If you’re over the age of 50, you’ll probably want to start thinking about downsizing. Perhaps your kids are grown up and off to college, and it’s time to think about the next stage in your life.
Downsizing is a topic I discuss with people all the time, and the first thing you need to know is where you’ll go. I’d say that three out of every five sellers I currently work with are moving out of state or renting, and one of the reasons why is they can’t find the housing they’re looking for. There aren’t a lot of great downsizing options on the North Shore. This is why you have to start looking for homes early and know what you’re looking for.
For example, there aren’t a lot of large ranches in maintenance-free communities because they take up a lot of space. If you do find one of these properties in a maintenance-free community, it will be very expensive. When it comes to downsizing, something usually has to give in terms of what you want in a home.
Next, think about how you’ll sell your home. Millennial buyers are different than the buyers that were around when I bought my home. They look at things differently, and their priorities are not your priorities. You have to consider the fact that you’ll have to target your house to a whole new market and understand that demographic.
By and large, millennials want homes to look move-in ready. They’re not willing to take on many projects; they’d rather have everything updated. This is why, no matter what your downsizing timeline is, you need to talk to an agent sooner rather than later so that you understand your new target market. Where should you spend your money (and where shouldn’t you)?
If you’re serious about downsizing the right way, I’m hosting a seminar that will cover this topic in-depth on January 29 at my office. Sellers who’ve attended my previous seminars found it very informative because I offer all of my insight, whether you hire me as your agent or not. At this seminar, I’ll go over the downsizing process step by step, so if you’re, say, five years away from actually downsizing, I highly recommend attending. Space is limited, so use this link to register now and find out the rest of the details.
If you can’t make it but you have more questions about this topic, feel free to call or email me. I’d love to speak with you.