Why Now May Be the Right Time to Downsize Your Home

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For many people, their house may be their biggest asset. But it also can be their biggest expense. That’s true whether they’re planning for retirement or even if they already are in retirement. So it’s no wonder that many homeowners begin to think about selling their home and moving into a smaller one as they approach their golden years.

Downsizing your home doesn’t have to mean downsizing your lifestyle. Homes have steadily expanded over the years with the average home now more than 2,600 square feet in the U.S. according to Census data – 60% larger than it was 40 years ago when families were bigger! So there is plenty of room to downsize without cramping your style.

But downsizing doesn’t necessarily mean moving to a smaller home. It can also mean moving to a less expensive residence that’s the same size. Something as simple as moving from a top, reputable school district to a district that is not highly rated may lower the cost of a house. And if you do not have school age children, the quality of the school district may not be that important to you.

If you’ve been kicking around the idea of cashing in on your home’s equity and moving into a smaller property, there are a number of reasons why it may be the best move you can make right now:

  • The housing market in our area has rebounded quite nicely from the recession with the value of many homes climbing in recent years. Cashing in on some of that equity appreciation may help provide retirement income and extend the life of your nest egg. For more information on the propriety of such a move, please first consult with your financial advisor.

  • A smaller home may mean a smaller mortgage payment each month if you are still paying off an existing loan. Or it might mean paying off your mortgage entirely and being debt free on your new home. Additionally, downsizing may lower your property taxes, energy costs, property insurance and ongoing maintenance and repair expenses depending upon the choices you make.

  • According to the Center for Retirement Research at Boston College (CRR), housing costs (including utilities, taxes and upkeep), represent one of the biggest expenses for a retired couple – 30 percent of expenses for a couple aged 65-74. That’s money that can be spent on other things in retirement.

  • For example, CRR estimates that a couple downsizing from a $375,000 home to a $250,000 home may be able to cut their annual expenses and increase their annual income from savings by a combined $7,260. CRR provides a calculator that may enable you to determine your own savings here. As always, it’s a good idea to consult with your financial advisor before making any decisions.

  • Some homeowners are reluctant to trade a house for a condominium or town house because of concerns regarding the financial impact of homeowners’ association fees. While such fees can change one’s monthly budget, keep in mind that you may be paying similar expenses as a homeowner in the form of maintenance and upkeep costs.

  • While a smaller home may mean less space, it could also mean less time and aggravation spent on keeping up a big house. Without all the work that goes into keeping up a bigger home, you may actually find a lot more time to enjoy traveling, hanging out with friends, picking up new hobbies and, generally, having more fun!

  • Moving from a suburban home to an apartment or condo building in a downtown area with amenities on site may open up a whole new world for retirees. Those who have made the switch often find that they now can enjoy more trips to the theater, nightclubs, restaurants, shopping, as well as taking advantage of fitness centers and other on-sight activities.

According to the Wall Street Journal, it can pay to downsize sooner rather than later for those approaching retirement or already retired. The financial benefits can add up over time. Additionally, as we get older, moving gets harder thus it may make a lot of sense to move now rather than waiting.

If I can help answer any of your questions about downsizing, please give me a call or e-mail me today. I’d be happy to discuss the pros and cons of making a move and help you decide if downsizing is right for you.

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Just Listed! Best Value in Cambrian at $625k. Open this weekend!

Best Value in Cambrian!
1695 Hillsdale Avenue, San Jose, CA 95124
Nicole Emanuel (Culbertson)
Direct: (408) 355-1512
Mobile: (408) 410-2060
CA BRE# 01899594
Nicole.Emanuel@cbnorcal.com
1695 Hillsdale Avenue, San Jose, CA 95124
3 bedroom, 1 bath
1,288 square feet
$625,000

Look no further….you’ve found the best value in Cambrian! Wonderfully updated house with award winning schools! This beautiful home features remodeled kitchen, updated bath, crown moulding throughout, double-pane windows, tile floors, office area with possible addition for bathroom or bedroom and a 600-square foot garage. Relaxing backyard with newer fence and pergola.

OPEN HOUSE
Saturday, March 21 (1 pm – 4 pm)
Sunday, March 22 (1 pm – 4 pm)

©2015 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office is Owned by a Subsidiary of NRT LLC. All rights reserved. This information was supplied by Seller and/or other sources. Broker believes this information to be correct but has not verified this information and assumes no legal responsibility for its accuracy. Buyers should investigate these issues to their own satisfaction. If your property is currently listed for sale, this is not intended as a solicitation. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor sales associates and are not employees of Coldwell Banker Real Estate LLC, Coldwell Banker Residential Brokerage or NRT LLC. CalBRE License #01908304.

How to Know if a Neighborhood is Right for You

Neighborhood

Before you buy a home and make what’s likely to be one of the biggest investments of your life, you owe it to yourself to receive quality information on your new neighborhood. Getting a deal on your dream home can quickly turn sour if the neighborhood doesn’t meet your expectations. Here’s how to research a neighborhood before you buy a home.

LOOK INTO THE CRIME RATES

In addition to the U.S. Census Bureau’s city profiles that list crime statistics, you can try sites like CrimeReports. com, which offers local maps where you can access crime data in near-real time (the site has partnerships with more than 1,000 law enforcement agencies). You might also visit the local police department to ask about crime statistics and what neighborhood watches or alerts are in operation.

CHECK SCHOOL REPORT CARDS

Even if you don’t have children, you should spend some time investigating the area schools (school districts are typically the largest beneficiaries of your property taxes). The reason for this is simple: good schools tend to attract a higher demand for homes, which can affect the value of surrounding properties. One way to research schools in your new neighborhood is to visit the GreatSchools website, a non-profit national organization, where you can find valuable information from local preschools to colleges.

REVIEW MUNICIPALITY AND PUBLIC SERVICES

It can be easy to focus on the condition of your prospective home, but you should also consider the general condition of the streets, sidewalks and parks in your new neighborhood. Take some time to research your new municipality (start with the official website) and the services offered. Don’t be afraid to call your local clerk’s office and ask questions if you can’t find answers on the website. Things like trash collection, street cleaning and general public maintenance can affect your property’s value over time, especially if these services suffer a sharp decline due to budget cuts.

WALK THE NEIGHBORHOOD

Visit the neighborhood at various times of day and on different days. The nature of a neighborhood changes from day to night and from weekday to weekend. Make sure the activity and noise levels are to your liking. If you see residents out doing yard work or walking their dog, ask how they like the neighborhood and tell them you’re considering buying in the area. Sometimes “insider” feedback can give you the real sense of a neighborhood.

When you’re in the market for a new home, it can be easy to get distracted by what lies within the walls. By following these home buying tips, you’ll be much better prepared to make an informed decision about your new neighborhood. That way, a sweet deal is less likely to turn sour. Please call me if you’d like help in further exploring a new neighborhood.

Top 10 Websites for Home Buyers, Sellers & Owners

Want to search for your next home without ever getting out of your pajamas? There’s a site for that. How much will the mortgage and taxes cost you each month? There’s a site for that. Or do you want to know approximately what your home is worth today? Yes, there’s a site for that, too. And once you move into that new home, there’s a site to help you find local schools, restaurants, even your next dentist.

Okay, with apologies to the iPhone app commercials, I thought it might be helpful to list 10 of my favorite websites for people interested in buying or selling a home, remodeling their existing residence, or just looking for local information on their new neighborhood. There are countless websites, of course, and I don’t claim to have the ultimate list – just ones that have good value for homeowners and those looking to become owners.

Here are 10 of my favorites:
• CaliforniaMoves.com. Okay, I admit I’m biased. But Coldwell Banker’s consumer website offers a myriad of tools for home buyers and sellers, including advanced search engines, tips on
buying and selling, relocation information, and even community facts, figures and links. • Realtor.com. In that same vein, Realtor.com is also a good consumer website, especially for those thinking about relocating to other regions or want advice on buying or selling, as well as hiring an agent. There are articles on the market, consumer tips, and even suggestions on gardening and remodeling.
• CaliforniaHome.me. This new blog, powered by Coldwell Banker Residential Brokerage, is a non-stop feast of all things California. From luxury home features and design ideas, to California events and celebrations, the blog if filled with everything that makes the Golden State such an incredible place to live.
• Zillow.com. Who isn’t interested in what their home might be worth, or even better, their neighbors? This website offers property valuations. While I’m not convinced that their estimates are always on target, they do give homeowners some general idea of its value, as well as tax records and other useful info.
• Bankrate.com. Now that you’ve decided where you’re going to buy, this site will help you figure out how much you can afford. This is one of my favorite financial websites because it offers mortgage rate comparisons, links to lenders, and literally dozens of different types of calculators to figure it all out.
• Local.Yahoo.com. So you’re ready to move into your new home. Now what? Go to this site to find a plethora of useful links and information on everything from local restaurants and coffee shops to city offices and police departments to public utilities to get the water and gas turned on.
• Yelp.com. Another great site for newcomers to an area is Yelp, which features customer reviews and ratings on every imaginable local business. Sure there’s the usual restaurant ratings, but you’ll come here to find favorite dentists, veterinarians, gardeners and yes, even real estate agents.
• ServiceMagic.com. For those homeowners planning to remodel or just looking for a contractor to do some routine work, this website can be quite useful. Service Magic prescreens a wide variety of contractors and also incorporates customer ratings in order to provide a list of recommended businesses.
• HomeTips.com. Run by Don Vandervort, a host on HGTV and well-known author of do-it-yourself books, this site – as you might guess – specializes in articles on how to maintain and remodel your home. One of the favorite search engines helps the weekend warrior figure out how to do a wide variety of repairs and save money.
• SFGate.com, MercuryNews.com and SacBee.com. I’d be remiss if I didn’t include our local newspaper websites. Not only do they offer the latest news, sports and business, but also good restaurant and movie reviews, job search engines, and valuable community information and links for all homeowners.

How to Limit Spending When Getting a Home Ready to Sell

It is common for homeowners to think that selling a home is an expensive endeavor. From repairs to staging, the process can seem overwhelming. With the advice of a knowledgeable real estate professional, sellers often find there are ways to keep costs low and come out on top during the selling process.

WORK WITH A SEASONED PROFESSIONAL Those who are unfamiliar with the selling process may try to take on everything themselves, which can lead to errors regarding documents, home staging, repairs and inspections. While many individuals initially opt for the “go-it-alone” approach to save money, working with seasoned professionals can help avoid costly errors. A real estate agent can provide sound advice on current market trends, accepting offers and enhancing listings to attract more buyers. A home inspector is another seasoned professional you should take advantage of, and can also help to save money. Remember, buyers will likely hire their own inspector to examine a home and if they find significant problems, they may ask you to lower your asking price or walk away altogether. However, if you discover issues beforehand and have them repaired, you may be in a better position to price your home and mitigate potential problems.

KEEP IMPROVEMENTS TO A MINIMUM Minor updates to a home can be helpful in attracting buyers. However, going overboard on updates to sell a home may not give you the kind of return you are expecting. For example, adding on an office addition or turning the basement into a den may make a home more appealing, but buyers may be unlikely to pay a great deal extra for it, according to the National Association of REALTORS®. Instead, you may benefit more from small touch-ups, such as repainting, adding new fixtures and hiring a landscaper to improve curb appeal. In some cases, if you have an outdated kitchen and/ or appliances, you may want to undertake a larger project such as replacing floors or countertops. If you decide to take on these renovations, stick to materials used in similar homes in the neighborhood.

Please give me a call at (408) 410-2060 or shoot me an email at nicole.emanuel@cbnorcal.com if you have any questions on preparing your home for sale. I’m happy to help!

Just Listed! Remodeled Craftsman Style Home Near Japantown in San Jose

Remodeled Craftsman-style Home Near Japantown!
674 E. Empire
Street, San Jose

 

Nicole Emanuel (Culbertson)

Direct: (408) 355-1512

Mobile: (408) 410-2060

CA DRE# 01899594

Nicole.Emanuel@cbnorcal.com

674 E. Empire Street, San Jose
2 bedroom + bonus room & 1 bath
Approximately 1,000 (permits unknown)
$495,000

Welcome Home! Recently remodeled craftsman-style home incorporates original charm with modern day finishes! Features bamboo flooring, french doors, gourmet kitchen with granite, remodeled bath, renovated back yard and 2-year old roof! Third room can be used as an office, baby’s room or a sitting room. Home is approximately 1,000 square feet – permits unknown (assessors office 884). Located across the street from a park and a short walk to Japantown and Watson Dog Park!

©2013 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned by a Subsidiary of NRT LLC. All rights reserved. This information was supplied by Seller and/or other sources. Broker believes this information to be correct but has not verified this information and assumes no legal responsibility for its accuracy. Buyers should investigate these issues to their own satisfaction. If your property is currently listed for sale, this is not intended as a solicitation. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. DRE License #01908304

Open House Today & Tomorrow from 2-4 pm! Beautiful Cambrian Charmer!

1451 Revere Avenue, San Jose, CA

Stop by this wonderful Cambrian home – open today and tomorrow from 2-4 pm. Move-in ready and very well maintained featuring a large kitchen with granite counter tops, formal dining and living rooms. Spacious master bedroom plus three additional bedrooms. Fourth bedroom located off the living room can be used as a den / office. Quiet convenient location close to shopping.  Schallenberger Elementary!

Offered at only $525,000! Call me for details!

 

Nicole Culbertson

(408) 410-2060

nicole.culbertson@cbnorcal.com

http://www.realestatebynicole.com