Reata Realty’s 4 Tips For Fort Worth Retired Home Owners

Now that you’re “free” from work and many other obligations, it’s a good time to rethink your financial and housing situation. Your SSI probably isn’t the same as your pre-retirement income, so what should you do? Consider downsizing your home in order to save money and reduce energy costs. Reata Realty has put together 4 Tips for Retired Homeowners…
1. Ask for help

  • Work with a Reata Realty professional, we have a long and successful track record in selling homes in your area
  • Also, talk to your tax, financial planning, and estate planning advisers so that you are sure you understand all of your options.

2. To sell then buy, or buy then sell?

  • If you sell first… there is the challenge of finding a place to live while you house hunt, but you have the security of knowing how much you have to spend on a home, based on the proceeds of your sale
  • If you buy first… you could face some serious financial stresses if your home takes a long time to sell or sells for less than you expected. You also may face challenges paying an extra mortgage payment, and be burdened with maintaining and paying property taxes on two homes at once. You’ll find security in knowing that you have a place to move to once your home does sell.
 
3. Take a look at your situation
For instance, if
  • you’re buying to downsize,
  • moving to a less expensive area,
  • you have a hefty savings or asset portfolio or
  • the homes you’re targeting are modestly priced vis-à-vis your income…you might not need to sell your existing home before you qualify to buy the next one.
  • Have your mortgage broker run all the numbers and tell you what loan and mortgage amount you will qualify for, before and after you sell your home

4. Get Creative

  • If you choose to sell your home first, consider renting a chic loft or a writer’s cabin somewhere, or travel for a year, while you house hunt
  • Talk with your Reata Realty professional about the possibility of selling your home, then leasing it back from the buyer
  • Consider short-term financing for your new home, which might offer a lower interest rate and monthly payment than a long-term loan.

Call Reata Realty Now-We have several marketing plans to help you with your real estate needs and and ask about our performance guarantees.

Happy Trails,

Donnie