Is it time to downsize? An interactive guide for Bergen County homeowners
By Heather Corrigan, Seniors Real Estate Specialist (SRES)
Key Questions to Consider
How many rooms in your current home do you use regularly?
Is home maintenance becoming difficult or expensive?
Do you want to free up equity for retirement income or travel?
Would you benefit from a community with built-in social activity?
Do stairs or the yard present safety or health concerns?
Are your children grown and the home feeling too large?
If You Answered "Yes" to 3 or More
Downsizing may be the right move. The key is timing and destination. Bergen County offers excellent 55+ communities and a strong condo market for right-sizers.
Financial Considerations
How much equity do you have in your current home?
What are your target monthly housing costs in retirement?
Have you spoken with a financial advisor about the timing?
Are there capital gains tax implications for your sale?