a smaller home could be your best option
 

Many people are reaching the point in their lives when they need to decide where they want to live when they retire or their children leave home. If you’re a homeowner approaching this stage, you have several options to explore. 

Moving into a multigenerational home with loved ones is one. Multigenerational living is rising in popularity, but it isn’t an option for everyone. But staying put in your current home may fit fewer and fewer of your needs. There is a third option though, and for some, it’s the best one: downsizing.

When you sell your house and purchase a smaller one, it’s known as downsizing. Sometimes smaller homes are more suited to your changing needs, and moving means you can also land in your ideal location. In addition to the personal benefits, downsizing might be more cost effective too, due to lower utility costs, insurance and property taxes.  Being in a strong financial position is one of the most important parts of retirement, and downsizing can make a big difference.

A key part of why downsizing is still cost effective today, even when mortgage rates are higher than they were a year ago, is the record-high level of equity homeowners have. Leveraging your equity when you downsize can lower or maybe even eliminate the mortgage payment on your next home!

If you’re a homeowner getting ready for retirement, part of that transition likely includes deciding where you’ll live. The Jersey shore is filled with great housing options, from the many 55+ active adult communities, to other single level living opportunities in condos and houses in unique and welcoming communities. Let’s talk today so you can better understand your options and explore your opportunities.