Things to Think about before Downsizing Your Home
Millions of homeowners live in large, often multi-story homes they simply don’t need any longer. Their kids are grown and moved out. They don’t enjoy cleaning it. They can’t manage the huge yard. But it can be scary, painful, and possibly unprofitable to move…so why bother? If you—or people you know—are thinking about downsizing, here are some questions to consider.
- Do you have enough equity in your current home that you can buy a smaller home with lower payments…or free and clear? Is it even possible to buy a home with lower payments in your area, given interest rates and prices?
- Are there desirable single level homes you would want to move into? If you don’t know, start your search on this website, or call me for help.
- Would it be more profitable to move now or wait? By buying smaller now, you may take advantage of lower interest rates, lower prices, and a longer ownership window for building equity again in the new home. But if you wait, you could gain more equity in your current home. It depends on if the market is rising, falling, or stabilizing.
If you, or someone you know lives in a home that’s too large now, please call me at 512-464-1211 to discuss the pros and cons—and costs—of moving.