Montgomery and Frederick Counties are full of communities with single-family homes where the residents are reaching the age that their children have likely moved out of the house or preparing to do so in the next few years. Many of these people live in single-family homes that they perceive to be aging or dated. The floor plan of the 20-year-old four bedroom colonial isn't what they're seeking any longer. They're tired of getting in the car to go everywhere they spend their free time and they're tired of the extra maintenance that comes with an aging home and possibly a larger yard than they want to keep up with.
These people are seeking alternatives and in many cases turning to one of two product types.
1) Some are seeking a new home or a newer main level master bedroom floorplan that gives them all the updates they been desiring without renovation of their current home and a layout that's more conducive to their anticipated lifestyle of the next few decades. In many cases, this home is also in a less expensive market since they are planning on retirement or have already retired.
2) Others are seeking a change of pace and looking for a walkable, liveable, more urban environment. In some cases, they are seeking mid-level condos or charming renovated rowhomes. The main goal for most people looking for this type of product is to be able to walk to the restaurants, stores and community-centered activities they want to focus on in this next chapter of their life.
Making this type of move comes with some unique challenges. For most people, they've been in their current residence for much of their adult life. They possibly raised their children there and have some of the most important memories of their life at their home. This means that when selling it's not only important that they capitalize financially to make the best of the nest egg they've built, but it can be difficult to move on to the next chapter, leaving what they've become so accustomed to behind.
Most people have questions like: Do I need to modernize my home? How much equity can I really expect to receive when I sell? How do I phase the sale of my current home and the purchase of a new home without having to move twice or get stuck paying two mortgages? How do I know that I'm going to be able to find what I'm looking for after I sell?
These are all great questions. As a realtor that's helped several hundreds of people navigate this process, I can tell you there's a right way and a wrong way to go about achieving your goals. One size doesn't fit all, and you can't always find the answers on the internet. I work with every client individually to understand their unique goals and develop a plan and a timeline that best suits their personal goals.
Contact us with any questions about downsizing and let us help you find the perfect home for you!