Is Your Home Too Big Now

Is Your Home Too Big Now

Once the kids are grown, have careers, relationships and get a place of their own, parents find that they may not need their “big” home like they did before. Their lifestyle may have changed and the house just doesn’t “fit” anymore.

Benefits of a smaller home:

• Easier to maintain 

• Lower utilities

• Lower property taxes 

• Lower insurance

• More convenient location

• Convenience of a single level

• Possibly more energy efficient

• Possibly lower maintenance

Moving from a larger home frees equity from the previous home that can be invested for retirement income, purchase a second home, travel, education or just to have a nest egg for unexpected expenses.  The profit on the home, in most cases, will be tax-free up to the exclusion limits set by IRS.

There will be expenses involved in selling a home as well as the purchase of a new home.  These will lower the amount of net proceeds available to invest in the new home.

Like any other big change in life, it is recommended that you take your time to consider the possible alternatives and outcomes.  Your real estate professional can provide information that can be valuable in the discernment process such as what your home is worth, what you will net from a sale as well as alternative properties for your next stage in life.

Author: Lisa Hayden
Phone: 941-730-3102
Dated: March 30th 2015
Views: 705
About Lisa: I am a Michigan native but call Sarasota “Home” for the last 8 plus years and have proven to be ...