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Planning Ahead for Your Short Term and Future Housing Needs

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“I believe luck is preparation meeting opportunity. If you hadn’t been prepared when the opportunity came along, you wouldn’t have been lucky.” ― Oprah Winfrey

What you do now to plan and prepare for your short term and future housing needs can greatly impact your financial future. Planning ahead can help you more easily navigate the many decision points along the way so you don’t have to rely upon luck to end up where you want to be.

Upsizing, downsizing, buying and holding, remodeling, renting, aging in place, estate planning, tax implications—there are so many factors to consider and paths that can be taken depending on your personal goals and anticipated needs.

Answering yes to any of the questions below suggests now is a good time to initiate a conversation with me:

Within the next 5 years…

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  1. Do you see yourself transitioning to another home (upsize, downsize, different neighborhood, different property type)?

  2. Are you planning any home improvements/upgrades to add personal comfort, save on energy costs, replace a failing component or system, or add living space?

  3. Will you need a larger home in the next 5 years due to anticipated growth in the size of your household (have children, expect grown children to move back in, care for parents or other adult family members)?

  4. Are you planning to downsize?

  5. Are you planning to financially assist a family member with a real estate purchase?

What are your longer term goals?

Photo by TaniaVdB

  1. Do you plan to age in place in your current home? If so, will it meet your future needs as it is now?

  2. Have you factored in the annual cost of keeping your home even if the mortgage has been paid off (maintenance, property taxes, insurance, utilities, etc.)?

  3. If you own a detached home, have you considered/investigated potential for adding a rentable unit (ADU/Companion Unit) to help you offset the future home expenses once you retire?

  4. Are you aware of property tax advantages that are available to you after you turn 55 years of age should you want to transition to a more suitable property as you approach retirement?

Contact me today to discuss your short and longer term goals, and how to get on the right path toward meeting them. I want to put my experience to work for you.

Best regards,

Tamara Z

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