By Barbara Lehrer
Real Talk
Barbara Lehrer
Do you ask yourself if you should live near your kids or grandkids? Do you ask yourself if you would prefer a warmer climate? Do you ask if you could live in less space, perhaps making sure to have a dining room for the family at the holidays?
These are all such personal questions. Planning for the future is a huge monetary issue. Location is important, but how much to invest in that next move? Where will the market be in 15 years? What would you get for selling your house now?
Too often this all seems a complicated task to take on. But if you take it apart, analyze each step and research your options, there is always be light at the end of the tunnel.
Experience is the best and only way to know. Your realtor has seen it all and has the tools to simply analyze, on paper, how this would probably pan out.
There are so many styles of condominiums in our area with price ranges from $150,000 to $1 million. There are small ranches near the shoreline for $200,000, and there are large ranches all over New Haven county that will keep a buyer who is used to having space for the family in the size and quality they are accustomed to on one floor.
Multiple oversized properties are going on deposit; this spring market seems to be starting early because of the mild winter.
Play out the scenario with your partner. Picture where you would like to live, perhaps without a well and septic, and then take a ride by some prospective buys. Have your agent do a market evaluation that encompasses the upgrades and the attractive things about your current home that has made you so happy for all these years. Once you have that number and you subtract any selling costs, then you can sit back and start thinking about what to buy.
I never recommend renting. You are at the mercy of the condition of the property and you never know when the landlord will ask you to leave; you will never feel settled.
From Milford to Madison, from Vermont to North Carolina, you can do a study of what your life would be like in different locations and get it all on paper before a sign goes up in front of your home. Remember the Hubbard clause as the contingency that says, “I must sell in order to buy that house I love.” It was created for exactly this type of situation. You need to get a buyer first, then downsize, put some money away and move to the next phase of your life.
In today’s market you sell a little low, but you buy low. Real estate is always a good investment. If you love something you want to purchase, then when you are ready to sell, there will be a buyer who will love it also. Investments will show you a profit in the years to come if you hold onto the home for at least seven to 10 years.