or for a higher price. How about just investing in one working door for your pets for now?

Look at the 'sold' prices of homes in your neighborhood to get an idea what yours is worth. You can probably do that online with zillow or trulia. Might your value be primarily in the lot? Does your tax assessment break out the 'improvement' (the house) from the land? You wouldn't want to put money into a house unless a buyer will pay more for what you've done -- or unless you plan to stay there a long time.

While there are people who don't like 'open plan' homes, more buyers do like them. That's why builders build them! LOL Most homes have the option of a double-height 'great room'...or not. I don't like them, and builder models often show a high ceiling to keep you from noticing how *small* the room really is.

I believe Alberta in the best place to retire, that what my brother says. We recently drove down to Alberta to narrow down on some custom home for my brother. It won’t be wrong if I say investing in Alberta will be worth your money. The place boasts of an educated workforce with diverse skills. The state –of –the –art infrastructure has got people from different region investing here. Luckily I and my brother got a chance to talk to a few. If you ever plan to invest, you can call up home builder in alberta. They can help you with many custom home options.

talk to someone. most banks or credit unions have advisors (thanks be our one at the cu is "free") the monies we would have been paying are going to other places...I don't mind staying where we are. that seems to be the bottom line.

Do you have friends, some of them local ... or friends of friends ... who have faced similar issues, or are considering them, in whose ideas and judgements you have some confidence?

While everyone's situation is different, as has appeared here, you'd likely get some new information, related to your area, which would help as you work toward coming to a decision.

ole joyful ... who, having never owned a home, has almost nil worthwhile/experience-based suggestions to offer