IS IT TIME TO DOWNSIZE YOUR HOME?

By
Real Estate Broker/Owner with Richard Michaels & Associates LLC 372834

   

Now that the children have moved out, the large home your family needed before is now becoming a big hassle to maintain and no longer economically makes sense.  Maybe you are nearing retirement or are already enjoying the fruits of your labor and it seems that a majority of your time is used in maintaining that over sized home you once needed.  What do you do?  Well, it is still a sellers market and with housing prices roaring back to near all time highs, NOW is the perfect time to consider selling an option.   With a reduced inventory on the market today, you may not have to do all those expensive updates and still be able to get top dollar for your home.  It's a perfect time to sell!

 

    WHERE WILL I GO?

 

    This is a great question and there are as many answers to this as there are people asking it.  As each person has a unique situation.  This ultimately depends on what your individual goals are, but here are some of the most common choices.  Again, this will depend on where you are in life and what you feel best suits your current and future wants and needs.

 

1).  Simply downsize into a smaller home...  You don't mind maintaining your home and landscaping but you also don't want it to be a full time job.  A smaller home especially ranches are the more popular choices, with 1st floor laundry and low maintenance exteriors. To see homes in your area click here.

 

2).  Condo living is best for me!...   This is a very popular choice for retirees as many of them travel in the colder months.  With a condo, you usually have no outside maintenance at all.  Although each association is slightly different under most HOA's you are only responsible for the interior of the home.  Many associations also have nice community features like club houses, pools and events that offer a great way to meet new like minded peers that share the same interests.  To see condos available in your area, click here.

 

3).  Renting...  While this may be a sure way of getting out of any and all maintenance, there are also other factors to consider with this choice.  You may be losing some income tax benefits and also the ability to build equity with this option.  I would recommend contacting you financial advisor on this.  He/She may tell you this option idoes not negatively affect your retirement plans.  As far as living, there are a number of  communities to choose from in just about every area.  With this option you do not have to worry about anything, if an issue comes up, all you have to do is call management.   Some rental communities also have club houses and exercise facilities as well as pools.  Some even have garages. For a list of rental properties in your area, click here.

 

4).  Continuing Care Retirement Communities...  This option has grow rapidly over the past decade.  There are many benefits to CCRC's and each one is priced differently and there are not many to choose from but more are being built.  This option is something you should discuss with your realtor and also your elder law attorney.  To get more information on CCRC's, click here.    And fill out contact information and we will get back with you ASAP!

 

5).  Assisted Living...  This is also a choice that is increasing by numbers yearly.  There are different levels of assisted living and many of these facilities are more like retirement communities.  Many misconceptions still exist and deter some individuals from looking into this as an option when in fact it may be the best choice.  Most of these communities have something going on at all times and it is never hard to find good company.  For more information on Assisted Living Centers in you area, click here.  

Fill out contact info and we will get back with you ASAP!

 

No matter what your choice,  there is one thing that is for certain.  We will help you all the way! 

 

Click Here To See What Your House Is Worth!

 

 

 

 

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Topic:
Home Selling
Location:
Michigan Macomb County
Tags:
selling
retirement
housing
senior citizen
social security
downsizing
assisted living

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Ambassador
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Sharon Paxson
Compass - Newport Beach, CA
Newport Beach Real Estate

There are many people who downsize and these are good considerations for options when downsizing.

Aug 22, 2014 12:48 AM #1
Rainmaker
1,675,919
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

Richard, this is another wonderful read today. Good luck with your next .

Aug 22, 2014 12:50 AM #2
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Richard Michaels

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