Why People Choose to Downsize

 
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Manage episode 244336654 series 2380888
By Kari Kohler. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
We’re here at a beautiful listing at 1509 Crayton Circle West in DeKalb to talk about downsizing. There are actually a few different forces driving this trend. For some, it’s that, over time, their needs and wants have changed. In the case of elderly and physically disabled people, they might want a home with only one floor so that everything is more accessible. Others might downsize to a smaller home because their kids have moved out of the home and they don’t need all the extra space they now have. Let’s face it: a smaller home requires less work. “Some might downsize to a smaller home because their kids have moved out of the home and they don’t need all the empty space.” There are also financial reasons to downsize. One such reason is the tax benefits; many people in certain price points don’t necessarily need a mortgage, but they want to take advantage of the tax bill. As a senior, you could take advantage of a senior-exempt tax—you’d just need to contact the county to learn more about that. Additionally, this home, in particular, has another good example of the kind of benefits you could get from downsizing. It’s located close to Northern Illinois University, one of the best colleges in the area. As an investor, you could purchase this home and rent it out to college students or even your own kids. If you have any questions or are looking to downsize your own home, please feel free to reach out to us. We’re here to help you with your real estate needs.

36 episodes