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| When Smaller is Sweeter - How to Take
the Money and Run |
Your house is quiet except for the hum of the refrigerator or
the voices from the TV. The rooms are filled with pictures and
memories, but the children have grown and gone. You spend hours each
week cleaning rooms you never use. Are you an "empty nester" who
needs a house for the future? Is it time to downsize or to move into
another home more suitable for your retirement years? Here are some
tell tale signs:
Your current home is too large for your lifestyle. Rather than close
off the extra rooms or rent out the excess space, you may opt to
move to a smaller home.
You are retired and your income is lower than it was during your
prime working years. You may want or need to sell your current hoe
and move to one with a smaller mortgage payment or less upkeep.
Maybe you could live more comfortably in a lower cost-of-living
area. If you have loaded up a home equity loan, selling the home
could give you welcome cash to eliminate those payments.
As you approach your golden years, your wish is to have a home with
hew, if any, stairs, or one which could easily converted to be
handicap-accessible if the need arises.
You prefer a location where the weather is more to your year-round
liking and where there are activities you like - golf, tennis,
boating, or socializing with seniors - during your leisure time.
There is no capital gains tax on the sale of your principal
residence. The profit on the sale of your home is tax free, which
can provide you with an additional nest egg amount to use for your
pleasure and leisure. |
| Getting it Sold |
Once you have decided to sell and move, take a critical look at
your current home. Even the best-maintained homes begin to show age.
Before you list your home for sale, be sure it's in "move-in"
condition. Make needed repairs and replacements so the house will
show at its best.
Remember, homes that sell fastest and for top dollar show like a
model home and are merchandised like a model, too. How does your
home compare with other homes for sale, including new homes? Do you
want to undergo major renovations, or would you prefer to make price
concessions to help your home compete? |
| Here are some specific questions to ask yourself: |
1. Are kitchen appliances up to date and in good working order?
Does the kitchen have popular features like a microwave, or and
island?
2. Up-to-date homes often have a master bedroom suite. Does yours?
Does the master bathroom have a spa or soaking tub or dual-shower
heads?
3. Do you have a home office? Is telephone wiring adequate to
support an office phone, computer modem, fax machine?
4. Have you built any additions - a deck, patio, carport, sunroom -
without first obtaining a building permit or without passing
inspection?
5. Do carpets and tile need to be replaced? Will a professional
cleaning make them look like new?
6. What do the walls look like? Do they suffer from puppy-bite or
kitty-scratch? Should old, tired wallpaper be removed? Do walls and
woodwork need repainting?
7. Can you make closets and counters look larger? Are there items
you can pack away and do without until after you move?
8. Are shrubs and trees neat and does the yard look well kept and
attractive?
9. How does your home compare to others currently for sale now? What
can you do to make it say, "Buy me!"
Price is one answer. If you've owned your hoe for years, chances are
good you've got some serious equity. Perhaps you can afford to be
flexible on price in order to get it sold. After all, to get the
best possible sale today, a house must be in tip-top condition in
every way: price, condition, terms and exposure. That's where we
come in. Give us a call. |
| How You Know it's Time to Move |
| Reason #1: You haven't visited half the house in the last six
months. |
| Reason #2: You can't do anything to the exterior of your home
without getting approval from the "Board of Historic Places". |
| Reason #3: You have to move the furniture to see the carpet's
original colour. |
| Reason #4: The newspaper lining the guest room dresser is dated
July 4th, 1976. |
| Reason #5: The children's rooms have all been turned into guest
bedrooms. |
| Reason #6: You're on a first-name basis with the handyman. |
| Reason #7: The plumber's phone number is on your speed dial. |
| Reason #8: The swing set out in the backyard has grown roots. |
| Reason #9: You can't get anything repaired because "they stopped
making those parts years ago." |
| Reason #10: When you first bought the house, you were out in the
country, but now that same house is part of the city scene. |
