Millions of home owners live in large, often multi-story homes they simply don’t need any longer. Their kids are grown and moved out. They don’t enjoy cleaning it. They can’t manage the huge yard. Sound familiar? You may want to look into downsizing your home. But downsizing can be scary, painful, and possibly unprofitable to move…so why bother? If you – or people you know – are thinking about downsizing, here are some questions you should consider.
1. Do you have enough equity in your current home that can buy a smaller home with lower payments…or free and clear? Is it even possible to buy a home with lower payments in your area, given interest rates and prices?
2. Are there desirable single level ranch style homes you would want to move into?
3. Would it be more profitable to move now or wait? By buying smaller now, you may take advantage of lower interest rate, lower prices, and a longer ownership widow for building equity again in the new home. But if you wait, you could gain more equity in your current home. It depends on if the market is rising, falling, or stabilizing.
4. What are your personal pros and cons of buying a condo, townhome or single family patio home?
5. What are the HOAs for a condo/townhouse?
6. What does the HOA include?
7. Is the HOA properly managed and well capitalized?
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