ROYAL LEPAGE TEAM REALTY
Is It Time to Downsize? Ask Yourself These 4 Questions First
If you’ve reached the time of life where you are contemplating downsizing your home, the first question to ask, according to this Realto.com post, is what kind of lifestyle do you want after downsizing? By defining how you want to live, you can narrow your search and focus on housing that will meet those requirements.
For example, if you want to escape the bluster of winter and relax on a beach, local climate conditions and geography will drive your hunt. Or, if you like social activities, you would seek active adult communities where you can interact with like-minded people.
The next step is to consider the financials by asking what will you budget look like? After that, ask yourself if you have enough equity in your home to make a profit. If you have enough equity, you can buy your next home outright or bring a sizable down payment on closing day.
Finally, ask if you will be able to find another home that’s affordable in a seller’s market. For those with some financial clout, realtor Debra Whitfield recommends using an equity line of credit on your current home or a home equity conversion mortgage to buy your next home, before selling your current property. That gives you time to find a suitable property instead of being rushed to select whatever happens to be on the market after your house is sold. To read more click here
Royal LePage Team Realty
123 John Street
Arnprior K7S 2N5
The trade marks displayed on this site, including CREA®, MLS®, Multiple Listing Service®, and the associated logos and design marks are owned by the Canadian Real Estate Association. REALTOR® is a trade mark of REALTOR® Canada Inc., a corporation owned by Canadian Real Estate Association and the National Association of REALTORS®. Other trade marks may be owned by real estate boards and other third parties. Nothing contained on this site gives any user the right or license to use any trade mark displayed on this site without the express permission of the owner.©Royal LePage TEAM REALTY
Powered by: WEBKITS
This article was first published on https://www.teamrealty.ca.