GDR Spotlight on Real Estate / March 11, 2022

VOLUME 3, ISSUE 10

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Spotlight on Real Estate, Friday, March 11, 2022

How to determine if it’s time to downsize Individuals work hard to save enough money to purchase their homes. And the hard work doesn’t end there. Once homeowners settle into a new home, they may set their sights on renovations that suit their individual needs. And even when buyers find a home that needs no such work, maintenance requires homeowners’ utmost attention.

All that hard work is perhaps one reason why seniors may be a little reluctant to downsize as they advance through their golden years. In addition to the sweat equity homeowners put into their homes, all the memories they’ve made within their walls can make it harder to put a home on the market. Downsizing is a difficult decision that’s unique to each homeowner. Seniors who aren’t quite certain if downsizing is right for them can consider three key factors to make a decision that’s in their best interests.

Cost: Perhaps no variable affects senior homeowners’ decisions to downsize their homes as much as cost. No ■

Market: The real estate market is another factor to consider when deciding if the time is right to downsize. A seller’s market can help seniors get the biggest return on their real estate investment, potentially helping them make up for meager retirement savings. For example, home prices skyrocketed across the country during the COVID-19 pandemic, making that a great time for sellers to put their homes on the market. Seniors selling to downsize may capitalize on such spikes since they won’t be looking to turn around and buy larger, equally expensive homes once they sell their current place. If the market is down and seniors can withstand the work and cost a little longer, it may be best to wait until things bounce back in sellers’ favor.

Downsizing requires careful consideration of a host of variables. No two situations are the same, so seniors should exercise due diligence to determine if downsizing is right for them.

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one wants to outlive their money, and downsizing to a smaller home can help seniors reduce their monthly expenses by a significant margin. Even homeowners who have long since paid off their mortgages can save substantial amounts of money by downsizing to a smaller home or even an apartment or condominium. Lower property taxes, reduced insurance premiums and the need to pay for fewer repairs are just

We can't change your clock... but we can change your housing situation.

some of the ways downsizing can save seniors money.

Space: Many people love the extra space that single-family homes provide.

But seniors can take a walk through their homes and see how many rooms they still use on a consistent basis. If much of the home is unused, seniors can probably downsize without adversely affecting their daily lives.

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- Metro Content

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PREFERRED REALTY 3208 Charles Blvd.

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Spotlight on Real Estate, Friday, March 11, 2022

Things to consider before converting an attic

DON’T SETTLE FOR AVERAGE.

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the cost. Homeowners who simply want to put desks in their attics without going with full-fledged conversions are urged to adhere to local access requirements anyway, as they’re intended to ensure 1. Dimensions: Both the renovation residents can safely escape attics in the experts at This Old House and the real case of a fire or another emergency. estate experts at UpNest indicate that at least half of a finished attic must be a min- 3. Climate control: Attics are conimum of seven feet high and seven feet verted to provide residents with more wide and 70 square feet. Requirements livable space. Converted space is only may differ depending on where home- livable if the climate within the attic can owners live, but that 7-7-70 guideline is be controlled so it’s cool in the summer generally the minimum requirement. An and warm in the winter. An existing HVAC attic that fails to meet such requirements unit needs to efficiently heat and cool an won’t necessarily be a lost cause, but it extra room. If it can’t, bills might spike might be costly to make adjustments that because the rest of the home likely won’t be as comfortable, forcing homeowners ultimately align with local codes. to adjust thermostats to offset that dis2. Access: Access is another aspect comfort. That also could affect the unit’s that must adhere to local safety guide- life expectancy. Before going forward lines. Many attics are accessible only with an attic renovation, homeowners through pulldown ladders, but that will should contact HVAC professionals to have to change if homeowners repur- determine if attic spaces can be serviced pose their attic spaces. A staircase that with the existing units and ductwork, or if complies with local laws will need to be an alternative arrangement must be made. installed, and contractors can work with homeowners to build that and estimate - Metro Content

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ttic conversions are not always possible, and the following are three important factors homeowners may need to consider beforegoing forward.

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Spotlight on Real Estate, Friday, March 11, 2022

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