Top Three Tips For Downsizers
With years of experience working in the real estate industry, there are certain phases in the lives of my buyers that indicate time for a change in their home owning journey. For some it is a major life change like a marriage or birth of a new child, which may make my clients more interested in purchasing a larger home or a property within a specific school district or area.
Another major change that I am noticing in many of my trusted clients is the desire to downsize. Some are empty nesters, have grandchildren, or children who spend the majority of their time away at college, so it is the perfect time to find a smaller home that is more suitable for their needs. In downsizing, much like purchasing your first home, there are key factors to consider that I am able to expertly advise my clients on. Keep reading for my top three downsizing tips, and contact me if you’re ready to make the leap into a new home.
Financial Planning
One of the first crucial details to consider when you’re deciding to downsize is understanding your financial planning. Making such an important step, you will want to ensure you are prepared with the proper funds to cover the down payment, inspections, and any closing costs that may be unforeseen. This is especially important if one or both prospective buyers are retired or partially retired. It is for this reason that I frequently connect my buyers with one of my trusted colleagues, a financial planner named Patricia Brennan. Patricia will be able to take a deep dive into your finances and set you up for a successful transaction on both sides and beyond.
Furniture Appraisals
After spending many happy years in your larger home, you will undoubtedly have formed a curated collection of furniture. While some pieces you will want to come with you to your next home, others will simply not fit or not go with the style of the house. One suggestion I make to my clients is having their furniture professionally appraised so that they can ensure they are getting the most for their sale, which they can then use towards their purchase or towards furnishing their new home. When working with my clients looking to downsize, I suggest working with appraisers who can align with their specific needs to ensure they are getting the best results and the most accurate information.
Mortgage Consulting
The final and possibly most important tip I share with my downsizers is to work with an expert mortgage consultant, who is able to give them the best financial advice. I pride myself on arming my clients with a consultant who not only understands the intricacies of moving from one larger home to a smaller space, but also is able to assist my clients in making the most competitive offers for the areas where they plan to settle. In addition to my personal experience, as a Compass agent, I am also able to provide my clients access to the Bridge Loan Services, a great program to bridge the gap between the home they currently own and the home of their dreams.