When you’ve recently lost your spouse, you have a multitude of decisions to make. Many widows are advised to make no decisions for two years. However, often, widows decide they do not want to stay in the home they were living in when their spouse died. This can be for emotional or financial reasons. As a realtor, we are here to walk you through your market options.
Making a move to a smaller home can be a great financial decision. When you are the remaining spouse in the middle of your career or a senior in retirement, the savings have the potential to be substantial depending on your geographical location. Downsizing affords lower electricity bills. Depending on whether you are purchasing a new build or old, your personal property taxes may be lower as well. However, be aware that if buying a newer home, the likelihood is that your taxes will be higher, but you will have the peace of mind knowing your roof, electrical, HVAC is brand new and warranted by the builder. Your exterior maintenance upkeep will also, most likely, be more manageable with a smaller yard.
We’re experiencing some of the lowest interest rates in history, making this a great time buy. Check with your local lender and figure out a financial package that best suits your comfort level going forward.
Selling and purchasing a home are two of the most significant decisions you will make without your spouse. Your realtor is essential. Taking your time and weighing all of your options is critical. If it does not seem like a good fit, don’t do it. Your home is your largest investment. You want to invest well.
Kathy Deal
Realtor
e-certified
Berkshire Hathaway Home Services Prime Properties
252-413-9015
Kathy@KathyDealMaker.com