Simplify, Simplify: The Ins and Outs
of Downsizing a Home
home equity articles and tips
Downsizing your home can free you from the large time and cost commitment of a large house that you no longer need. Downsizing can be a step forward as it offers numerous benefits, such as reduced utility costs, less upkeep and maintenance. On the other hand, it can impact both your estate planning and pension. Therefore, it is important to carefully plan your move. With that in mind, here are the most important ins and outs of downsizing.
Identify Your Needs
Before you begin looking for a new home, figure out what your needs are. Make sure that you can be sure that your new home will meet your needs now and in the future. Do you want to have the same luxuries that you have in your current house, such as granite countertops, stainless steel appliances or a large kitchen? What kind of lifestyle do you want? Are you active? If so, you might want to consider an active-adult community that offers plenty of activities for seniors. What are your future needs? Do you have a chronic illness that will likely result in impaired mobility in the future, such as arthritis? Although it may not be debilitating now, you might want to consider aging-in-place amenities to help you stay in your home should your condition change in the future. Aging in place amenities include things like open floor plans, wider doors and first-floor bathrooms.
Give Yourself Plenty of Time
When it comes to downsizing your home, give yourself plenty of time to find the perfect home. Taking your time when it comes to downsizing will help you avoid getting stuck with a house that does not meet your expectations or a community that does not offer the amenities that you want.
Get Professional Help
Selling a home that you have lived in for 40 years can be emotional. Regardless of this, It is important to remain logical and rational when it comes to selling your home and buying a new one. Your real estate is probably your largest asset, therefore, it is important to protect your legal rights and your investment. Therefore, consult with an experienced real estate attorney at a place like Carter West to help you understand the financial and tax implications of selling your current property. In addition, contact an experienced real estate agent, preferably one who has experience in helping clients downsize their home for advice and guidance through this process.
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