There comes a time when you will consider downsizing. There will be many different reasons, such as:
Your children have moved out
You do not want to maintain a big house anymore
You want to cut expenses of maintaining a bigger home
You want to move closer to your children
You want to travel more
Physical and age limitations
You want to take advantage of the equity you built and enjoy it
Many other reasons
Sorting Out Things
If you have lived in your current home for 10, 20, 30, or 40 years, chances are you have accumulated a lot of things, or you have old things from your children when they were younger.
There are professionals who could help you sort this out. You do not need to worry about doing it all yourself. These professionals will know
Where Do You Go?
If you have considered selling your home, you have probably thought of where you are moving next.
You could be moving closer to other family members
You could be moving into an assisted-living establishment or
You could be travelling most of the year
Whatever your reasons are, again, there are many professionals who could help you get organized. Do you know there is such as a "transition coach"? They help you figure out what your next step in life is.
When you downsize and buy another home, timing is very important. A strategy will need to be in place to make sure your timing is perfect. Ideally, you would like to move to your new home first before leaving your home, but typically, you need the funds from the sale of your home FIRST to be able to pay for your next home, right?
This is where you will need the help of a mortgage professional because you will need to apply either of bridge financing or a home equity line of credit.
A mortgage professional would be able to discuss options with you.
Ageing in Place
Not everyone wants to move from their home. That is perfectly understandable, especially if maintenance is not a big issue. If you have a rancher and a small yard which does not require a lot of maintenance, it could be your best option to stay.
You could have your home renovated to accommodate your needs. You could talk to a mortgage professional about a Reverse Mortgage or a Home Equity Line of Credit. This makes you take advantage of the equity you already built.
Join us at our seminar: DOWNSIZING AND SELLING YOUR HOME Oct. 29, 2017 | 2:00 - 4:00pm Richmond Public Library (Brighouse Branch)