It’s time for a change, and nothing is more exciting than hearing about the high price of a neighbor’s newly sold home. Before you make a hasty decision though, check out several details not only of your home but where you want to move. You may not know of the extra bedrooms or how much the pool increased the selling price of your neighbor’s home. Asking more than one real estate agent to provide estimates on your house will help you manage your expectations.
Have you studied the costs of where you want to purchase your next home? A condo may seem like a simple and cost-effective solution, but understanding the maintenance or property fees could temper your decision. Also, if you want to move across state lines, do you know what the property taxes cost? A state with low sales tax may increase property taxes so that it isn’t worth it for you.
After adding closing costs, legal and recording fees, and title insurance to both your home and your new purchase, you may find the profit you thought you’d have made isn’t as big as you hoped.
Follow this LINK to an article that offers tips you don’t want to overlook when starting the downsizing process. You’ll want to make the wisest decision possible!