There’s a huge generational shift taking place in the housing market. As many owners are “empty-nesters,” some are seeing a prime opportunity to sell at higher prices while simultaneously downsizing. Are you one of them?
If you’re in the market to downsize, consider all factors involved in selling and moving:
- Are you being too rash, too quickly? Empty-nesters should take time to get a true feel for whether they want to move. Just because your children have moved out doesn’t mean you should leave right away too. If you eventually decide to sell and downsize, then prioritize your “must haves” with respect to your belongings.
- How do you want to live going forward? There are many short-term and long-term options that may cater to your lifestyle. How do you want to spend your time? Are you into hobbies, passions, outside or inside work, or just a simple life at home? Will you be hosting family members? Is this an in-between house or a full-retirement house? How are you planning your living arrangements around long-term goals?
- Consider the conveniences of the property. Give physical conveniences, aging, and property maintenance some hard thought regarding the home you move to. No one is getting any younger. Consider a home that offers easy mobility, low maintenance, safety and a peaceful lifestyle.
- Selling your property – Capitalize on your current home’s equity and appeal as much as possible when you list it. This means making some renovations to your house to attract good offers. Selective and targeted upgrades can do wonders for eager buyers.
- Budget scenarios. With downsizing, you should envision two or three different financial pathways you could be setting yourself up for. It all depends on your finances, lifestyle, decisions and other factors. Have a plan for different monthly/annual budgets going forward.
- Consider property taxes. Where you move to (city/county and state/geographic location), combined with your property’s house and lot size, will determine whether you pay more or less each year compared to the current home you are selling. Be prepared for any scenario and give yourself some financial slack.
Remember: downsizing is supposed to give you peace of mind and simplify your life. If the process accomplishes this goal, you are meeting your vision. Have patience during the process — and look forward to the end results!