Are you
thinking about downsizing but aren’t sure if it’s the right option for you? In
this episode of Hometown USA, I’m going to talk about the reasons that downsizing
can open up new opportunities. We’ll look at the reasons why now is a great
time to downsize and explore your options in making a move.
Why Should
You Downsize?
Downsizing
isn’t just about having less to take care of. It can also offer you the
opportunity to use your money to make more money, relocate, purchase rental
properties, travel, and just enjoy life a little bit more. Additionally, experts
forecast that supply and demand will keep housing prices appreciating—but at a
slower rate than they have been in the last few years.
I've worked
with several clients that are taking advantage of the seller's market and are
downsizing at this time. Oftentimes, they're downsizing to find a smaller home
with less maintenance and a lower cost of living.
Renting
And ADUs
I've also
worked with clients that have taken a more profitable approach to downsizing. Rents
have climbed over the last few years, creating opportunities for investors when
downsizing. This is a way to make your profits work for you.
While doing
this, they have increased the residual income coming back to them. They’re also
receiving a monthly income while owning an additional property, still being
able to downsize into a property themselves. Another option for those
downsizing is adding an additional dwelling unit to a family's property.
An additional
dwelling unit is a guest unit on a property that already exists. While there
are different guidelines for different counties, this is definitely a way to be
close to family members, have a lower cost of living, have people around for
emergencies, and still maintain your own space. It also adds more equity to the
house.
Relocating
And Travel
Another
option for those downsizing is to use your funds to move and relocate to
another state where you have family or friends—specifically that has a lower
cost of living than California does. We are working with agents across the
country to help those that are relocating to have good contacts and learn more
about the locations that they are moving to.
We've also
created a program called City Match, which helps buyers and sellers work with a
team that makes the relocation as simple as possible. We help provide
information that helps our buyers in learning about the neighbors, neighborhoods,
and schools of the areas they are moving to. We receive information not only
from realtors but also from other owners and groups out there that are giving
information.
We're doing
everything that we can to make sure that our clients are not surprised with
their relocation. We also have an in-house lender that helps with loans in
multiple states. We have had dozens and dozens of sellers that have relocated
to other states, and we’ve assisted them hand in hand in the process to make
this transition as smooth as possible. Believe me, there are a lot of things
that can come up. You want to make sure you have somebody overseeing all the
pieces and walking you through the process—and that is what we're here for.
The last
option I'm going to discuss today may be the most fun one yet. We've had
several sellers that have chosen to sell their homes, buy an RV, and go hit the
streets. This allows them to find freedom, travel, and enjoy life.
We’re Here
To Help
If you are
considering downsizing and want to jump out there and try it all out, we are
here to support you. We know it may sound like a crazy idea, but it's a dream
come true. If you've worked your whole life to get there, then it's about time
that you go do it.
Whatever you
choose to do, that's your choice. We want you to have fun with it, and we're
here to assist you. So if you have questions about downsizing or relocating and
you need somebody to help answer them for you, that's what I'm here for. Make
sure to reach out to me, and I look forward to working with you and answering
all of your questions.
Don’t forget
to subscribe to my channel so you never miss an episode of Hometown USA, my
show all about real estate. Stay tuned to see what I feature next!