Now that all the kids are off on their own and the mortgage is paid off you might be looking to downsize from a family home to something smaller and more manageable. Understanding how to take a moment or two and plan your move before you jump in can make a big difference. It may seem like years ago that you read through a series of first time home buyer tips to get yourself acquainted with the real estate market, but now you can use some of those same pieces of advice as you go to sell again.
Balancing your down payment and the size of your mortgage is something you should consider when you’re downsizing. Although those two things generally go hand-in-hand when you’re buying your first house and have a place on a first-time home buyer checklist, low rates mean that you might be able to carry a mortgage in retirement so these factors come back into play.
There are some other similarities between first-time homebuyers and people looking to downsize and one is that you need to take careful stock of the neighbourhood you’re going to move into. Test driving a neighbourhood first is always a good idea and you can sell your house once you’re in this position and rent to make sure your new move is the right one for you.
There are some other similarities between first-time homebuyers and people looking to downsize like the value you’ll get if you’re willing to take on a few cosmetic repairs. Keep in mind the younger people are still working full time and budgeting for that first house, but you have the time and money to hire a contractor and keep a careful eye on any repairs they make.
