If your children have moved out, selling the family home and buying something smaller is likely to be on the horizon. Many baby boomers that are preparing to retire have grand plans to sell there home and by a smaller home closer to the city or the country. But they're usually surprised to discover how expensive this can actually be. This transition can be difficult because often people picture themselves moving to and what they can realistically afford. You are looking to make the right move to the right home that is best suited to your future lifestyle and financial needs. Before you put your family home on the market, there are some important things to consider. Here are some ideas to get you started:
Start the conversation: many people wait until they are in their 50s or 60s before they even think about downsizing, but this is often too late. It's best to begin this conversation at least five years out from retirement. It can be daunting but the big decisions you make now will have a significant impact on your finances later in life. If you're unsure how to approach this next phase, it's a good idea to discuss your needs and goals with your financial planner. They'll be able to work out how much you can afford to spend on your next place and determine the best time for you to sell your family home. By assessing your situation, you'll be able to right size into your next home with ease.
Is your home sellable?: if you were to put your home on the market tomorrow, would you get the best price for it? Before you move into your next house, you'll probably have to sell your current home, so it's worthwhile factoring in the time and money it would take. It's always a great idea to visit local real estate agents to see what homes are worth in your area. They will also be able to provide a better perspective on what buyers are looking for and inform you of any improvements that may need to be done to maximize the value of your home.
Buy now, move later: if downsizing is not the right option for you now but you don't want to miss out on the opportunity of buying a smaller house in your dream location, consider buying an investment property. You can put tenants in there right away to assist with mortgage repayments and also be one step closer to living your golden years in your desired location.
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