Should We Downsize Now That Our Kids Have Moved out of Our House?
This is a dilemma that many homeowners are faced with today—what to do and where to go. After years of being part of a community and forming great friendships, they are facing a stressful dilemma. Give it all up and move to another town or state, or stay in the neighborhood and buy a smaller house.
We all assume that our kids will live near us, but many of our children are getting jobs in other cities or countries. It may be time to think of your personal objectives and what direction best suits you.
The expenses of owning a large home can often be daunting, especially if the taxes are high. You may be carrying more than one residence and if you are semi-retired you may consider selling so that you can completely retire to benefit from your financial options.
I have come across many circumstances where either the physical condition of people or their limited finances make it challenging to manage the constant maintenance of their home. In most cases, the house loses its luster and appeal and begins looking old and run down, which diminishes the value of your investment.
For those who want to stay in the neighborhood, perhaps you may want to purchase a different style home that offers you better space to suit new needs, or choose a smaller home with better amenities like having a first-floor bedroom and limiting the amount of steps to your front door.
If you have that condo in Florida or in another country, now may be the time to settle in and enjoy better tax benefits. If you want to stay within some proximity to family and friends, you should consider taking an apartment nearby. If you are having these thoughts, consider meeting with an experienced real estate agent who can evaluate your home and help guide you to the next step. As an accomplished real estate agent with over 25 years of experience and as a retired RN, I am adept and skillful in helping my clients make constructive decisions to get their home ready for sale and gently help them through this very sensitive process.
Should I Rent or Buy?
If you are selling your home and not really sure where you want to live, this may be the perfect time to rent and explore other real estate opportunities, or travel a bit while you weigh your options. For those considering a different town, this is a short-term solution before you purchase, as a way to get to know a neighborhood. Long-term rentals do not make financial sense, so the goal should be to purchase. If you do not mind renovating you might even consider rehabilitating a cheaper house and making it your own. Always remember that instead of renting you could be paying off a mortgage and building equity since mortgage rates are at historical lows. Another option that many forget is to consider a two-family home. This could be a great solution on so many levels. The income generated can pay for most or all of your expenses. This would give you the freedom of living in a home with a garden and choosing your tenant or having the option of having a family member live next door and splitting the costs. If you are building a house it may be wise to sell, then rent while your new home is being built so you have the funds for your project. All in all, renting for a time can have some benefits while you move forward to your next purchase.
Who Can I Contact If I Am Relocating?
If you happen to have a trustworthy friend in the neighborhood you desire that could recommend a reliable real estate agent, then that would be a good start. However, due to shifting job changes and relocations of companies, you might be better off working with a an agent in an established company that has its own relocation department that can help you sell and buy. This aspect can benefit you greatly, especially if your company is paying for your expenses to move and absorb the financial expenditures involved in purchasing a new home. It is especially important to work with a company that has an international division that can serve every need. Friedberg Properties is part of Leading Real Estate Companies of the World, the largest relocation network and an affiliate of Christie’s Estates where I work. This kind of expertise offers you an important advantage with the daunting process of having the transaction move seamlessly. It is important to have a real estate agent that you can depend on even after the deal has closed. Many of my referred clients move from other states or countries and call on me for any assistance, even years later, a service which I provide for all my clients.
By Nicole Idler, NJ/NY Associate Broker, Friedberg Properties
