Questions to Consider When Downsizing Your Home
There are many advantages when it comes to downsizing your home. Downsizing can be a great way to right-size your budget. There can be less to pay for, less to take care of and less to worry about. But there is a lot to consider before listing your home for sale.
Questions to ask yourself before putting your home on the market:
- Finances- Does it make sense financially to relocate? If you've under-saved for retirement, downsizing may free up cash from your current house by moving to a property with a smaller mortgage and that is less expensive to maintain. But prices and maintenance costs in coastal or resort areas may exceed the proceeds from the sale of your home.
- Friends and Family- Will your downsized home be large enough to accommodate visiting friends and family? As an empty nester, you may think that you no longer need as much room. But what if the kids come home again...with their own partner or children in tow?
- Location- Do you plan to travel or want to be easily accessible to friends and family? If so you'll likely want to live near an airport. You should also choose a community with resources that are important to you such as houses of worship, community centers, outdoor recreation, educational opportunities, or public transportation.
- Property Features - What are your wants and needs? Beyond your basic needs, it is important to determine what property features are most important to you. For example, if you are considering a townhome or other multi-level residence it should, at a minimum, have a bathroom on the same floor as the master (or if it can be outfitted with assistive devices should the need arise).
- Housing Options- Thinking of a gated, active adult, or resort-style community? Be sure to evaluate several neighborhoods or communities before asking your agent to zero in on listings. Once you have identified your favorites, research the services and activities offered as well as rules and regulations that may restrict activities you enjoy.
- Your Stuff- Are you prepared to let go of personal items if you move to a smaller home? Consider whether you can truly downsize your life and still feel at home.
Looking to downsize and redirect that extra cash? Click here for an instant home value estimate.
Contact Eric Slifkin to buy or sell a home on the Treasure Coast.
Eric Slifkin, a Broker Associate, is the founder of the Slifkin Team at Keller Williams Realty. Eric and his team of experienced agents serve South Florida and the Treasure Coast, including greater Stuart, Port Saint Lucie, and the Palm Beaches.