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The Home Downsizer

Real Estate and Living Advice For the Active Boomer

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What Home Sellers Need to Know About Capital Gains Tax

home sellers capital gains

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…]

August 4, 2016 2 Comments

The Best Wall Paint Colors of 2016

Dreamy Whites
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…]

July 15, 2016 Leave a Comment

Knob-and-Tube Wiring: What You Need To Know

knob-and-tube wiring

Here’s an issue you might not know much about. But if you have it, it’s going to make selling your home a more expensive proposition.

When you hire a home inspector, checking for knob-and-tube wiring (K&T for short) is one of the first items on any inspector’s list.

Here’s what I can tell you about it. [Read more…]

January 22, 2016 2 Comments

The Best Colors To Paint Your Walls When Selling Your Home

paint your walls

Photo Credit: Homespot HQ

Let’s assume you already agree with me that it’s critically important to paint your walls inside of your home when you’re planning to sell.

Let’s also assume you understand that it’s not necessary to paint every single room. And you already know which rooms you absolutely must re-paint.

If we’re not on the same page, before you read any further, please go read my article, The Most Important (and Cheap) Investment to Make When You Sell Your Home. Then, when you finish, come on back. I’ll wait for you.

Now that you understand why it’s so important to paint your walls, the last thing you need to decide is what colors to choose.

Take a second to look at the Behr website. Not such an easy choice.

There are thousands and thousands of colors to choose from. Totally overwhelming.

So how do you choose?

Here’s how. [Read more…]

January 15, 2016 8 Comments

The Most Important (and Cheap) Investment to Make When You Sell Your Home

paint every room

People have absolutely no imagination.

Not you, of course! But let me tell you a true story.

A friend of mine and his wife were in the market to buy a home. They fell in love with a particular neighborhood that had four models of houses. After looking at several, they narrowed it down to just two choices.

One house was a lot nicer, though similar in size. But it was also $50,000 more expensive.

They were faced with a rather tough choice.

But then they realized something strange. These two houses were exactly the same! The same layout. The same rooms, bathrooms, kitchen, family room…

So why did they seem to look so different? There were a few nice touches in the “nicer” house, like crown moulding and newer appliances. But that’s not worth an extra $50,000.

My friends bought the less expensive home. The other home did end up selling for about $50,000 more.

Want to know the single biggest reason? The color of the paint on the walls. The cheaper house was freshly painted, but with a pink “fleshy” color. The more expensive house was painted to feel elegant and upscale.

“But Eileen,” you say, “that’s not worth $50,000 either. Not even close!”

Well, you’re right. But that’s how big an impact paint can have. It can completely transform the feeling somebody gets when they walk into a house.

Why does it have such a big impact?

And do you need to paint every room? No! Keep reading for a checklist of which rooms are essential to paint and which are not. [Read more…]

December 18, 2015 1 Comment

How to Avoid the “Broken Pipes” Nightmare

Broken Pipes

Have you ever seen the movie, “The Money Pit” with Tom Hanks and Shelley Long? The couple moves into their dream home only to find that whatever can go wrong will.

Certainly you would never find yourself in that kind of situation. After all, that’s what home inspections are for, right?

And yet, there’s a serious issue that’s often missed by inspectors. This “dirty little secret” can easily cost you thousands… tens of thousands… plus destruction of your property. It’s definitely the sort of thing you want to find before you sign a contract.

If you don’t know about this issue, and many don’t, it can quickly become a nightmare for both the buyer and the seller.

I know all about it. The problem just happened to a client of mine, a couple, who recently bought their dream home.

Today I’m going to tell you what it is and how you can avoid it in the first place. [Read more…]

December 14, 2015 Leave a Comment

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Thinking About Downsizing?

This site is a resource for empty nesters and Boomers who are ready for a new perspective on life.

Not sure where to begin? Here's my downsizing story.

My Appearance on America Weekend

I had a great time being interviewed by Valerie Smaldone for this podcast. It's all about home downsizing, my favorite subject. Listen and learn.

Recent Posts

  • The Perfect Valentine’s Day Gift For Baby Boomers
  • How Do You Know If It’s Time to Downsize?
  • What Home Sellers Need to Know About Capital Gains Tax
  • The Best Wall Paint Colors of 2016
  • Getting On The Same Page About Downsizing
  • One Year Later: Personal Reflections on Downsizing
  • The Time to Downsize is Right Now
  • 7 Ways To Thrive In a Smaller Kitchen

About Eileen Opatut

Eileen Opatut is a blogger and real estate agent. She’s also a Boomer and empty nester with three college age kids. In 2014, Eileen sold the home she’d lived in for 20 years and became a downsizer. The experience was a lot tougher than she ever imagined and there just wasn’t a lot of helpful information anywhere. Eileen created this blog to share what she learned -- the tips and tricks she wishes somebody had told her when she first considered downsizing. Learn More...

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While we are located in Northern Jersey, we can refer you to downsizing specialists all over the United States. And if you live in the tri-state area we can work together directly.

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