There are several advantages of selling your house in this market and investing in a smaller residence. The most basic and obvious reason is the financial benefit. A smaller home means less space to maintain, less stress, and less money spent on upkeep. It allows you to save more money toward retirement.
The reasons people choose to downsize are myriad. Some folks are looking for a simpler life focused on family. Some might want to have more discretionary income to travel. Some might want high-end upgrades without the hassle of maintenance. They might opt for a community where they can find these benefits along with social events. After determining your motivation to downsize, do your homework and narrow down your housing options.
Another option after selling your present investment would be to split the profits and purchase a primary residence and a vacation home where you plan to live after you retire. Buying a rental property for additional income is generally a smart investment.
Many homeowners, especially those who have held on to their properties for any length of time, have significant equity in their present home. This healthy profit allows them to build a comfortable, debt-free life with a smaller footprint going forward.
If you are having difficulty refinancing elsewhere or want to get a Bridge loan (so you can buy a home while selling your current house), don’t hesitate to reach out to me at 707-523-2099. I can most likely help with our Hard Money loan programs.
Best, Ken – Another Guy in the White Hat
Hard Money Lead Loan Originator at family owned and operated Sun Pacific Mortgage & Real Estate, California's Hard Money Lender Since 1988. www.Sunpacificmortgage.com 707-523-2099.
CA BRE License #01858042. NMLS #1221130