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Empty Nest Buyer
Step 1 Assess Housing Needs:
The children have all left – now what? Do we sell, do we rent, do we
stay?
To answer any or all of the above questions, you need to determine what are your plans for the future. Is your present residence too large and you feel you would like to scale down. Do you plan to travel a lot and have no desire to continue to maintain a large residence? Perhaps a townhouse or a condominium is the answer.
If you sell your present home, do you desire to purchase another home or rent either a home or apartment? What are your tax consequences?
If you decide to sell, take a careful look at any deferred maintenance problems and how they will be remedied. A look at time frames needs to be addressed. – within 6 months, a year, two years?
Step 2
Call Amy
Although you have purchased and sold many homes, you will still need assistance. Determining the value on your present home is more that the "house down the street sold for $xxx,xxx". You need a realistic approach as to what is the best listing price to market your present home, what you can realistically expect for marketing time and what is the competition from other homes currently on the market.
The real estate market changes daily. Purchasing a new home is more than just finding that perfect house. Return on your investment should be a large consideration.
Step 3
Call a Lender:
"Run the numbers." Your housing needs have changed and your comfort level of mortgage payment may have changed. You may want to travel more, put more of your funds into retirement funds, increase expendable dollars or increase the percentage of your income for housing.
Step 4
Look for a New Home:
Determine a geographical area that suits your needs for commute time, proximity to shopping, schools and recreation. Decide whether a townhouse, condo or single family detached property fits your life style. What amenities would you like to see in your new home –number of bedrooms, number of baths, garage, fireplace, garden tub, square footage, size of lot, etc.
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