What does Refinancing have to do with “Stuff”?! Everything it Seems

With interest rates so low, it seems like it would be a no-brainer to refinance our home.  With retirement looming in the near future, any reduction in expenses would be welcome.  And yet, it took us quite a while to make the decision.  Why?  Because with retirement comes questions like:  Do we stay in a four-story townhouse or move to something smaller that we can stay in for the next 20-30 years?  Will we stay in this area or move somewhere with less traffic, lower cost of living, mountains or water close by?  If we stay in this area, will we stay at least five years to make the closing costs worthwhile?   Do we want a 30 year fixed with lower payments or a 15 year fixed that will be paid off in our lifetime?  The questions kept coming, mostly from me, and mostly without answers.  In the end, we punted.  We’re refinancing for 30 years fixed.  No decision about if or when we’ll move, only that we know we’ll be here for at least a few more years.  Anything past that is up for grabs. 

In spite of the fact that no real decision was made about our future, it did get us thinking.  And my husband even asked me if I wanted to move to something less expensive and smaller.  The caveat, of course, is that we would have to downsize our belongings also and was I ready for that.  Which leads me to a whole new dilemma-am I ready to part with my history, as reflected in my “stuff”. 

Coincidentally, my dad is facing this same issue.  Being a retired engineer, he is very good at making lists.  As a result, he can logically look at the pros and cons of moving from Texas back to Florida where he lived for over 20 years.  Pros:  knows the area well, still has lots of friends there, doctors and lawyers and gyms easy to reestablish, would be able to drive longer because of less traffic and street familiarity.  Cons:  two daughters, two sons-in-law, two grandchildren and two great-grandchildren.  Notice that the cons are all emotional issues.  As is the fact that he would probably move into a smaller home and would have to get rid of “stuff”.  These are things handed down from his family and from my mom’s family.  Things made by my mom who passed away last year.  Mementos from our camping trips when we were kids and souvenirs from the traveling my parents did after we all left home.  How do you calculate the worth of this “stuff” in a pro/con balance sheet? 

Because my dad is having to deal with this issue, I started thinking about it also.  And I realized very quickly that I’m not yet ready to downsize my “stuff”, my history or my life.  So, for the time being, we’ll stay in our four-story townhouse (think of the money I could save on gym fees if I’d just go up and down those stairs ten times a day!) where I can look at the pictures of family, the antiques I’ve collected, the cross-stitching my mother made for me and the other souvenirs of my life.  Perhaps, in time, these will take on less importance, but right now I need to be sure I have room for all of the living I have left to do.