In a world of where there is a preconceived notion that “bigger is better”, most homeowners underestimate or don’t understand the advantages of downsizing to a smaller home. For many soon-to-be retirees and “empty nesters”, their large home is just too much for them to handle. And since the children are gone, downsizing can be viable way to save money and to have a more manageable home.
Are you considering downsizing? Sellers who are considering downsizing, regardless of their reasons for doing so, need to consider the following:
- A smaller mortgage or no mortgage
- Cheaper Taxes
- Cheaper Utilities
- Less MaintenanceRetiring soon; Change in income
Want to live a simpler lifestyle:
Travelling a lot
There are lots of questions to address: Should I sell or should I stay? How do I plan a move like this? Is condo living for me/us? Where do I start? Does it make sense financially? Where do I want to live? What do I do with my stuff?
Unlike earlier generations of retirees, who paid off the mortgage and retired at the family homestead, today’s Baby Boomers are looking to capitalize on home equity to a smaller house or condo or relocating to an area or city where the cost of living is more affordable. Many retirees suffer “sticker shock” when they look at new construction prices on condos and some to get the space they need actually have to pay more for the retirement home/condo than they get from their home sale.Regardless of which strategy you choose, its important to be realistic about what your house may be worth when you retire. Although housing prices have escalated considerably in the past, a variety of factors may cause them to level off or decline. It is important to be ahead of any correction in the market. We can appraise your home and assess the market for you, allowing you to to start planning your move.