Perhaps you’ve lived in a rather upscale 3,000 sq. ft. home over the years, and now your children are grown, leaving you and your spouse rambling around in a home that’s bigger than you need. For many, it makes sense to downsize to a smaller home, but it’s important to ask yourself a few questions before you jump in with both feet. Our DFW real estate professionals want to help you make certain you’re making the right move.
What’s your current lifestyle, and what do you want to do in the coming years? Many people look forward to the day when they can do less work and deal with less maintenance on their homes and landscapes, while spending more time enjoying life. Do you prefer to live in a quiet country setting, or in the city where you’re close to neighbors, your doctor, shopping, restaurants, etc.? If traveling is something you’ve dreamed of, you may even prefer to buy two smaller homes; one as your primary residence, and the other a small vacation home you can enjoy whenever you want. It all depends on how much you get for your larger home, and your financial situation, which brings us to…
Are you prepared for retirement in a financial sense? Downsizing can make a substantial difference in how much money you’ll have stashed away in 20 or 30 years if your retirement savings currently doesn’t make you feel all that comfortable. Imagine if, by downsizing, you could reduce your monthly mortgage payment by $400 or $500 and put that savings in the bank. You would be financially secure, come retirement time!
It’s also important to know how much equity you have in your home; something your real estate agent can help you with so that you have the information you need to make a smart choice for yourself and your family when it comes to downsizing.
There is a lot to think about when it comes to selling a spacious home and buying a smaller residence, or even a vacation home. Give it careful thought, and let the experts at Team Nelson help you with all of your North Texas real estate buying and selling needs!