A big benefit of being a minimalist is that moving is way less stressful

Dr. Delony did a great job of getting the caller from this is a short term math problem to looking at what they want their life to look like in the long term👏🏿👏🏿

No way would I rent if I had a paid for house. Sell and buy something else.

Why the heck would you go from a paid off $500k house to $4k per month in rent?!?

Do not underestimate the sentimental value of the house that has the memory of your family life. The older you get, the emotional welbeing is more important.

Hate when people say waiting for prices to lower sounds so dumb. Renting isn’t the move pal.

They are in an excellent place financially regardless of what they decide to do. If you can easily afford a 4k a month rent, you won at the money game. Just enjoy your retirement, and congrats!

Las Vegas did not come back in 18 months. Most houses here didn't get back to 2008 values until 2016/17.

Buy & Hold. Either way, with a paid off home, you can’t lose… there is flexibility in this situation.

John identified an important first step and I like the simplicity with which Dave restated it.

We did exactly that except in addition to a smaller house also bought a condo on the beach. Emotional attachment to the old home is very strong, four years later I’m still having dreams and flashbacks. Money wise we got exactly same appreciation on a house and a condo combined as had we stayed in our home. The plus is that my husband’s health improved in a new climate, the minus - I miss our home to the point that I’m ready to build one more house in old area on available lot we are still holding. Tough decision for sure but its a great problem to have.

4K a month rent? That's nuts! (for most people)

This couple owns a 5000 sqft home. There is absolutely no reason to stay in it, whether they decide to go to an apartment or buy a smaller house.

Asking your wife to move into a smaller house is going to go over as well as asking her to lose weight to fit into a smaller dress.

benefits of downsizing is cheaper bills too yes yes esp if they are in a high taxed area

I would only downsize if I could pay cash for the new home and pocket about 25% of the new home. No rent.

Dr. Delony nailed this one👌

That's such a great discussion! It also shows how wealth allows you to create that future that you want, it brings you options.

House prices did NOT "snap back" in 18 months in 2008. It took 4-5 years before prices really started going back up to where they were at the peak.

Come to California and live in a tuff shed in someone’s backyard The new American Dream !

This man is having a mid life crisis (nothing wrong with that). He wants to have fun and enjoy life. He’s worked hard for the things that he has. Now it’s time to let loose . I just hope his wife can keep up with his young spirit.

Keep the house and take out a 7-9 month lease (in a luxury spacious apartment) in the trendy area of your choice. See if the hustle and bustle of urban living is really what you want. It may be energizing.....or soul crushing. Give it a trial.

This guy is a cultural icon.Most don’t know it until decades later.Including them.From a Bobby Fischer to a Frank shorter….they change millions of us just by being who they are.He has CERTAINLY altered my brain when it comes to how I exist with money.

well, I wouldn't rent again. I would purchase a condo or a smaller home. Renting is $4k a month on the area, and its money wasted you can just purchase a condo/home for less and its less hassle.

that is insanity to pay 4K a month. My opinion

The wife may want to keep the house, in case their children need to move back home

It's hard to imagine home prices not going down quite a lot. How many times in history have mortgage rates doubled in under 12 months?

Living in a place that’s hopping with activity is different from going and doing things there several times a week. All the activity destroys the peace and quiet for residents. If you rent your house out, it will never be the same. Tenants aren’t going to care for it. Don’t you want grandchildren to come and stay?

"I'm just ready for a change" sounds like he's excited for the next 'new' thing in his life rather than affording something or making money.

I just double and triple checked your timeline for 2008 real estate crash and full recovery took till 2017. In fact it didn't bottom out till 2012! BIG difference from your numbers!!!

I want this problem in the future 🤗

"I'm the tiebreaker" says Uncle Dave 🤣

John is coming into his own. Actually changed Dave’s mind lol didn’t know that was possible

Housing prices in Las Vegas took over 10 years to come back in many newer communities. I know this because I bought a home in 2006. I think all the advice here is spot on I just wanted to mention that Las Vegas was an anomaly given that it was the biggest boom town in the country. Even homes in well established neighborhoods took 5+ years to get their value back.

This is definitely hard thing to get your wife to want to downsize. If you upgrade a woman’s life it’s going to be hard to bring it down.

Dave, in 2019 houses were half the prices they are now... Houses are going to go down, but they aren't going to go way down! You are saying down as another crash where you can get a house for 40k.

100% sell now and buy now. Just be sure to find something that makes you say "heck yes!" and enjoy your new phase of life. :-)

Older people staying in their single family homes longer while the country underbuilds isn't a good combo for the next generation of home buyers

Why not answer the question about letting out the house and moving? That was a good question.

Do not rent your home. 500k in gains will be taxed if you rent it long term AND eventually do sell. Sell or stay.

Sounds like this dudes going to leave his wife

"I'm just ready for a change." is code for something else. Does he want out from under the maintence of the existing home? A smaller yard, no yard? No room for kids to come stay when their Life goes flooey? Does he think he is missing something and is looking for whatever he missed while raising kids & keeping the nose to the grindstone? We hear that he loves the area with the coffeeshops and the restaurants, but does she? Or is she going along hoping this is a phase he will grow out of like he has others? Ready for a change makes me think he's looking for a place to make him happy, when we all know happiness is a state of mind.

From what I understand a new house must be purchased within six months after selling in order for the funds to not be taxed. Maybe she likes her house and doesn’t want to move. Why is he so eager to throw away a good family sized asset that will only appreciate in value? IMO Those hustling and bustling places are nice to visit but I certainly wouldn’t want to live there.

Rationalizing with a women about a house good luck. Life and free will ended for you when you signed the marriage certificate. Those should come with black box warnings. 👰=✂️✂️⚾⚾.

Why doesn't anyone take something like the Caribbean tropical island option in this situation? Why do people have to always be near "family"?

One thing to remember on your current house is it is just a house. Home is where you currently live.

Our kids are grown, there's only two of us, and we live in our big house. So what? The house is paid off, we can have a home theater room, we can remodel, whatever. And we don't have to move.

My husband wants to downsize. I don’t want smaller, and we’re using 90% of our 2000sf house. I’d go to a one level home that’s a similar size, but he is only thinking cost. I appreciate the discussion guidelines.

a senior community would be good, less maintenance and they have things to do in the community

Not true. It went down 25% in 1990 in CA .

can you rent out the extra space currently not using?

Good luck

not goes down is national ... locals can go down based on remote and employer

He didn't say how old he was if he's a young guy or an older guy. Older people yes I can understand they want to sell the house and get something to rent to avoid maintenance, having to remodel the house to fit growing older and rising taxes

It sounds like this caller is a well-rounded guy who has a healthy detachment from his house. It's just a building and it's too big for them, so he wants to move. John and Dave want to turn it into this psychological/emotional thing about "grieving the home" and "picturing your future." Give me a break.

Las Vegas learned nothing from 2008 and is overbuilding again. This time I'll be on the sidelines with 💰

Why not buy a condo & sell the house. Then buy a smaller house and rent the condo.

he is insane $4,000/month

You cannot convince your wife. They are from different planet.

Renting the house and renting the condo just to see what it will be like is the answer. This guy doesn’t need the Ramsey advice.

He's got his mind made up.

Don’t downsize if you want kids, their spouses and grand kids to all come to visit you and host family celebrations/holidays.

They could be foster parents, that way their square footage would be used to the max!

But you can get evicted ! Houses track inflation usually , always “up”.

Does anyone else get the feeling this guy is planning to leave his wife? I have friends that the husband talked them into moving and within a year or two the husband left them. This man sounds more unhappy with his life than with his house!

At the 30 second mark Dave says that Las Vegas snapped back in 18 months? What? Those who bought in the top of the bubble did not see their house appraised at that value for 12-13-14 years. Same in Arizona. It take no effort to see these value charts. Is he really saying that those who paid 500k (for a house that had been 200k just a few years before), then saw that house dip to 22oK,.......then saw it "snap back" to 500 in 18 months? Why doesnt anyone challenge him on this gross error!!?? It's is just not true! No body would have been turning in their keys to the bank if that were true. Anyone can wait out 18 months. It was more like 12 years!!

Rent in the area they want to live and keep the home and rent that out.

Funny how the only downturns happened within the last 20 years. You see, this is the end of a very short empire.

Idk paying 4k in rent sounds stupid for me.

$4000 a month for a rental? Take $4000 in cash and throw it in your BBQ and watch what happens that money is gone. Its the same concept when you rent. When you rent your at the mercy of the landlord telling you what you can and can't do and what you're monthly rent is when you live in a paid for your its yours

Another caller in great $ financial shape looking for a pat on the back.

There’s no convincing. Just do it , we all have free will

Take it from me. Its a pain.

Marry a second wife and you have convinced your first wife that downsizing is no longer needed...:)

Downsize. Won’t regret it.

It cost alot of time and energy along with money to move and set up a home. Having a bigger home to care for and live in includes good physical activity. Men who have not put their time and energy into creating a home might not get it. What are the ages of this couple?

Him: Kids are gone, let's sell asap. Her: Kids are gone, I'm in my feels and memories. Typical men are physical, women are emotional. He needs to give her time to grieve the loss of her kids that she has nurtured and raised in that home. Slow down and take time to nurture and support your wife through this phase of her life instead of pushing her into what you want.

You don’t convince your wife to do anything. You tell her you’re downsizing, downsize, then explain why you downsized. Tf?

Plan to have enough room to have grandkids visit and play.

5000sqft 🤣😂🤣😂🤣 first world problems. We live in the land of plenty and to most it is still not enough. 🤦🏻‍♂️

My family has ecpanded i would need to upsize we were 4 now 11!!

Housing prices will definitely go down. Disagree with Dave on that front

What I got out of this call was - the wife is a status seeker and can’t fathom downsizing and the husband is looking to get extra cash for a sports car and airplane because he’s going through a midlife crisis. Mic 🎤 drop

Took 10 years for property values in the Bay Area to bounce back after 2008 - 2009 mortgage crisis.

Asking a woman to downsize??? LOL Good luck with THAT.

They need to stay where they are. It’s a jungle out there.

36th, 21 May 2022

Gay

Move into a smaller place you will insure you will always be an empty-nester. We will always be looking to move up in house. Always.

Get rid of the wife

Why would any man need permission from his wife to do anything? If your woman doesn't like your leadership she shouldn't even be in the marriage.

Happy wife, happy life.