{"id":7972,"date":"2023-02-22T11:30:49","date_gmt":"2023-02-22T11:30:49","guid":{"rendered":"https:\/\/thezakariagroup.com\/a-smaller-home-could-be-your-best-option\/"},"modified":"2023-02-22T11:30:49","modified_gmt":"2023-02-22T11:30:49","slug":"a-smaller-home-could-be-your-best-option","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/a-smaller-home-could-be-your-best-option\/","title":{"rendered":"A Smaller Home Could Be Your Best Option"},"content":{"rendered":"
\"A<\/p>\n

Many people are reaching the point in their lives when they need to decide where they want to live when they retire. If you\u2019re a homeowner approaching this stage, you have several options to explore. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of Realtors<\/em> (NAR), says<\/a>:<\/p>\n<\/p>\n

\u201cAs we see the transition of the large Baby Boomer generation age into retirement, it will be interesting to see if they move in with their Millennial and Gen Z children or if they stay put in their own homes.\u201d<\/em><\/p><\/blockquote>\n

Lautz lists two options: move into a multigenerational<\/a> home with loved ones, or stay in your current house. Multigenerational living is rising in popularity, but it isn\u2019t an option for everyone. And staying put may fit fewer and fewer of your needs. There\u2019s a third option though, and for some, it\u2019s the best one: downsizing<\/strong>.<\/p>\n<\/p>\n

When you sell your house<\/a> and purchase<\/a> a smaller one, it\u2019s known as downsizing. Sometimes smaller homes are more suited to your changing needs, and moving means you can also land in your ideal location.<\/p>\n<\/p>\n

In addition to the personal benefits, downsizing might be more cost effective, too. The New York Times<\/em> (NYT) shares<\/a>:<\/p>\n<\/p>\n

\u201cMany downsizers expect to improve their retirement income stream if their new home costs less than what their old house sells for. Lower utility costs, insurance and property taxes \u2014 as well as investment returns on the proceeds \u2014 can also improve the bottom line.\u201d<\/em><\/p><\/blockquote>\n

Being in a strong financial position is one of the most important parts of retirement, and downsizing can make a big difference.<\/p>\n<\/p>\n

A key part of why downsizing is still cost effective today, even when mortgage rates are higher than they were a year ago, is the record-high<\/a> level of equity homeowners have. Leveraging your equity when you downsize can lower or maybe even eliminate the mortgage payment on your next home.<\/p>\n<\/p>\n

So, not only is the upkeep of a smaller home likely more affordable, but leveraging your home equity could make a big difference too. Your local real estate advisor is the best resource to help you understand how much equity you may have in your current home and what options it can provide for your next move.<\/p>\n<\/p>\n

Bottom Line<\/h3>\n

\nIf you\u2019re a homeowner getting ready for retirement, part of that transition likely includes deciding where you\u2019ll live. Let\u2019s connect so you can understand your options and explore your downsizing opportunities.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Many people are reaching the point in their lives when they need to decide where they want to live when they retire. If you\u2019re a homeowner approaching this stage, you have several options to explore. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of Realtors (NAR), says:<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[881,874,99,100],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nA Smaller Home Could Be Your Best Option - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/a-smaller-home-could-be-your-best-option\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Smaller Home Could Be Your Best Option - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"Many people are reaching the point in their lives when they need to decide where they want to live when they retire. 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