For today’s Baby Boomer homeowners, quality of life, cultural experiences, and even a room with a view are often must have’s on their list of needs and wants in their next home. If you are considering a move and downsizing appeals to you, there are many things to consider as this move may constitute a major change in your lifestyle.
Downsizing today is hardly what it was in years past. There are so many urban chic destinations, or maybe relaxing rural options that might appeal to you. And if you like variety, you might even be considering two smaller and less expensive homes in separate cities or states, two places with completely different climates and recreational activities.
As you map out your potential plans to downsize, you will likely have many questions and many emotional decisions to make. Some advanced research and time spent in your potential new location(s) can be a great way to try it out. It’s also necessary to examine all of the financial ramifications of this type of move.
Some questions to ask:
- Are you looking to reduce your monthly obligations and maintenance?
- Will you have capital gains ramifications?
- How will the move impact your property taxes?
- What repairs, staging, and moving costs will you face on your current home?
- To have the best negotiating power is it best to sell first and then buy?
This last question, to sell or to buy first, is for many downsizers the toughest decision to make. Because of course if you buy first, you might feel under pressure to sell fast, or you may even end up owning two homes. Yet if you sell first, you might have to move twice and you could even be worried about finding just the perfect home to replace your last residence. To make a decision that is right for you, you may want to contact a team of experts, starting with a real estate agent to help you establish purchase and sales prices and create your downsize blueprint. This team could also include a quality lender if you are financing the next property, possibly a tax attorney, and your real estate agent may also recommend a stager to showcase your home in the best light.
For a completely free and efficient downsize consultation, contact me at 703-795-3959 or Stacy@DreamToHOME.com. Our meeting could be the first step to your new future!