Is now the time to consider downsizing (or rightsizing) from a large home to a smaller home? Do you have rooms in your home that you have not seen in months because it’s just the two of you left since the kids moved out? Is now the time to get that beach home or move closer to a walkable lifestyle?  Are you considering a simpler life? Minimalism is a goal for many who wish for a more meaningful existence with less stress. Is now the time to say goodbye to a large garden, extra square footage and looming house repairs?

 

 

 

Here are some benefits of downsizing:

  • Smaller Mortgage Payments
  • Lower Property Tax
  • Smaller Utility Bill
  • Lower Property Insurance
  • Decluttering
  • Less Housework
  • Better Social Life

Let’s look at some important considerations.

Keeping your property tax base:

If you stay in California, many county’s allow you to keep your current tax base if you buy for a similar price or less home and are over age 55 thanks to Proposition 60 and 90. These propositions were created so you would not be locked into your home for a more desirable tax base amid rising real estate prices.

Do you qualify for the $250,000 tax exclusion? ( $500,000 if married)

The first $250,000/$500,000 of Capital Gains can be tax free.  The general rule is that you qualify for a 121 exclusion when you live in the property for two of the last five years.  There are some situations that would disqualify the seller from this, so you need to confirm with your CPA/attorney.

Are you worried about clearing out the clutter?

If you have owned your home for years, you probably have things in your closets, cupboards and garage that you may have not seen in years. The thought of dealing with selling/boxing/cleaning can be daunting. There are East Bay property liquidators who can make it easier, faster and less painful to help you than to do so yourself and we can help connect you if needed. We also know reputable local organizations who would gladly accept donated items which can be recycled or repurposed including two worthy places such as the Oakland Museum White Elephant Sale and the East Bay Depot for Creative Reuse. Both organizations pick up items for free.

Confused about preparing your home for sale?

Do you have deferred maintenance issues or need a guiding hand to make your home look its best for sale? Are you hesitating to downsize until you have the time, energy or money to make it perfect to place on the market? Our team at Berkeley Hills Realty can remove all the stress and worry as we handle the details of getting your home prepared to place on the market and maximize the sale price of your home.

We help you define a budget and show you a concrete analysis of where the money is best spent. We organize painting, landscaping, floor refinishing and refurbishments of all varieties, including tiling jobs and updating fixtures and new counters. We take care of the consultation on how to manage your move and then create a proven marketing strategy to get top dollar for your home. Our expert and creative market preparation has resulted in homes that we list going for thousands of dollars over asking.

Here is a recent example, a listing at 46 Kenyon Avenue, where we handled everything for the seller and placed it on the market for $1,495,000. I am happy to say it is in contract well above this asking price and above our projected target after improvements.

Are you ready to consider the next steps?

Our team at Berkeley Hills Realty can meet with you and discuss your current situation and offer you our expert advice. We can create a complimentary market analysis to help you learn the current value of your home and start the process of getting you to the next step of your housing goals.