February 21st, 2012 categories: Real Estate Tips
Are you cliff living? Jeffrey Christakos uses this term when you stay in your big house waiting for retirement, then to change work, finances and home all at the same time.
Should you wait to downsize? Too many people compare today’s prices to those at the market high and hope that by waiting a few more years prices will return to that level. Not so fast. If the value has dropped 50%, it now has to increase 100% to get back to that level. There’s no guarantee how soon the economy will recover nor how long low interest rates will continue.
New homes being built are smaller than a few years ago. There’s been some cutback in the extent of luxury options.
Would you buy your current home today? That’s the magic question. If, due to family size, location, finances, changing interests, you wouldn’t – then consider right sizing now. It may also reduce your expenses, helping you transition to lower income when you retire or semi-retire. There are many options from a downtown St Petersburg condo to a waterfront home, from Snell Isle to Costa Rica.
If you aren’t ready to move, you may want to consider buying your retirement home today while prices are low and renting it out in the meantime.
Want to talk abut these options? Call the Simms Team at 727-898-2582 or email us.