Needing to Downsize?

Posted on Posted in Downsizing

Needing to Downsize? The kiddos are grown and living on their own, and time to simplify your lifestyle. The benefits of downsizing don’t mean you are stepping back in life, but rather an attempt to reduce cost, and free up time for more opportunity, like traveling. There is nothing like having no yard work and minimal cleaning in the interior of your home and escaping to the coast for sun and fun with your spouse, friend or even family.

The question is when downsizing, do I sell my home first or buy my new downsized home first? There are benefits for both.

  • The first option is selling first. You have freed up the expense of a mortgage and now have the cash to place down on your new downsized home.
  • The second option is purchasing first. You must consider carrying two mortgages until you sell your current home, or lease out your current home and keep it in your real estate portfolio.
  • The third option is a contingency offer. This process comes when you first list your home to sell, and after listing, then begin searching for your downsized home. When you are ready to make an offer to purchase, make sure you set a contingency in the contract of your purchase that your offer to buy is contingent on selling your current home.

For more information or if you have any questions on downsizing, contact John (985)445.7287 or email questions to john@noladwelling.com. You can visit us on www.REAGLLC.com and Follow us on Facebook www.facebook.com/noladwelling.

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Real Estate Advisor Group lc * Slidell, LA * (985)781.8225 * Louisiana Licensed * Equal Housing Provider

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