When is the best time to consider downsizing your home? There isn’t a standard to go by; it’s an individual or family decision that should be made based on your wants, needs, and preference.
Is there a financially beneficial time to consider downsizing? The answer is yes. If you own a detached property in a Seller’s market, downsizing can make a lot of financial sense. Currently, in Kitchener-Waterloo, detached listing inventory is at an all-time low, while Buyers are simultaneously purchasing detached property at a record pace. This places targeted and significant pressure on detached home values. A Seller can be confident of receiving multiple offers on a detached home in Kitchener-Waterloo if listed at market value and the home is in well-kept condition.
Downsizing makes good sense when you have a plan in place
1) Before you sell, know where you want to go: In a Seller’s market, it won’t be an issue to sell your home, instead, think about where you want to live next. There’s no pressure to move, so take your time and explore options. Of course, Benjamins Realty can provide you potential properties of interest at anytime you choose.
2) Generally, a homeowner who is downsizing has some equity in their current property: This should allow you to purchase your next home (or rent) without selling your existing property first. Through the use of a temporary mortgage, a line of credit, or bridge loan, a Seller can either buy or rent their next residence. Although we love to sell property, luxury rentals are worth considering for their lack of upkeep and fixed prices, especially in retirement.
3) Before you sell, begin organizing and thinning out: A lifetime of memories can add up quickly. Consider what you want to take with you and what to pass on (there are so many options to reuse, resell and recycle). Professionals can assist in the organization, ask for help if the task seems too monumental.
4) Seek a professional evaluation of your home: Benjamins Realty works with homeowners to provide a complimentary report on the current market value of their home. We offer tips to maximize return on the market and can give you a clear outline of what the selling process looks like. Feel free to contact us at any time in the process; we’re not interested in pressuring people to sell their home. We only seek to provide a professional service which facilitates a homeowner’s desire to sell their home. No questions are too small.
5) When it’s time to sell: Generally, homeowners only move a couple of times in their life. Be prepared for some emotions and stress; it’s ok. That’s why Benjamins Realty seeks to make this the smoothest transition possible; we can help coordinate, preparation for sale, movers, and offer recommendations for legal and financial counsel.
It’s never too early to consider a downsizing move. Call us today if you have questions about what that looks like for your property.