The decision to downsize a home is often bittersweet.
Many couples who downsize their homes do so after raising a family. A home might be filled with memories, but downsizing helps save money, and that financial flexibility often allows men and women to more fully enjoy their retirement.
But in spite of the financial impact of downsizing a home, there’s more than just money at stake for homeowners thinking of downsizing their homes. The following are a handful of factors homeowners should consider before downsizing to a smaller home.
The real estate market can be a seller’s friend or foe. Many sellers have a sale price in mind when they decide to sell their home, but the real estate market can be fickle, so homeowners should do their research before putting their home up for sale. Will the current market make it easier for you to get the most for your home, or will you have to settle for less than you prefer? How fast are similar homes in your area selling?
When studying the real estate market, it’s also a good idea to study the market for smaller homes.
If you plan on moving into a condominium but the market is not flush with properties, you might end up paying more than you want to for your new home, which might negate the savings you can expect from downsizing.
When downsizing, many couples realize their current furniture is unlikely to fit into a smaller home.
Downsizing a home is not just about moving into a smaller property.
To ensure you’re making the right decision, many factors must be considered before downsizing.
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