Getting Ready to Downsize? Factors to Consider

Reprinted from RIS Media’s Housecall

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By Nancy Kupka, Ph.D., RN

As you age, you may decide that less is more. When you downsize your home, there can be less to pay for, less to take care of and less to worry about. Although the decision sounds simple, there is a lot to consider before you put your current home on the market.

Finances

Depending on where you live and where you intend to live, it may not be financially possible to relocate. For instance, you may have a large house in the Midwest, but a desire to move to a smaller property with an ocean view. There’s a chance you won’t make enough money from the sale of your house to buy a new home without the help of a mortgage.

If you’ve lived in your home for some time and are looking for a newer house, you may not be able to afford the home of your dreams without financing. Even if an even swap is possible between your current and new homes, there may be association fees or higher property taxes that exceed your budget. Be sure that you know the financial details well in advance of the move.

Family Size

As you age and children leave the nest, you may think that you no longer need as much room. But what if the children come home again? The Pew Research Center found that in 2016, 15 percent of millennials were living in their parents’ home. This is nearly double the number of people of the same age group living in their parents’ home in 1964. The job market, college debt and the rising cost of living all contribute to this change. Keep in mind that it may not just be your children moving home—they may also bring their partners and their children.

Location

Location is important for more than just resale value. If you want to travel, or if you want to be easily accessible to friends and relatives, you probably want to live in a town near an airport. Also, give great consideration to the community that you’re interested in moving into. Choose a community that has the resources that are important to you; these may include houses of worship, community centers or public transportation.

If you’re considering a gated community, look into the services offered. You’ll likely want to continue doing activities you enjoy and maybe even find new hobbies. If you love gardening, don’t move to an association that won’t let you plant outside. If you’re a fan of woodworking, some associations have hobby rooms with tools available for you to use. If you’re a card shark, it might be hard to find people to play cards with during the day if most people in your neighborhood are younger and at work.

Layout of the Home

There’s a lot to be said for a two-level house, including privacy and the small dose of exercise one gets from going up and down a flight of stairs. But what seems a minor inconvenience when you’re 55 years old might be a major difficulty when you turn 70. If you decide to get a home with more than one level, choose one with a bathroom on the same floor as your bedroom. Or, look into whether the home can be outfitted with assistive devices, like chair lifts.

Other things to consider include easy access to a washer and dryer, outdoor access and parking.

What You’ll Take With You

If you’re moving from the home where you raised a family, you’ll likely have many things to contend with. You may need to decide what you can live without. Sure, you can take pictures and all of your children’s middle school awards, but are you prepared to let go of other cherished belongings if you move to a smaller home? Give thought to whether you can truly downsize your life and still feel at home.

Finally, realize that if you haven’t found exactly the right setup for your lifestyle, you can always move again. After all, if a home is a person’s castle, shouldn’t you be happy in yours?

About marilynsellshollisterrealestate

I am a native Californian born in Los Angeles and have resided in San Benito County since January 30, 1959. I attended the University of Southern California. I am a licensed Real Estate Broker, license #00409787, active for almost 45 years. I started my career in 1972 and still am totally committed to the highest level of service to my clients. I am currently associated with Intero Real Estate Services. I am Past President of the San Benito Association of Realtors, serving in the role on numerous occasions. I was a Director of the California Association of Realtors for over 18 years, having served on numerous committees. I also served 2 terms representing the California Association of Realtors at the National level, NAR. I am a certified SRES (Senior Real Estate specialist), since 2005. My community involvement has included membership in the Hollister Rotary Club, serving as their first woman President in 2002. In the late 1960's, I became a member of the El Torillo Chapter of Children's Home Society, and served as President, and was also President of the Tri-County Council of CHS, which is today Kinship Center, and I am currently a Senior Active. I am a member of the San Benito Chamber of Commerce. From 2002-2008, I served on the Board of the Hollister Downtown Association and was their President from 2006-2007, and still serve on sub-committees of this organization. And, I am currently serving my 3rd term on the Community Foundation. My record of performance and my reputation have made me who I am in the industry. I am a household name in San Benito County, when you think of Real Estate. My name is recognized not only in Hollister, but in our neighboring counties, Monterey, Santa Cruz and Santa Clara counties. I have been involved in land development, marketed several subdivisions, sold ranches, commercial leasing, bank-owned properties, short sales and own a Property Management Company, Hollister Rental Properties, for more than 35 years. I am proud of my sales record and for the majority of my career I have been in the top 1% of major Real Estate Companies including Van Vleck Realtors, Cornish and Carey, Contempo, Seville-Contempo, Century 21, Coldwell Banker and finally Intero Real Estate services for the last 15 years. Using my skills in negotiating, mediation and transaction closure, during 2010 and 2011, I was involved with the City of Hollister's First Time Home Buyer Down Payment Assistance Program. The program was the City's Redevelopment Agency, under Bill Avera, with the assistance of CJ Valenzuela who was working with the County of San Benito. CHISPA, a non-profit, was responsible for restoring homes to equal to new condition that the City had taken back in foreclosure, or that they had acquired. When the homes were restored, we put them on the Multiple Listing Service and we went out and promoted the City's Down Payment Assistance Program. Buyers were screened and qualified by our preferred lenders. I facilitated workshops for First Time Buyers explaining the programs. I negotiated the contracts for the City of Hollister and with the Buyers. With this program, I closed 2 homes in 2010, and 4 homes in 2011. On a personal note, I am married to Richard Ferreira, a retired General Contractor/Developer. We have a combined family of six daughters, six grandsons and 3 granddaughters. We share commons interests in travel, movies, entertaining, and Richard has picked up my love of cooking. Our spare time is spent with family and enjoying our grandchildren.
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