Finding a New Home after Downsizing

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Finding a new place:

 

Once you’ve made the decision to downsize, the next step you need to make is to decide where you want to go and what kind of home you want.

 

The location you choose will depend on several factors. Do you want to be near family? Do you want to reduce your work commute? Do you prefer a city, a suburb, or a rural environment? Do you want to move to a location that has a lower cost of living? Depending on where you choose to live, you might not actually be saving money. A large house in an area with a lower cost of living might actually be a better financial  position for you than a small house in an area with a higher cost of living. Working out a budget at this point is pretty critical.

Very often, downsizers want a smaller home but with no less luxury. For example, if your larger home has granite countertops, most downsizers choose to have granite in their next home, and sometimes even use some of the extra cash they have to upgrade the kitchen appliances as well. Larger master suites are also a common feature downsizers want, and often are willing to sacrifice larger guest suites.

The type of home you choose will also depend on several factors. Some of your options are:

• Smaller house – The benefits of choosing to move to a house are many. First of all, you retain the most freedom this way – you don’t need to comply with HOA requirements or age restrictions. Choosing a house means you’ll still have to do the maintenance and upkeep, however, even though it will likely be less time consuming and costly than in a larger home. A house will probably have more space than any other option, so if a guest bedroom or two is important to you, or if you want a formal dining room, this may be your best bet.
• Condominium – Many downsizers choose condos not only because they are significantly less costly than a house but also because maintenance will be done for you. No more shoveling snow or raking leaves is a pretty nice incentive. In many cases, condos are only one story so you can eliminate stairs if that’s an issue. Condo living sometimes comes with sweet amenities like clubhouses, pools, tennis courts, and so on. If you choose a condo, however, don’t forget that you’ll have to pay HOA fees which vary dramatically from place to place.
• Rent – If you want to free up some cash, or move to temporary digs while your dream home is being built or while you’re waiting for retirement, renting might be a great option for you. The best part about it is that you are responsible for no upkeep or maintenance – even a clogged drain is fixed for you. Another benefit of renting is that you can stay in the same town without all of the expense associated with owning. The downside, of course, is that you aren’t building equity so it might not make sense financially.
• Active Adult community – Sometimes known as “55+ Communities,” active adult communities are a great option if at least one person is 55 years of age or older. Active adult communities can be condominiums, cooperatives, single family homes, or even mobile home parks. The benefit of an active adult community is the opportunity to choose a community of people in the same stage of life. Many also offer amenities such as community swimming pools, clubhouses, tennis courts, and so on.
• Continuing Care Retirement Community – A CCRC offers lifetime housing with advanced levels of care available as needs change. CCRCs also offer planned activities such as luncheons and parties for residents to get to know each other and socialize. Many offer bus trips to grocery stores and destinations such as the Jersey shore. CCRCs require an entrance fee and a monthly charge for care which is dependent on the level of support required.

When you decide where you want to live and the type of housing that appeals to you, it’s time to consider getting your current home on the market. At this point, you should contact a real estate professional who can help you determine what you need to do to prepare your home for sale as well as help guide you to finding your new dream home!

 

Earlier posts in the series:

• The Benefits of Downsizing

Drought Tolerant Plants

The dog days of summer are here, and they’ve brought wilted flowers with them. If you’re not outside watering your garden every evening, it’s hard to maintain the blooms that brightened your days all summer.

Consider drought resistant plants. Not only will you not need to water every night, but you’ll be surprised how hardy these plants are. Some need very little care at all once they’ve been planted and had time to establish themselves. You can set them in the ground now and be rewarded with easy to maintain flowers all summer long next year.

6 Michael Street SOLD 5% above asking price!

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Are thrilled to announce that our listing at 6 Michael Street in Iselin has SOLD!!!  This lovely 5 bedroom 2 and a half bath split level was sold as an estate sale for $325,000.  

It was on the market for a total of 66 days and sold for $15,000 over list price!!     

If you or someone you know is thinking about buying or selling a home, have them contact Team Zuhl.  We can help them.  Remember, with Team Zuhl everything we touch turns to SOLD!!!

How will the low housing inventory in Cranford affect you?

Buyers and sellers in Cranford need to understand the current real estate market in Cranford and be able to compare it to the past real estate market to identify any trends or patterns that may impact their home purchase or sale. This is what you need to know for August, 2016.

Inventory: There are currently 99 single family homes offered for sale in Cranford, making this the lowest July inventory in several years.  Much of that is due to increased sales and the speed at which homes are getting taken off the market. There were 21 sold homes in July in Cranford which is also a little low for the summer.

Price: The average home that was sold in Cranford in July was sold for $472,081. This is the highest average sale price since July of 2015. Homeowners in Cranford continue to see a good return on their investment in Cranford real estate.

Days on Market: Homeowners who wish to sell their home quickly shold speak with their Realtor about an aggressive marketing campaign,  pricing their home competitively, and ensuring that the home is in optimal showing condition. The average sold home in Cranford was sold after 32 days, continuing the rapid sales we’ve been seeing in Cranford for the last several months. Home buyers who want to purchase a home in Cranford need to act quickly when they find the home they want!

If you’re planning on selling your Cranford home, call Team Zuhl today for a free comparative market analysis of your home. If you’re thinking of buying a home in Cranford, call us today!

For more information on Cranford Real Estate, please click here.