UTILIZE THE EQUITY YOU’VE BUILT UP OVER TIME
If you’re looking to downsize, chances are you’ve been in your home for a long time and have built up a significant amount of equity. This is because you likely bought your home at a low price and it’s now worth much more. As a result, you may be in a great position to use your equity to purchase your next home.
USE A REVERSE MORTGAGE TO HELP WITH THE PURCHASE PROCESS
One option that may be particularly appealing to you is using a reverse mortgage. With a reverse mortgage, you can use your home’s equity to purchase a new home, such as a single-level home or a neighborhood in an HOA that takes care of the exterior maintenance. This can be a great way to leverage your equity and make the downsizing process easier.
TAKE YOUR TIME TO FIND A HOME THAT FITS YOUR NEEDS
Another advantage you may have as someone who is downsizing is time. Unlike first-time buyers, you don’t have to rush to find a new home. This means you can take your time to find a home that truly meets your needs and desires. You also have the opportunity to explore off-market properties that may not be available to other buyers who are in a hurry.
LEVERAGE YOUR EQUITY TO MAKE DOWNSIZING EASIER
If you’re looking to downsize, the home you’re selling may be an appealing option for someone else to move into. For example, a single-family house with two stories, multiple bedrooms and baths, and lots of space may be just what a buyer is looking for. Whether they want to fix it up themselves or move in right away, your original home can be a great opportunity for someone else.
Overall, as someone who is downsizing, you have the advantage of both equity and time. By working with a local Estes Park Realtor who is committed to making the sales process as easy as possible for you, you can find a new home that meets your needs and desires while also selling your current home in a way that works for you.
You may be surprised about what you can do with a reverse mortgage.
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How was this blog post? Have questions? We’d love to hear from you! If ever there’s a topic related to Real Estate, Estes Park or Colorado that you’d like to know more about please let us know – chances are others are curious too and it will be a great way for us to provide relevant content here! Feel free to shoot any ideas, questions or comments to tom@firstcoloradorealty.com or jess@firstcoloradorealty.com
All the best!
Tom’s Team at FCR
