Have you notice the house is a little quieter? While the majority of sellers who downsize do so when they retire, they are also may downsize when they become empty nesters.
Saving money is one of the top reasons why many homebuyers seek a smaller home. When downsizing, often you will save money with a smaller mortgage payment as well as save on maintenance that comes with a larger home. Whatever your reasons for scaling down, you may also be focused on selling for a profit to pay cash for your next home as well as stash some extra money into savings.
When looking for your next “smaller home” there are a few things to consider. First, don’t write off a fixer upper. Depending on how much you sell your home for, you may have the money available to hire a good contractor to improve the look and functionality of a bargain home.
Second, reconsider a paying for the new home in cash. Instead of using home profits to pay for your new home outright, allocate a large amount for the down payment and take out a small mortgage for the remainder. By doing this, it will give you the liquid flexibility of cash in your financial plan as you get settled in your new home.
Finally, how about try before you buy. In other words, if you are considering moving to your dream location, or to a smaller home why not rent a much smaller space to help you determine the ideal size and exact place to buy your new home, before making a large investment.
Downsizing has many advantages and if you are considering the possibility of downsizing, I will be happy to give you FREE Value Analysis of your current home or give me a call today (801) 628-1116.