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The Advantages to Downsizing Now

Are you in the right-sized home? If fewer people live in your home, it may be time to consider downsizing. Several things are going on right now that make it very advantageous to downsize.

Increase Your Profits

Nationally, home values are up. It is reported that home prices are up 19.5% from September 2020 to September 2021.

Housing prices are up now because of the current low mortgage rates and a low inventory of homes on the market. Therefore, it is time to get the most for your property.

A Way to Pay Off Debt

If you still owe on your current mortgage, and your home sells for high enough, you may walk away with enough cash to purchase your downsized home outright. For example, if you owe $100,000 and sell your current home for $500,000, you will be able to buy a $300,000 home for cash and still have funds left over to pay off debts.

Or you still have the option to take advantage of the low mortgage rates and mortgage the new home and invest the profit, all while enjoying a low monthly mortgage payment.

Cutting Expenses

A smaller home in the same zip code is likely to have a smaller real estate tax bill. In the same way, a smaller home updated and in good condition is likely to have much smaller expenses for things like heating and air conditioning. You may even spend less money on maintenance and repairs.

Is it the Right Decision for You?

If you have a larger family, downsizing may not be the best choice for you. A smaller home for such a family would require many sacrifices. Also, if you plan on working remotely, the privacy and productivity a larger home allows may be invaluable.

However, if your family has moved on and you are not using your home as a base for business, downsizing may be right for you. If the decision is the right one, now is the time to get it done. If you do not require much space, the thought is worth considering.

Historic Opportunity

It is worth it to get all the facts and make the best decision for you and your loved ones. Check out Voila now to learn more.

Red Flags to Look for When Buying a Home

There can be plenty of excitement as you make plans for your new future as a first-time homebuyer. This excitement can cause you to overlook problematic details when selecting the real estate market. These red flags can lead to financial stress if you are not careful. Here are the top three red flags to look for when buying a home.

Structural Issues

When buying a home, you must look for structural issues. Problems within the foundation or walls can cost thousands of dollars to repair. Serious red flags to watch for include limited access to certain rooms, pest infestations or visible damage to the roof. Make sure to hire a home inspector to uncover any structural issues.

Numerous Homes for Sale in the Area

Many homes for sale in a particular neighborhood can be a significant red flag when buying a home. It can mean that the area is declining, crime rates are rising, or there is unwanted construction. An upside to this situation is that you may be able to negotiate a lower price with the seller.

Strange Smells

Pay attention to the smells at open houses when buying a home. Overpowering scents of air fresheners or freshly baked cookies could be attempts at masking more offensive odors. Unpleasant odors can be indications of water damage, poor ventilation or mold. Look for strange smells in closets, basements and cabinets.

Professional Real Estate Assistance for Buying a Home

Buying a home is one o the biggest investments you will make in your life. Consulting real estate professionals can help you avoid the most common red flags you may overlook while house hunting. The real estate professionals at Voila specialize in streamlining the process of buying a home so you can make the best decisions for your needs. Schedule an appointment today!