![\"a](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2017\/11\/downsizing-your-home-with-kids-child.jpg\")
<\/a>Is Now a Good Time to Downsize with Kids?<\/h2>\n
Before you start down the road to downsizing your home and lifestyle you need to figure out whether or not downsizing is the right choice for you right now.<\/p>\n
There are myriad reasons to downsize your home as a parent:<\/p>\n
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- Your mortgage has become a major financial burden.<\/li>\n
- You\u2019re spending more time at work to afford your home than with your kids.<\/li>\n
- Your home has unused rooms you can\u2019t afford furniture for.<\/li>\n
- Your yard is too big and requires too much maintenance.<\/li>\n<\/ul>\n
Just one of these may be reason enough for you to consider a move to a cheaper home. But here are a few more questions to ask first:<\/p>\n
How much equity is in the home?<\/h3>\n
If you are only a year or so away from owning your home, it may make sense to find other ways to save while you finish paying off the mortgage.<\/p>\n
How old are your kids?<\/h3>\n
Say you\u2019re holding off on downsizing until you\u2019re an empty nester. Why wait? If one kid is heading off to college soon, bunk your kids together and downsize now \u2013 they\u2019ll need to get used to dorm life sooner or later.<\/p>\n
Is your home going to net you a lot of cash?<\/h3>\n
If you\u2019ve added a significant amount of equity into the home, you could be subject to a capital gains tax<\/a> that could make a sale less than ideal. Any gain over $250,000 ($500,000 for couples) could be taxed anywhere from 15-28%.<\/p>\n
Can you make time to get your house ready to sell and find a new one?<\/h3>\n
The answer to this one may feel like \u201cno\u201d but it\u2019s almost certainly \u201cyes.\u201d If you\u2019re strapped for time, finding a top real estate agent<\/a> is crucial. A qualified agent will understand your time restraints and work around them to get you into a house you can afford. This may include help with staging, hiring cleaners, and scheduling showings around your availability.<\/p>\n
In most cases, if downsizing your home feels necessary it probably is. There are very few situations in which staying in a mortgage that you can\u2019t afford is the right decision.<\/p>\n
Yonick notes that there are important considerations to be made when downsizing with a family. Buying on the contingency of selling your home can present problems, which means you\u2019ll want to hire an agent experienced in home sale contingencies.<\/a><\/p>\n
Moving while kids are in school can be another headache. \u201cIf the parents have their children in school,\u201d Yonick says, \u201cI always say it\u2019s a little more peaceful for kids to sell during summer, spring, or winter break.\u201d<\/p>\n
In general, you want to downsize when your kids\u2019 lives are least disrupted.<\/p>\n
![\"a](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2017\/11\/downsizing-your-home-with-kids-baby.jpg\")
<\/a>Source: (Africa Studio \/ Shutterstock)<\/figcaption><\/figure>\n How to Prepare Kids for Home Downsizing<\/h2>\n
Downsizing is different than just moving and for kids it can be a lot to process. Not only will they potentially be moving away from their friends, there\u2019s a good chance you\u2019ll need to downsize their belongings as well.<\/p>\n
Before you list your home you can get kids prepared for the changes. Turn downsizing your house into a game \u2013 help them list and sell toys online and let them put the money toward another, better toy. Scout out potential future areas you\u2019re interested in, attend community events, and get to know your future neighbors.<\/p>\n
Still, no matter what you do to prepare, you should expect difficulties and fights. Be patient and realize that (especially if this is their first time), moving can be a big shock for kids.<\/a> Keep your kids involved in the move \u2013 take them to scout out new neighborhoods and keep them abreast of important dates.<\/p>\n
![\"a](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2017\/11\/down-sizing-your-home-with-kids-toddler.jpg\")
<\/a>Source: (Natalia Lebedinskaia \/ Shutterstock)<\/figcaption><\/figure>\n How to Choose Your Next Home<\/h2>\n
You\u2019ve decided to downsize, you\u2019ve started the process of listing your home, and now it\u2019s time to figure out where you\u2019re headed next. Put simply, you want a home that suits your family while addressing the reasons why you\u2019re downsizing, be it a pricey mortgage or an oversized home.<\/p>\n
For Yonick, it\u2019s essential that you know where you\u2019re headed beforehand.<\/p>\n
\u201cI want to make sure they know where they\u2019re going,\u201d he says. \u201cIf they say they\u2019re going to rent for a year I tell them about the family I\u2019ve got that\u2019s been renting for two years.\u201d He explains, \u201cIn Dallas, the market\u2019s never going to soften into affordable prices.\u201d<\/p>\n
This means that in choosing your new home, you need to consider the market where your home is and where you\u2019d like to buy. Otherwise you could find yourself stuck in temporary housing or renting while you wait for an affordable property to hit the market.<\/p>\n
One of quickest and easiest ways to assess the local real estate market is by sitting down with a top local real estate agent<\/a>. Don\u2019t be afraid to speak with multiple agents, especially if they have experience in the areas you\u2019re selling or looking to buy.<\/p>\n
4 Things to Prioritize in a New Neighborhood<\/h3>\n
Yonick tells his clients to prioritize these four things when downsizing with kids into a new neighborhood.<\/p>\n
- \n
- The school district<\/strong> \u2013 Niche.com ranks school districts by city or state<\/a> and is a great place to start your search.<\/li>\n
- The neighborhood<\/strong> \u2013 \u201cYou can change a house, but you can\u2019t change a neighborhood,\u201d Yonick says.<\/li>\n
- The neighbors on either side of the house and the three across the street<\/strong> \u2013 \u201cMeet with them and if you don\u2019t feel right about it, don\u2019t buy the house.\u201d<\/li>\n
- Crime statistics<\/strong> \u2013 Neighborhood Scout<\/a> and AreaVibes<\/a> are two great resources.<\/li>\n<\/ol>\n
- The neighborhood<\/strong> \u2013 \u201cYou can change a house, but you can\u2019t change a neighborhood,\u201d Yonick says.<\/li>\n
- The school district<\/strong> \u2013 Niche.com ranks school districts by city or state<\/a> and is a great place to start your search.<\/li>\n