Blog :: 12-2018

What To Do After You Sell Your Big House

When my oldest kids started college, I put my big house on the market. Yes, they’d be coming back for summers and breaks, but we just didn’t need that space anymore. I opted for a smaller house in the same town (practically in the same neighborhood), but there are plenty of choices if you’re ready to down-size. 

Here are some of my favorite:

RENT SHORT-TERM. If it’s a seller’s market, take a short-term approach. Put your house up when the market is in your favor and simply rent somewhere until you figure out what you want to do long term. Renting allows you to get a more realistic sense of exactly how much space your family requires and also gives you time to reflect on things like outdoor space or garage space, two amenities you may change your opinion about if you do without for a few seasons.

RENT LONG-TERM. Some of my clients have always wanted a home at the beach or in the mountains but keeping up their big house prevented them from buying a second home. Renting a smaller home or apartment in the area can free up some money for a down-payment on that place in Woodstock. Even if your new rent is close to your old mortgage payment, there is often plenty of savings when you no longer have to maintain your big house.

BUY A CONDO IN THE AREA. Many down-sizers have enough equity in their house to buy a condo for cash, leaving only the monthly property taxes and association fees. Condo owners usually enjoy far fewer home maintenance fees with shared services like lawn care, snow removal. Many developments have clubhouses or a swimming pool for entertaining. There are also several new-ish Adult Only communities nearby that cater to empty nesters with an on-site social coordinator and plenty of stuff to do (most including wine!).

BUY A SMALL HOUSE IN A NEIGHBORING TOWN. I know I sing the praises of Montclair’s walkability until I’m blue in the face, but there are plenty of other towns that offer a similar NYC commute and are walkable to restaurants and shopping. The houses are typically less expensive, the taxes are less, and you’re still a 10-minute drive from all your favorite places to go. It’s worth taking a look at what your money can buy right around the corner!

BUY A MULTI-FAMILY HOME. One of my client’s just did this as soon as his son graduated college. His portion of the house was a good size, he still had a yard and garage, and he now has income. Few people realize that close to 40 percent of Montclair residents are renters, a fact that is not evident because many of the rentals look like single family homes from the street. If you are loathe to give up the charm of an older house, you may not have to! Plus, sometimes you can even end up with a sweet front porch. 

I’d love to help you figure out your best down-sizing option – or anything else you may want to talk through. Give me a call: 973-809-5277

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Shopping (on foot) In Montclair

At the end of this summer, we moved to the heart of “Uptown.” By “we,” I mean Keller Williams Real Estate, and by “Uptown,” I mean the northernmost shopping district of Montclair’s five retail hubs.

My office used to be on the edge of town – a perfectly nice place, but not nearly as walkable as most of Montclair tends to be. I was excited to move, not only because I would be able to easily walk to work, but mainly because I love being in a neighborhood where I can get most of my errands done – including my holiday shopping -- without getting in my car. 

Our big, bright office space is steps away from Valley Road with its lovely boutiques like Jaffa Gems and Ampersand for home décor or gifts, and Marcel’s or Jackie’s for breakfast or lunch. There’s a Gap on one corner and a Williams Sonoma on the other. Pizza, bagels, coffee, jewelry, clothing, office supplies, sushi or ice-cream – it’s all a two-minute walk. There’s a toy store, a hardware store, a shop to buy scented soaps and another to buy baby gifts. I often stop at Gus’s for fresh fish and pop across the street for a bottle of wine on my way home. 

And Montclair’s other retail hubs are just as vital, with new, fun shops popping up among older, beloved Montclair institutions.  

The point is this: living and working in an environment where a car can be optional is a wonderful experience. You can spend time with your partner or your children walking and talking. When shopping is close to home, it feels easier to wander in and explore. Over the years, I’ve gotten to know many local shop owners in this natural, unhurried way and I can say that few things make you feel part of a community more than walking into a store and being greeted by name.  

If you want to stop by our new home, we’re at 237 Lorraine Ave. The entrance is in the back, and there’s a covered bike rack back there, too. We’re steps away from the bus and the train, but if you need to drive, no worries – we have plenty of parking behind the building.