Summer seems to brings out questions about simplifying for people who own multiple homes, especially in retirement. Do you sell the lake cabin? sell your primary residence? sell your winter home?
I am working with sellers right now who own a townhouse in the metro area, and have also owned a lake home for many years. They recently bought a home in Arizona and came back to the Twin Cities this spring ready to downsize to two homes instead of three. After heading to the lake and back a couple times they decided they wanted to keep all three… and have now decided it is time to sell the Twin Cities townhouse and downsize to a summer home at the lake and a winter home in the southern sunshine.
This is a common conundrum… which to sell, which to keep? The answer is different for everyone, and change-backs are fairly common. Sometimes people even decide to sell all their current homes and buy something completely new!
Here are some questions to ask yourself about each property…
- Why did you buy it in the first place? Does it match your lifestyle now?
- Does it allow you to age in place?
- If you must make changes, how much will it cost?
- What do you love about it?
- What will you miss if you sell?
- What will you be most happy to say good-bye to?
- Which place(s) make you feel good just being there? Why?
- Which place(s) give you access to the things you want to do and the people you want to be around?
- What is the financial impact of selling each place? Tax implications?
- Is one place easier to sell than another? Have greater appreciation value if you keep it and sell in the future?
- Have you talked to a Realtor for a market analysis and estimated net proceeds for selling each place?
- Which place(s) give you the freedom to do the things you really want to do?
- Do health needs have an implication on any of the locations?
- How important is climate?
- Do family members have an opinion? Does it matter?
- Which place(s) do you most look forward to going to? Why?
Give us a call if you want someone to talk to about it, would like a market analysis… or are ready to make a move!
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