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As your high school-aged child graduates, you might find yourself with an empty nest and a desire to downsize. Whether you’re looking to save money or just simplify your life, downsizing can be a great choice. Here are some tips to help you prepare for the move, shop for a new home, and evaluate the equity in your current home.
Prepping For A Move
Preparing for the move can be overwhelming, but it doesn’t have to be. First, declutter and get rid of any items that you no longer need or want. Consider donating or selling these items to make some extra cash. Then, create a list of what you’ll need in your new home and what can be left behind. This will help you stay organized and make the moving process smoother.
Setting Up Your Search
When shopping for a new home, consider your lifestyle and needs. Do you want a smaller home or a condo? Do you need a yard or a garage? Think about the amenities that are important to you, such as proximity to shops and restaurants or access to public transportation. Don’t forget to factor in the cost of utilities and maintenance when evaluating your options.
Know Your Equity, Know Your Budget
Evaluating the equity in your current home is crucial before downsizing. This will help you determine how much you can afford to spend on your new home. To calculate your equity, subtract the balance on your mortgage from the current value of your home. If your home has appreciated in value, you may have more equity than you think. This can be a great source of funds to help pay for your new home.
Overall, downsizing can be a great way to simplify your life and save money. By preparing for the move, shopping for a new home that fits your lifestyle and needs, and understanding your existing equity you set yourself up for a smooth transition. Congrats on this exciting new chapter in life! #closedbyclough
Want to start searching your local market: Start Your Home Search Here
