The word "downsizing" can bring up a variety of meanings, but when it comes to real estate and baby boomers, "downsizing" usually means that your kids have flown the coop and you are now coming to the realization that you don't really need that three car garage anymore. All the soccer, football and hockey equipment is just a pleasant memory of your children's younger years. Not to mention that you finally have hired out the lawn care to the younger bucks in the neighborhood, so you don't need all that space for a mower, a weed wacker or the snow blower.
Alas, the time has come for you to consider a downsize from your 4,000 square feet home into something smaller. I can give you at least three good reasons to think about it right now. Read on and think about if this might be the right time for you.
1. Equity in Your Home is a Competitive Cash Offer: 2016 is a very, VERY good time to sell in the Colorado market and downsize. It is likely that you and your spouse have most (if not all) of your mortgage paid off. That means if you are downsizing, you are in an excellent position to pay cash for a smaller home, which furthermore means you stand a better chance of beating out the competition that you will face in this seller's market.
2. Still Young Enough to Make the Move: If you are resisting the move from your home of 20 years, just remember, that one day, most of us have to move due to the frailty of our ascending age. Isn't it best to move when you can make your own choices and be active in the decision making? Instead of waiting for a possible health crisis, it may be prudent to make this next move independently without being forced into something later.
3. You are Going to Live Longer: The good news is that thanks to today's medical care and better insurance coverage, baby boomers are living longer lives. The bad news is, that you have to pay for that longer life. Downsizing to a smaller home, means fewer expenses on utilities, lawn care and repairs. With a timely downsize, you will be able to stash away more funds to save for your longer years in the future.
I added a few website links below to help you think more about a downsize. At LRA, we have the experience, energy and depth of knowledge to help you find the home that fits your style, budge and location. We are not afraid to ask the difficult questions and negotiate the best terms for your transaction. You can reach me anytime at firstname.lastname@example.org.