If your kids have all moved out and your "nest" is empty, or if you have less than 15 years until retirement, you really should be thinking about downsizing. The real estate market in DFW is still strong and it will probably never be a better time to pull your cash out of that big home and move into something smaller.
The advantages of downsizing now ? More money and free time are at the top of the list.. Maintaining more house than you need is truly a waste of your valuable time and money.
The money you spend for that big home could be spent traveling, paying for education or building your retirement fund.
What are the pitfalls of waiting a few more years to move to a smaller home? While the market for your home may be great right now, it may not ALWAYS be... When markets decline, the bigger and more expensive the home, the harder it is to sell. Interest rates are great now too, which means more people can afford that big home today than may be true in the future. Waiting to downsize could easily be a financial opportunity lost.
Where will you go? Options for downsizing in DFW have never been better. Big builders like KHOVNANIAN HOMES have jumped on the band wagon and are building new neighborhoods that appeal to the empty-nester and to buyers who focus on enjoying life rather than maintaining a big home.
Merion at Midtown Park is one such neighborhood. This gated community in Dallas near the North Park Mall will be home to over 200 new, low maintenance, zero lot villas. Amenities include a community pool, dedicated dog park and a dedicated access to the Sopac Bike Trail. These energy efficient homes start in the low $400's.
Article written by Don Neilson, Realtor, who is also a retired CPA. Don has been helping clients make sound real estate decisions since 1997. He may be reached at:
Don Neilson, Realtor