The Big LITTLE MOVE

Why Downsizing Can Be the Best Decision of Your Life ownsizing to a new home can be an exciting opportunity for anyone looking for a more comfortable and stress-free living space. Whether you're looking to reduce your daily responsibilities, save money, or just want to reinvent your living space, downsizing can help you achieve your goals. From quaint and charming to sleek and modern, or amenity-filled retirement communities, there's a downsizing option that's perfect for your life and lifestyle.

Cottages and bungalows are smaller single-family homes that are perfect for downsizers who want a more manageable space to maintain. These homes often have a smaller footprint, which means fewer rooms to clean and furnish, and less outdoor space to tend to. Cottages and bungalows can also be more energy-efficient than larger homes, with features such as double-paned windows and high-efficiency heating and cooling systems.

One of the benefits of a cottage or bungalow is the cozy, homey feel that comes with a smaller space. They also come with the added benefit of being more affordable than larger homes, making them a practical choice for those looking to save money. With simpler maintenance and decorating options, these homes offer a comfortable and charming living space that is perfect for those who value simplicity and character.

If you love contemporary design and urban living, a modern condo or townhouse might be the perfect choice for you. These types of homes typically feature shared amenities such as a fitness center, swimming pool, or clubhouse, which can be used without the added maintenance or expense. Condos and townhouses are often located in walkable areas with easy access to shops, restaurants, and other amenities.

Opting for a condo or townhouse means less maintenance work for homeowners, as they are only responsible for maintaining the interior of their unit. The exterior and common areas are typically taken care of by the homeowners' association (HOA). This can be beneficial for those who want to spend their time traveling or engaging in other activities instead of maintaining a home. With the HOA handling maintenance tasks, homeowners can enjoy more leisure time to pursue hobbies and interests without worrying about upkeep.

If you've reached your golden years and are looking for a hassle-free living environment that's packed with amenities and social opportunities, a senior living community, such as Spokane Valley’s Broadway Court Estates or Orchard Crest Retirement Community, is a great option. From independent living apartments to assisted living units, senior living communities provide a range of living options that cater to your individual needs and preferences. With on-site dining, fitness centers, movie theaters, and game rooms, a senior living community can be a fun and active place to call home.

Living in a retirement community has several advantages, one of which is the sense of community and social connection that comes with being surrounded by like-minded individuals. In addition to this, retirement communities often provide a range of services and amenities such as maintenance and landscaping services, transportation, and on-site healthcare. These amenities can make daily life easier and more convenient for retirees who are looking to simplify their lives.

Regardless of which downsizing option you choose, downsizing can bring a sense of relief and freedom. By letting go of excess possessions and downsizing to a simpler lifestyle, you can reduce stress and focus on the things that truly matter. So, embrace this new chapter in your life with open arms and create a home that brings you joy and comfort.

When considering properties in an HOA, it’s crucial to read the Covenants, Conditions and Restrictions (CC&Rs) and Association Meeting Minutes. CCR’s contain rules and restrictions for property use, and it’s essential to ensure that they align with your lifestyle. Meeting minutes can provide insight into assessments, needed repairs, or pending lawsuits in the community that could potentially increase costs for current and future residents.

- Dani Carpenter, Broker, Professional Realty Services

The Surprising Benefits of Owning a second Home You Haven't Considered

Imagine having your own private retreat to relax and recharge whenever you need a break from the hustle and bustle of daily life. While there may be some challenges that come with owning a vacation home, the advantages are certainly worth exploring.

When buying a vacation home, it’s important to look for a property that not only meets your current needs, but also has potential for long-term value. Location is key, so consider factors like proximity to attractions, views, and access to outdoor activities. Look for a property with a layout and features that suit your lifestyle, whether that’s an open floor plan for entertaining or a cozy cabin for relaxation.

- Jill Klinke, Licensed Broker, Windermere-Manito

ne of the biggest advantages of owning a vacation home is the ability to have a home away from home. It’s a place where you can escape from the stress and routines of daily life and enjoy quality time with your loved ones. You don’t have to worry about booking accommodations or finding a place to stay when you want to go on vacation –- even if it’s just a weekend getaway. You have your own place to call home, and you can personalize it to your liking.

Another significant benefit of owning a vacation home is the potential for rental income. Many people rent out their vacation homes when they’re not using them, which can help cover the expenses associated with owning the property. In addition, owning a vacation home can be an excellent investment opportunity. The real estate market tends to appreciate over time, which means your vacation home’s value could (and should) go up in value.

Managing the expenses associated with owning a vacation home is crucial. There are several ways to minimize costs and ensure your vacation home remains a sound investment.

Consider the location and property type: The location of your vacation home can significantly impact the expenses associated with owning it. Properties locat- ed in popular destinations like Sandpoint and Coeur d’Alene tend to have higher property values and rental incomes. Choosing a property type that requires less maintenance, such as a condominium, can also help minimize expenses. Be realistic about usage and expenses: It’s essential to be realistic about how often you’ll use your vacation home and the expenses associated with owning it. Consider factors such as property taxes, insurance, maintenance, and utilities when creating a budget.

Rent out the property: As mentioned earlier, renting out your vacation home when you’re not using it can help cover the expenses of owning it. Consider using a property management company to handle the rental process and ensure your property is well-maintained.

Take a Taxcation: Owning a second home provides several tax benefits, including the ability to deduct mortgage interest and property taxes, potential deductions for rental expenses and depreciation, and the possibility of a capital gains exclusion when selling the property.

Owning a vacation home is an excellent investment opportunity and provides a place to call home away from home. By managing the expenses associated with owning a vacation home, you can maximize the benefits and ensure it remains a sound investment for years to come.

“Before investing in a waterfront vacation home, consider if it’s a place where you could envision retiring. Location is key, including factors such as accessibility, sun exposure, water usage regulations, such as motorized boat and wake restrictions, and whether Airbnbs and short term rentals are allowed. Make sure everything meets your long-term retirement goals.”

- Teresa Jaynes, Realtor, Windermere City Group

Put

Put

Behind You. Behind You.