Home Too Big Now

Dated: 03/30/2015

Views: 2068

Once 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.Image title

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.

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.

1 comments in this topic

  • Posted by Srh Hauser
    07/25/2015
    Kathy, I was looking online at 12471 COUNTY ROAD 4027 HOLTS SUMMIT, MO (although on the map, this property is on a corner on Arrow Wood Dr.) as well as the -/+ 9 acres right next to it at Arrow Wood Dr LOT 200, Holts Summit, MO. I realize they are two separate properties, but I was wondering if there is any way of combining the two in one purchase? I am stationed at Fort Leonard Wood, but I will be in Holts Summit today and I might make a trip out to look at the properties. I am in a rental lease now, but if all was right, I would look into breaking that lease and also look at options on closing dates. Thanks. Shawn

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