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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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