If you are in your 50s and have recently sold your house, you might be in the market for a smaller, more practical home. A lot of people that are in this age group, or slightly older, find that downsizing is a good option. If this is your plan, there are several different factors with homes you might want to consider as you begin shopping for a different house to buy. Here are several factors you should think about and evaluate as you begin shopping.
Downsizing typically refers to moving from a bigger house to one that is smaller, but how small of a house do you want or need? This is a good question to think about before you shop for a home. The size can be narrowed down to the amount of square footage in the home, or you might want to choose a house by the number of bedrooms it has. You may also prefer choosing one that is one story instead of two, simply because it is easier for older people to navigate through a home that does not have stairs.
If you sold your house and have a large amount of cash from the sale, you might want to stick with choosing a house that you can pay cash for. If you are in your 50s, you will probably be planning on retiring in the next 10 to 20 years, and you most likely will not want to have a house payment when you retire.
If you do not have enough cash to buy a house outright, you might want to choose one that you could pay off in 10 years or so. This would be a great way to make sure you do not have a lot of expenses when you do eventually retire.
The amount of maintenance you prefer
The third important factor to consider involves the maintenance the house will need. A lot of people that are older prefer choosing homes that are considered maintenance-free. Condos are one type of multi-family home that typically are part of a homeowner's association (HOA). These homes are considered maintenance-free homes, because you really only own the inside of the home. The HOA will take care of all your yard work and exterior maintenance tasks, and this can result in less work for you to do.
Choosing the right house when you downsize is important, but it can also take time. To learn more, call a real estate firm for help.