People who want to downsize in the North Shore may encounter a number of issues with doing so. Why? Well, many of these people currently live in decently large, Colonial-style homes, and would prefer something similar when the time comes to downsize. This means they probably won’t be interested in a tiny condo without a view.
Unfortunately, there is very limited inventory in our market right now that suits the needs of these kinds of people. Many such buyers have a large portion of their money tied up in their current property, and finding a new property that fits their wants and needs may cost more money than their home is worth. There are very few homes available on the North Shore for under $500,000.
Empty nesters, in particular, may soon be faced with a crisis-like situation as a result of these factors. This is exactly why those considering downsizing in our area must connect with a Realtor early on. It will also be crucial to speak with a mortgage broker, as lending laws have changed. This could impact retirees’ ability to obtain a mortgage.
Those without an active source of income will often need to sell their current home to afford their next one, which can lead to a complicated closing and weaken your position as a buyer. A bridge loan may be your best option in terms of how you will finance your purchase.
Another reason it will be essential to speak with a Realtor when considering downsizing is that they will help you gain a better idea of what such a move would actually mean for your lifestyle.
Those not used to having a single-story home may find it difficult to adjust after coming from a home with more living space, for example. And mentally adjusting isn’t enough. You will need to make tangible adjustments, as well, such as getting rid of extra belongings. Chances are, your children (if you have them) won’t want these items. It’s best to donate or trash the things you don’t want, or don’t have room for, in your new home.
With all of the steps involved, downsizing could be a three- to five-year process. It will certainly be taxing at times, but we would be happy to help. We would love to serve as your real estate professionals and guide you through the process. We can also connect you to other local professionals, such as movers and photographers. It is our goal to make your move as smooth as possible, despite the current difficulties faced by those in your position.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.