Are you feeling stuck in your current home? If your lifestyle has changed since you purchased it, it may be time to consider rightsizing your Texas Home.
Rightsizing is understanding how you live in your home and what is truly important. It involves evaluating your needs, weighing the pros and cons, and then moving to a new space, often smaller, where you can fully utilize each room.
Evaluating how you live in your current home will help you determine if rightsizing is right for you.
What has changed in your life?
You may no longer need to live in a particular school district or have changed your work and commuting habits; you may want more outdoor living space or fewer rooms to clean. Now, the location has more to do with where you want to live—and it’s time to evaluate your options.
Rightsizing to a smaller Texas home has financial advantages.
When you have more space than you need, you’re probably paying higher property taxes, insurance, utility costs, and general maintenance (especially if you have a pool you don’t use). Rightsizing your Texas home to a smaller version of itself could make a huge impact on these ongoing expenses.
Are there spare rooms in your house?
Unused rooms create unnecessary upkeep responsibilities. Rightsizing can help reduce the time and expense of cleaning unutilized areas.
Do you pay for lawn maintenance and garden care?
If you don’t want to maintain a lawn constantly, rightsizing to a townhouse, condo, patio home—or even a single-family home with a smaller yard—could relieve you of those responsibilities and expenses.
Are you constantly hosting gatherings?
If you love hosting holiday parties for family and friends, think twice before you make the move. Be sure the new space will accommodate these important gatherings.
Wrong layout? Rightsize to newer construction!
Rightsizing your Texas home could mean the same square footage in a newer home.
Newer homes have floor plans better suited to today’s lifestyle, with fewer formal areas, more open kitchens and outdoor living spaces, home offices, and better storage.
New homes also offer improved construction techniques, appliances, and technology, which makes them far more energy-efficient than most existing homes. Of course, new homes have builder and manufacturer warranties.
Many offer Smart Features for safety and convenience, such as electronic deadbolts, outlets with USB ports, smart thermostats, Wi-Fi garage door openers, and High-speed Wi-Fi routers.
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Slow Down and Seek Advice
Can you afford to stay in your home for the next 5-10 years?
If you struggle to make your mortgage payments, rightsizing to a more affordable home can help relieve those financial burdens. The fact that you may have more equity in your current home than you realize could be the key to making that move. We can do a free market analysis for you.
Avoid Costly Tax Planning Mistakes
Proactive tax planning is critical when selling your principal residence. If certain tests are met, capital gains can be deferred when fully invested in your next home, or you may be able to exclude up to $250,000 if single and $500,000 if married. Consult with your tax advisor early in the process to avoid costly mistakes.
Is rightsizing your Texas home right for you?
Contact Norma Wall, Broker at North Point Realty, at 214-212-6770, or meet our team of experienced agents. Let us help you decide about rightsizing by providing you with current market data that makes sense. Tell us a little about your property and we’ll get right back to you with a free market analysis!
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