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 property taxes
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: 681 About Lisa: I am a Michigan native but call Sarasota “Home” for the last 8 plus years and have proven to be ...
View our latest blog posts in your RSS reader. Click here to access.
One sentence says it all: "Working from sign up till sign down...." We provide the best possible service to our clients with respect to buying or selling real estate, marketing, advertising, follow-up and negotiating the sale or purchase of your dream home.
"Your most memorable moment
Spending the day with her looking at rentals and how well we clicked with each other regarding my wants and needs! Michaela is definitely an asset to your firm.
Michaela Sanchez is definitely the go to woman for listings in Sarasota/Bradenton. Personality plus and very professional, caring and knows her job well! Penny Schroeder