When people sell their homes, one in four buy a less expensive place for a simpler, more affordable life. But baby boomers in the past appeared more reluctant to make that big step. Until Now....
What’s was keeping the take-to-the-highway Woodstock generation stuck, until recently? Lots of factors were making it difficult, some practical and some psychological, but the decision to downsize can be a good one. Now that you are ready to take the next step, here are six steps on how to make the most of less house:
1. Start by dreaming a bit. And think of different scenarios. What matters most? Will you trade low cost for convenience? Do you want the city? A rural life? Beach life? Don’t lock in on one target too soon.
2. The whole process of moving can take a long time. Start slimming down as soon as you can. It can be a good mental exercise, too. “Storage is one of the biggest issues.” Check your overstuffed bookshelves first. Do you still need those dusty college texts?
3. Home equity is critical for downsizing. The National Association of Realtors estimates that 80 percent of boomers own homes, and longtime homeowners are more likely to have equity.
4. Consider real estate agents that have great Internet presence. Use a trusted Senior Real Estate Specialist (SRES) who really understands the downsizing options that makes this easier for you. Make your home look its best, from the curb and online. Homebuying has moved to the Internet. Anyone buying a home today, will know a lot about your property before they first walk through the door.
5. Make a detailed plan based on monthly payments. The savings will come largely from lowering your monthly mortgage payments by using cash from selling your existing home. Other savings can come from reduced property taxes, maintenance and utilities. A detailed, fact-based plan can eliminate future costs.
6. Scout locations as the final step. This is the fun part. With everything else taken care of, you can turn those dreams into reality. Do you want to be close to the beach, 55+ Active Adult Community, condo on the golf course, the choices are endless. Give us a call today start this next journey! As a Senior Real Estate Specialist we have to tools, knowledge and excitement to help you find your next perfect home.