Moving to a smaller home involves careful planning
Expert Downsizing Tips, Moving to a smaller home involves careful planning.
BE REALISTIC ABOUT YOUR BUDGET
“he biggest misperception is that people equate downsizing with paying less,” says real estate expert Barb Sukkau, adding that a lot of new townhouses and apartments are quite pricey. “If you need your house to provide a nest egg, consider other ways you canmake your budget work, such as looking for a home in a less expensive location.”
BUY A PLACE YOUR FUTURE SELF WILL THANK YOU FOR
Even if you’re purchasing at 60, think of what your body will be able tomanage at 80.hatmight mean searching for a residence that doesn’t have stairs or scoping out locations that have handy amenities within walking distance.
DON’T GET CAUGHT BY UNEXPECTED COSTS
Even if you make money of the sale of your home, movingwill take a bite out of your proits. Closing costs – which include things such as real estate agent fees, advertising fees, and legal costs – range from1.5 to 5 per cent of the selling price. If you’re buying an apartment, factor inmonthly maintenance fees and keep a small reserve for unforeseen expenses.
START WITH THE END IN MIND
Sukkau says a surprising number of people buy a place that its their furniture, rather than the other way around. “I’ll have couples say, ‘Oh, this bedroomwon’t it my kingsized bedroom suite,’” explains Sukkau. Buy the place that’s right for your lifestyle – even if it means selling your stuf or renting a storage locker to house heirlooms.
GET ENTHUSIASTIC ABOUT WHAT’S AHEAD
Think about how your new house will help you live the lifestyle you want. “It is emotional, but it’s also exciting. hink of it as a new adventure,” says Sukkau.
sources:
Readers Digest, July 2018
BY VANESSA MILNE
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