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3 Questions to Ask Yourself Before Downsizing Your Home

posted by: Jeff Brand in Blog

If the kids have moved out and your lifestyle is changing, it might make sense to downsize your home and start reaping the benefits today. Start the process by thinking through these questions and what downsizing would look like for you:

 

What Does My Lifestyle Look Like Now – and in the Future?

The first thing to consider is the lifestyle you want to lead down the road. Now that you are entering a new phase in your life, are you done with home maintenance and looking for something maintenance free? Does a city or country lifestyle appeal to you? Would you want a second vacation home? Will you spend more time traveling than at your home?

Answering these questions helps give you a better understanding of what type of house you should buy. Many clients who downsize find that they are able to take the proceeds on their home and put it toward down payments on two homes: a smaller home in North Texas and a vacation home to enjoy with family and friends.

 

Am I Financially Ready for Retirement?

If you feel your retirement savings is a little lower than you’d like, downsizing now may help make up for lost time. Financial expert Dave Ramsey makes the point that if you cut your mortgage payment by $500 a month and decided to put that $500 in the bank each month, you’d be looking at an additional $1-1.6 million dollars in 30 years time!

How Do I Know How Much Equity I Have in my Home?

When determining what you want to do with the extra money from downsizing, the first question is generally, “how much equity do I have in my house, anyway?” Jeff Brand & Associates can help! Visit our website and fill out the simple Home Evaluation Tool. Someone at our office we get back to quickly with the fair market value of your home, giving you the knowledge you need to make the best decision possible!

If you’re considering downsizing your Flower Mound home, give Jeff Brand & Associates a call today and let us help you through the process!

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