Tuesday, March 31, 2015

Home Too Big Now? The story of my life!

iStock_000013567449-200.jpgOnce the kids are grown, have careers, relationships and get a place of their own, parents find that they may not need their “big” home like they did before. Their lifestyle may have changed and the house just doesn’t “fit” anymore.  This is me . . . big house, no one at home!

Benefits of a smaller home:
  • Easier to maintain 
  • Lower utilities
  • Lower property taxes 
  • Lower insurance
  • More convenient location
  • Convenience of a single level
  • Possibly more energy efficient
  • Possibly lower maintenance
Moving from a larger home frees equity from the previous home that can be invested for retirement income, purchase a second home, travel, education or just to have a nest egg for unexpected expenses.  The profit on the home, in most cases, will be tax-free up to the exclusion limits set by IRS.  Watch as I do this . . . I will post further blogs about the successful outcomes!

There will be expenses involved in selling a home as well as the purchase of a new home.  These will lower the amount of net proceeds available to invest in the new home.

Like any other big change in life, it is recommended that you take your time to consider the possible alternatives and outcomes.  Your real estate professional can provide information that can be valuable in the discernment process such as what your home is worth, what you will net from a sale as well as alternative properties for your next stage in life.

If this makes sense to you, call me at 832-200-5656.  I am at "that time in life" and am beginning this process personally.  I'd love to share and learn with others in this same position!  -Sam Ferreri, President of RE/MAX Top Realty, the largest RE/MAX office in Houston, Texas!