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In order to downsize your home, you'll have to sell it and move somewhere new. There are costs associated with this, some more obvious than others. When deciding if downsizing is the right choice for you, it's important to consider all the downsizing costs you may have to deal with. Going over the costs may further convince you that downsizing is the answer, it may make you tweak your plans, or it may make you decide to stay where you are. It's better to discover potential obstacles before jumping into the move.
Repairing or Updating the Home
Often, before someone sells a home, they want to or need to have repairs or updates done on the home to get a greater price for their home. This means you have to spend money before you get or save any, but it's an investment. Like any investment, it must be entered into wisely. How much risk will you put yourself in before you see the rewards? Can you do it?
Here are the changes that may need to be made:
- Repairs are relatively easy to recognize. If something is wrong with the home, you'll have to fix it or sell the home for lower price.
- Adding luxuries, wisely, may raise the price you can get for the home.
- Updating the home to meet modern expectations and tastes helps homeowners get more money for their home.
- To know what homeowners expect today and which luxuries offer a good return on investment, it's best to speak to a realtor for guidance.
If you are afraid, or know, you don't have the money to repair or upgrade the home as needed, don't give up. You can take out equity in the house before listing it to pay for the work. A realtor can connect you with a lender.
Unexpected Downsizing Costs
Make sure to consider moving costs, property taxes, HOA fees, cost of living in the new location, a possible insurance rate increase, association fees for condos, potential storage costs, and potential furniture and appliance purchases. It's easy to forget about things like this when you have exciting things like homes to consider.
Try to imagine a day-in-the-life type of scenario for the new home to consider what it will really cost to live there, including commuting expenses, utility bills, where you'll buy groceries, etc. And always remember you can ask a real estate agent, like Missy Banks, for advice.
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