Home Sweet Home

 

"Yes, admittedly then it has. But you know something funny? That seldom happens. Aging adults who voluntarily sell and then move to an apartment or old-folks' home are few and far between. In most instances, people die still owning their homes. So, in a way, they haven't benefited from their homes' increased value. Perhaps now that homeowners can exclude most if not all of their gains from taxes rather than having to roll them over to another property, this will begin to change."

Roy's argument was valid. Of Sue's and my eight grandparents, six had died homeowners. And even though my surviving grandmother, the devoted Lions fan, now lives at Heaven's Gate, she still owns her old home.

"What your house is worth, frankly, is of no financial significance whatsoever if you have no intention of ever selling it. That's why many financial experts have noted that home ownership should, in most cases, be part of a financial plan, but it shouldn't be the entire financial plan. On its own, such a plan can't survive. You can't spend your house! Even if you do plan on selling your house later in life and renting or buying a lower-cost accommodation, you certainly don't want to be forced to do so in case you change your mind later. Home ownership must work in conjunction with saving ten percent, building a retirement fund, and being properly insured. Heck, the people I've known, friends of my mother's who've sold their houses and moved to retirement homes, did so at such an advanced age that they couldn't fully enjoy the proceeds of the sale anyway."

"We're not in total agreement here, Roy." This was no surprise, coming from James Murray. "I've known several people who've sold their homes and used the proceeds to augment their retirement income. In addition, the people