Downsizing is it right for me?
Choosing less space often has to do with a desire to live a simpler, more flexible lifestyle, whether you’re retiring or just want an eco-friendly, low maintenance, lower cost lifestyle.
Are you an empty-nester ready to move into a smaller home in a more urban environment or walkable small town with easy access to restaurants and shopping? Or do you wish to move closer to grown children? Or does necessity require you to downsize, would single level living improve your mobility?
A sizable trend
According to the National Association of Realtors®’ 2015 Home Buyer and Seller Generational Trends Report, if you are 50 years old or older, chances are you are selling your home to downsize.
For younger baby boomers, those born between 1955-1964, the reason to downsize might be that all of their children have moved out, or maybe the home has just become too expensive to maintain.
For older baby boomers (born between 1946-1954) and members of the Silent Generation (between 1925-1945) who are entering or are in retirement, downsizing can help increase a nest egg or decrease the amount of work needed to keep up the home. (by BartH, REAL ESTATE )
What is the next step?
Meet with your neighborhood CRS Realtor.
Determine how much equity you have in your current home with their guidance and expertise. Do you need to sell the home before you find your next home? Is it better to invest your cash in retirement funds or keep a small loan on your next home? Meet with your Lender to determine the best options for your financial security and comfort! Your home Selling/Buying Team will get you to the next phase.
Tina Del Casale
Senior Mortgage Loan Officer /DC Metro Area Mortgage Loan Purchase Specialist at Embrace Home Loans