What is rightsizing as it pertains to real estate? If you are single and living in a one bedroom or studio apartment and you’re soon to be a newlywed, you may be ready for your first home with more living space and a yard. That’s rightsizing.
You may be having your first, second or third baby and need even more space in that neighborhood you’ve always wanted to live in. That’s rightsizing.
Your youngest child is now off to collage and you’re ready to sell the 4 bedroom, 3 bath home for a smaller home. That’s rightsizing.
You may be retiring and traveling more, having health issues or just ready to be in a ranch style home or condominium community where all of your essential living is on one floor. That’s rightsizing.
So how do you plan for any of this and start taking the first steps? Discuss your money situation with your financial adviser, if you have one. If you’re young and haven’t really thought you needed to plan so soon, think again. You will find time goes by in the blink of an eye and you don’t want to find yourself at 50 or 60 with “should have” “would have’s” in your financial vocabulary. No time like the present to lay out your blueprint for your plans and dreams.
The next step, regardless of what chapter you are in life, is committing to a Realtor who has YOUR best interests at the top of their agenda, one who’s there to help you evaluate what kind of home best suits your lifestyle, who will find a home in your price range, and look ahead to your future. If she or he can’t say a particular home you’re considering is a great option for you, if she can’t say “if you call me in two or three years because life changed again and you have been transferred, are expecting triplets, or need to move to a senior living center, I think we will be just fine in selling this property”, you are working with an agent who has set THEIR financial needs ahead of YOURS. Of course that also takes some partnering up on your part, maintaining and improving your soon to be new home as time passes.
And finally, your third step is connecting with a trusted mortgage lender. Any Realtor will tell you that calling endlessly to seek out the lender who will save you pennies on the dollar for your new loan is not your only priority. We have years of experience in working with lenders. We know who will pre-qualify you properly, who knows how to process your loan in a timely manner, who isn’t going to drop the ball and let the sale blow up midway down the track to your closing. We all have horror stories from years past where lenders aren’t committed to a great experience with their customers, and if things don’t work out well, they are just on to the next loan. Trust your Realtors advise.
Once you have taken these three crucial steps, you are ready to start looking at your options and narrowing down your search for your new home, your new chapter in your life, your new lifestyle in a community. Enjoy the process, then look back and say it was worth every minute to prepare.
Call me if you want to discuss your own plan for rightsizing, if you need a trusted lender, financial advisor, or have suggestions for a new topic of discussion.
