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Sales Director , Central Alexandria Fazzari 732-559-4213 | alex @ famagazine . com ly surprised by how much the relocation enhanced his quality of life . “ Although the cost of our smaller home was about the same as our larger one ,” he says , “ the overall living experience has been much more enjoyable .”

To be sure , “ quality of life ” can be hard to quantify . Where clients choose to live may involve a complex , emotional minefield . A home that ’ s been occupied for many years is often full of precious memories .

To balance the emotional and financial considerations of moving , many advisors stress the importance of zeroing in on their clients ’ true motivations and goals . Do the clients really need to save money , or is the decision to move more a matter of streamlining their lives ? Do they want to be nearer to children and grandchildren , or perhaps to bask in a warmer climate ?

To be sure , “ quality of life ” can be hard to quantify . Where clients choose to live may involve a complex , emotional minefield .

“ Downsizing a home is really not the right approach ,” says Jason Bottenfield , a managing director at the Park Cities Group at Steward Partners in Dallas . “ Simplifying their household should be the new moniker .”

That simplification can take many forms , he says . To anticipate any infirmities that come with aging , for example , clients might need to leave a two- or three-story house for a single-story home . They may want to leave an old place and go to something built more recently to reduce the potential for broken pipes and other hassles .

Whatever the case , he says , “ you ’ re really just trying to simplify your life with fewer stairs , lower property taxes or less maintenance [ such as ] not having a pool to clean or large square footage to tend .” Single-family homes , he says , are “ not great investments as you get older . The work that goes into them can be burdensome on time or your money .”

If simplifying the client ’ s life is the primary objective , then there is no particular right or wrong time to move , he says . The best time for giving up a family home is “ whenever your plan for life in retirement makes sense to do it .”

DECEMBER 2024 | FINANCIAL ADVISOR MAGAZINE | 59