You may be sitting on a nest egg. Westside empty nesters what are the benefits of selling your home? Is your home too big? Westside L. A. homeowners is it time to downsize? Move from a too large home into a smaller home or condominium. Downsizing is commonly associated with empty nesters, baby boomers, and or retirees. Empty nesters downsize after their kids have moved from home. Like thousands of homeowners empty nester have discovered one fact. They do not need all the living space. Do not need large home expenses. There is no more non-stop kid traffic, toys on the floor, loud music, teenager sleepovers, sports, and cheerleader teams at your home. Empty rooms are filled with pictures, trophies and cherished memory of bygone times. But these empty rooms are gathering dust because the kids are gone. The kids have moved. Empty nester free years maybe a time for you to move on as well. Considering that you do not need or use existing living space. Downsizing may make financial sense. Home values have increased. Empty Nesters Sitting On Nest Egg What Is Your Home Worth?
Empty Nesters Sitting On Nest Egg What Is Your Home Worth?
Benefits of Selling Too Big Home!
Benefits of Selling Too Big Home. Westside L.A. Empty Nesters What Is Your Home Worth? Real estate has appreciated considerable since 2013. Empty nesters may feel they cannot afford to move. According to C.A.R. Data, 92% of baby boomers have equity in their homes. Your equity represents your nest egg. Equity can enable you to purchase a smaller home or condominium. Put monies in saving accounts. May consider renting as verse to purchasing a new home. May want to take part of monies to help you kid purchase a home. May want to travel the world.
There are Capital Gain Benefits In California after a homeowner has lived in their principal residence for two of five years before they sell their home they are eligible for capital gains benefits. In most cases, tax-free profits are $250,000.00 for the single homeowner and $500,000.00 for couples. Always check with your real estate tax adviser or attorney to verify your eligibility for exemption. Bankrate Capital gains and your home sale.
Selling your home? Use the profits to pay cash for a new home. Or substantial down payment on your next home. The results could be lower or no mortgage payments on the new property. Moving to a smaller place reducing monthly home expenses. This a financial benefit. Example, a saving of $600.00 per month equals $7,200.00 per year. In the course of 10 years, savings is $72,000.00.
Cut home maintenance and utility costs. Utility costs are a consideration. Moving to a smaller home decreases utility costs. Less space for water, gas, and electricity should end up with more money in your pocket. Moving to a smaller home means reducing landscaping service, cancel the pool boy and maintaining fewer rooms. Empty nesters, if your home is older save the cost of replacement of the roof, foundation, electrical, plumbing, painting, and updating. Empty Nesters Sitting On Nest Egg What Is Your Home Worth?
Smaller Home Benefits: There are less work and maintenance. With newfound time take up classes, start a hobby, volunteer work, travel or simply relax. Time and expenses are reduced cleaning, improving or fixing an existing too big house. Some empty nesters opt to purchase a condominium. Exterior home maintenance is delegated to the homeowner association. Another benefit of condominium living is the amenities. Examples: 24-hour guard security, pools, spas, recreation room and tennis courts.
California property tax benefits. There are property tax benefits for seniors that sell their existing home. This is Proposition 60 and 90. The existing property tax base is transferred to the newly purchased home. Meaning even if the tax base is higher for the new purchase a senior 55 years or older property tax is based on the amount owed from their previous property. Propositions 60 and 90.
Think Twice Empty Nester downsizing is a major lifestyle decision. Think twice about downsizing. Where would you consider moving? Would the move be locally or out of the state? Many empty nesters want to be near their family and friends. Would you move to a smaller home or condominium? When considering area walk-ability is a factor? Do you want to be able to walk to parks, shopping, recreation and etc.? Contact Realtor for a professional estimate of your home’s value. Calculate the financial benefits of selling your home. Plan first, do your research before listing your home. Have a strategy to make sure downsizing is right for you.
Baby Boomer Trivia
Did You Know This About Baby Boomers?
- Born post-World War II years 1946 to 1964.
- Beginning on January 1, 2011, more than 10,000 baby boomers reach 65 years old each day.
- 40% of baby boomer plan to work after retirement age.
- Over 50% of discretionary spending power in the United States by baby boomers
- 36% of Baby Boomers plan to move when their children are gone.
- 44% of Baby Boomer who moves or considering moving. They want a smaller house that requires less maintenance.
- Statistics about Baby Boomers, Retirement and Empty Nest Source: Stage of life retirement. Additional Source:American Dream
California Baby Boomers
- Age: 51 to 70 years old
- Median Income: $75,000.00
- Education: 58% college educated
- Employment: 28% are retired
- Married: 56% are married
- Location: 51% live in Southern California, 30% live in Northern California, 19% live in other parts of California
- Own or Rent:
- 75% own their own home
- 22% rent
- Average number of years in current residence 16 years
Empty Nesters, What Is Your Home Worth? West L.A. empty nesters is it time to downsize? Are there empty rooms gathering dust because the kids are gone? The kids have moved on starting lives of their own. Empty nesters free years maybe a time for you to move on as well. Considering that you do not need or use existing living space. Downsizing makes financial sense. Majority of empty nesters have equity in their homes. When sold capital gains exemptions $250,000.00 for the single homeowner and $500,000.00 for couples. This may enable you to pay cash or have a substantial down payment for your new home. Moving from a too large home to a smaller home can reduce mortgage, utility, taxes, home maintenance, and home improvement expenses. West L.A. Estates empty nesters downsizing is an emotional and financial decision. It is a lifestyle change. Think twice have a real estate goal plan. Empty Nesters Sitting On Nest Egg What Is Your Home Worth? Call GAIL MERCEDES COLE – Hills Premier Realty (310) 853-9933. I will give a complimentary analysis of your current home’s value.
Empty Nesters Sitting On Nest Egg What Is Your Home Worth?
Buying or Selling CALL Gail Mercedes Cole