For those whose lives are in transition
ALL OF US ARE IN CONSTANT TRANSITION IN OUR LIVES.
Practically every day we transition from on phase of our lives to another. Over the next few postings I would like to discuss the Real Estate Transitions that affect our lives. From Renter to Home Owner. From First Time Buyer with a starter home to subsequent moves – Up to a larger home, and then up to a luxury home. Finally we become an “Empty Nester” with a too big home.Today we are going to start backwards, and discuss the empty nester’s transition.
This can be a great opportunity to Sell Your Too-Big Home for a Great Big Profit,” and Cash-In Your Old Home’s Equity For A New, Easier Lifestyle.
Are you an empty nester who needs a new home for the future? Is it time to downsize or to move into another home more suitable for your retirement years? Here are some tell-tale signs:
- Your current home is too large for your lifestyle. You may want to move to a smaller home.
- You are retired and your income is lower than it was during your prime working years. You may want or need to sell your current home and move to one with a smaller mortgage,or use the equity in this home to buy a home for cash and have no rent payments. If you have used a home equity loan, selling the home could give you welcome cash to eliminate those payments.
- As you approach your golden years, you may wish is to have a home in an adult community with activities you like golf, tennis, or socializing with seniors during your leisure time.
- Changing in the capital gains tax law means you don’t have to buy a larger, more expensive home in order to avoid a hefty tax bill on your home sale profits. Today, couples can move down and exclude up to $500,000 in home sale profits – $250,000 for singles without having to but another home. Even better, homeowners can shelter the profits on the sale of a home as often as once every two years.
Getting It Sold
Once you have decided to sell and move, take critical look at your current home. Even the best-maintained homes begin to show age. Before you list your home for sale, be sure it’s in move-in condition. Make needed repairs and replacements so the home will show at it’s best. Remember, homes that sell faster and for top dollar show like a model home, and are merchandised like a model. How does your home compare with other homes for sale, including new homes? Do you want to undergo major renovations, or would you prefer to make price concessions to help your home compete?
Here are some specific questions to ask yourself:
- Are kitchen appliances up to date and in good working order?
- Does the kitchen have popular features like a microwave, and island?
- Up-to-date homes often have a master bedroom suite. Does yours?
- Does the master bathroom have a spa or soaking tub or dual-shower heads?
- Do you have a home office? Is telephone wiring adequate to support an office phone, computer modem, fax machine?
- Have you built any additions a deck, patio, carport, sunroom without first obtaining a building permit or without passing inspection?
- Do carpets and tile need to be replaced? Will a professional cleaning make them look like new?
- What do the walls look like? Do they suffer from puppy-bite or kitty-scratch? Should old, tired wallpaper be removed? Do walls or woodwork need repainting?
- Can you make closets and counters look larger? Are there items you can pack away and do without until after you move?
- Are shrubs and trees neat and does the yard look well-kept and attractive?
- How does your home compare to others currently for sale now? What can you do to make it say— Buy Me!!
Price is one answer. If you’ve owned your home for years, chance are good you have some serious equity. Perhaps you can afford to be flexible on price in order to get it sold. After all, to get the best possible sale today, a home must be in tip-top shape in every way: price, condition, terms and exposure. That’s where we come in.
Give us a call. We would love to help you to evaluate the PRO’s and CON’s of of your particular situation. You need to consider that the equity in your home can represent a portion of your retirement income.
