The Home Downsizer

How Do You Know If It’s Time to Downsize?

Last month I attended a New Year’s party that was filled with old friends. There were about 50 of us and everyone there was in approximately the same age range.

And what was the main topic of conversation? DOWNSIZING.

Some people had already done it and extolled its virtues. Others had made the decision to move ahead. Some others were nervous about the entire concept and asked tons of questions.

The truth is that not everyone will benefit from downsizing. And therefore, it’s not a “must” do. If you can stay where you are and can “age in place,” then I recommend you do so. But I also believe you MUST examine all the angles before you make your decision.

Here are some questions to consider in order to make an informed decision about downsizing your home.

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What Home Sellers Need to Know About Capital Gains Tax

Of all the reasons to downsize your home — like having less wasted space, less junk that you never use anymore, less maintenance to do, fewer home repairs to make, fewer rooms to clean, and more time to enjoy yourself — there’s one upside that nearly everyone gets excited about: saving money.

If you’ve lived in your home for a long time, you may be expecting to make a big profit when you sell — especially if your home is entirely paid off. But there’s one big hurdle left to clear before you can make a clean break from your old home: taxes.

Specifically, there’s a capital gains tax that penalizes people who make a massive amount of money all at once. Which, if you’ve taken good care of your home while it’s steadily appreciated in value over the years, could be a problem for you when you try to sell.

This can be frustrating. Here’s how to figure out whether or not your home’s sale will qualify you for the capital gains tax — and, if it does, how to prepare for it so Uncle Sam doesn’t totally ruin your downsizing party. [Read more…]

The Best Wall Paint Colors of 2016

Photo by Dreamy Whites – Browse shabby-chic style dining room ideas

When you’re preparing your home for sale, a fresh coat of paint can make a $50,000 difference in your sale price. (No, seriously.)

I’ve already shared my own tips about which colors you should paint your walls to give potential buyers the best impression. But there’s another wild card to consider in the color game: which colors are “on-trend” in the public eye? By incorporating these colors into your staging, you’ll subconsciously convince prospective buyers that your home is truly a modern wonder — and one they should make an offer on before someone else does.

But wait, I know what you’re thinking: “Eileen, I don’t want to paint my home tangerine or pomegranate or neon green just because CNN says it’s popular.” I hear you, and I agree. No one wants to walk into a room whose tones feel oppressive or overwhelming.

Luckily, 2016 marks a change in color trends that’s worth paying attention to, because it could have a big effect on your home’s sale price.

Let’s take a look at 2016’s new colors of the year, and then I’ll show you three ways you can make these colors (or any other trendy picks) enhance the staging of your home for buyers without going overboard. [Read more…]

Getting On The Same Page About Downsizing

Letting go of the home you’ve been making memories in for years can be hard. Some couples have lived in the same home for decades, and saying goodbye to those rooms where you watched your kids grow up isn’t always easy. (Believe me, I know.)

But you know what’s even more difficult? Trying to downsize your house when you and your spouse or partner aren’t on the same page about what you want to do next.

What happens if you want to move someplace new and he wants to stay where he’s always been comfortable? Or if she wants to be near the kids and you want to enjoy the benefits of a peer community? Or if you want to see the mountains every morning and she wants to live by the beach?

Simple: you work it out together.

Okay, so maybe it’s not THAT simple. In fact, for some couples, downsizing their home is the most complicated choice they’ll ever make together. But the key word is “together.”

Here are 4 tips to help couples get on the same page about downsizing and make big lifestyle changes without feeling like one (or both) of you are losing out. [Read more…]

One Year Later: Personal Reflections on Downsizing

How you feel about your new home always affects how you feel about your old home.

If you are happy about your new home, then it will be easy (even exciting) to think about your past. But if you’re not happy with your new home, you won’t want to face the memories of your happy times in the past.

Sounds counterintuitive, I know. But it’s so very true. People have extremely different reactions to downsizing.

I’ll tell you my story and suggest some ways to deal with these dichotomies. [Read more…]

The Time to Downsize is Right Now

I just came back from an annual conference that, for me, are the four most interesting days of year. Keller Williams brought together 15,000 agents to share knowledge, inspire and be inspired, and to learn about future projections in the real estate market.

Here’s what I learned and why I believe the time to downsize is NOW. If you’ve been thinking about downsizing and wondering when is the right time, my recommendation would be not to wait. [Read more…]