Downsizing is a great way to simplify your life in your senior years. After moving into a smaller home, you’ll have fewer chores to do, less maintenance to tackle, and more time for yourself. But what should you do with your existing home? Do you sell it, rent it out, or pass it down to your family? There are advantages and disadvantages to each option, and Homes in San Diego County: Coldwell Banker is here to help you make the best decision.
Be Prepared to Manage Stress
Downsizing can be a stressful process. You’ll have to make several challenging decisions as you pare down your belongings and find a new place to live. Make sure you’re ready to cope with stress and make effective decisions! For example, pause a moment and consider the details of each decision before committing to a choice. You might also find it helpful to establish priorities. Focus your energy on the most important things first, like finding the perfect new home, and take the downsizing process one step at a time.
Rent Out Your Home Short-Term or Long-Term
If you want to keep your home in the family, renting it out can help you pay your monthly expenses until you pass it to a family member. You can rent your home out on a short- or long-term basis. It all depends on your local rental market as well as your ability to manage a rental. In some markets, homeowners can make more money with short-term vacation rentals. In others, finding long-term tenants makes more sense.
Whichever route you decide on, make sure you know what it takes to be a landlord. Landlords are responsible for making repairs and keeping the property in working order. If you don’t have the savings to cover emergency maintenance issues, renting out your home might not be the best option. Keep in mind that you can always hire a property management company to help manage your rental if you’re short on time or moving far away, but this will also eat into your profits.
Sell Your Home
There are a number of things to consider when deciding whether or not to sell your home, including whether renting it might be the better choice. First, make sure you understand your local real estate market. Are home prices increasing or decreasing? Is there a lot of demand for homes in your area right now? Do you need the money right now or would an additional stream of income be more beneficial?
You can get in touch with a local real estate agent, like Brad and Karen Mattonen, for help answering these questions. Once you find a great real estate agent, they can also help you set a fair listing price for your home and begin marketing it to potential buyers.
Regardless of the state of the market, you might need to sell your current home to free up cash for your new home. In this case, research the estimated sale price for your home as well as the cost of a smaller home in your desired area. This will ensure you can pay cash for your next home instead of taking on a new mortgage.
Gift the Home as an Early Inheritance
If you don’t need the money from your current home and have no desire to become a landlord, consider gifting your home as an early inheritance. This is generally a better idea than leaving the home empty. Empty homes are targets for vandalism, theft, and wildlife infestations. Plus, SmartAsset explains that gifting an early inheritance comes with advantages for both you and your heirs. For one thing, giving your home to a loved one now will save them from having to go through the probate process when you pass away.
Enjoy the Benefits of Downsizing
Downsizing can be stressful, especially if you’re not sure what to do with your current home. Look for ways to cope with stress and consider your options carefully. Whether you decide to rent it out, sell it, or give it to a loved one, you won’t regret your decision to pare down and live a simpler life in a smaller home.
As a Coldwell Banker affiliated agent, we have the tools and resources to help you:
- Set the right price for your home
- Locate qualified prospective buyers
- Shorten the amount of time your home is on the market
- Sell your home for the highest possible price
Don’t go it alone. Leave the sale and marketing of your home to to the Expert Team at www.homesinSDCounty.com and achieve the results you deserve. Give us a call today so we can get started.
If You Need to make improvements, make repairs and update your home before you sell, but don’t want to pay upfront costs Learn about RealVitalize a Coldwell Banker program provides home sellers with Repairs, updates and home improvement resources to prep your home for sale, and Highlighting Your Home’s Best Features for Sale – prior to or during the home listing period with no up-front out of pocket costs or hidden costs or interest fees. Seller pays back only the amount of services utilized at time of closing.
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Real estate can be a complex and ever-changing industry, which is why the team at www.homesinsdcounty.com is committed to staying informed and up-to-date on the latest market trends and innovative strategies. Whether you’re looking to buy your dream home or sell for top dollar, we can provide you with the knowledge, expertise, and support you need to achieve your goals.
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