{"id":6846,"date":"2018-12-27T08:04:22","date_gmt":"2018-12-27T16:04:22","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=6846"},"modified":"2026-04-09T05:07:59","modified_gmt":"2026-04-09T12:07:59","slug":"downsizing-property-advice","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/downsizing-property-advice\/","title":{"rendered":"5 Top Agents Share Their No. 1 Piece of Advice for Downsizing Your Home"},"content":{"rendered":"

Knowing in your heart that the time is right to downsize doesn\u2019t make this drastic lifestyle change any less overwhelming. That\u2019s why too many people put off downsizing<\/a> until it\u2019s too late.<\/p>\n

Data on home buyer and seller generational trends from the National Association of Realtors shows that 67% of people who move between the ages of 53 and 92<\/a> do so in response to a household member\u2019s health. Only 25% of individuals in that same age group are motivated by the intentional choice to downsize.<\/p>\n

\"Chart<\/a>
Source: (nar.realtor<\/a>)<\/figcaption><\/figure>\n

With so much uncertainty involved in this major decision, it\u2019s natural to look for guidance on it.<\/p>\n

Short a psychic, we\u2019ve rounded up an expert downsizing property advice panel: 5 real estate experts<\/a> who\u2019ve collectively handled 3,754 transactions over the course of a combined 89 years. Some are retirement specialists while others work with downsizing clients on a daily basis\u2014here are their no. 1 recommendations.<\/p>\n

Tip #1: Use a home equity line of credit to buy your smaller home first<\/h2>\n

Downsizing when the bulk of your retirement savings is tied up in 401ks, retirement accounts, and home equity is a complex process.<\/p>\n

Without cash to make a hefty down payment on the smaller home, you\u2019ll wind up with a high interest rate on the mortgage. The alternative is waiting until your current residence sells before buying\u2014and that could leave you living in limbo for months while you search for the right downsized home.<\/p>\n

Those aren\u2019t your only two options, though. If your current home mortgage<\/a> is paid off, you can use home equity<\/a> to simplify the home buying process.<\/p>\n

\u201cIf a seller has a tremendous amount of equity, it\u2019s an easy thing to take out a home equity line of credit on their existing home,\u201d says Ken Carpenter<\/a>, one of the top 1% of sellers\u2019 agents in Plymouth, Minnesota.<\/p>\n

\u201cThen we purchase a property that’s going to work for them, and now they know where they’re going to move. Then they can take their time moving while we work on selling their existing home. Once it\u2019s sold, then they pay off the equity line. It’s a less stressful way to deal with it.\u201d<\/p><\/blockquote>\n

By using your home equity line of credit as a large down payment (or payment in full if your downsized home is that affordable), you\u2019ve got the time you need to find a smaller home that has all the amenities you need to age in place.<\/p>\n

Tip #2: Look for a property that will let you age in place longer<\/h2>\n

There\u2019s no way around it\u2014time takes a toll on your body no matter how healthy your lifestyle.<\/p>\n

Studies prove that the impact of mobility on the quality of life<\/a> is huge for retirees\u2014so the easier it is to navigate around your downsized house, the longer you\u2019ll be able to live at home without assistance.<\/p>\n

\"Graph<\/a>
Source: (ncbi.nlm.nih.gov<\/a>)<\/figcaption><\/figure>\n

\u201cAbout a year ago, we surveyed 5,000 folks that wanted to downsize to find out what their final home looked like. Most folks said they don’t want the headache of stairs or cleaning a big home,\u201d explains Zack Morris of the Huff Group<\/a>, a top-selling real estate team in Olathe, Kansas<\/a>.<\/p>\n

\u201cWe didn’t have the inventory for downsizers in Kansas City, so we ended up buying some land and developing a maintenance-free community of 40 units all on slabs. All of the villas are zero entry and no stairs. So there are no tripping hazards or different elevations anywhere on the property.\u201d<\/p>\n

Of course, zero entry and single-story aren\u2019t the only things you need to make sure your smaller home remains accessible as you age. Think about other features like hallways and doors wide enough for wheelchair access, and whether you can easily install grab bars, shower benches, or walk-in tubs in the bathrooms.<\/p>\n

\"Questionnaire<\/a>
Source: (aarp.org<\/a>)<\/figcaption><\/figure>\n

And make sure you review your plans with your financial planner before you commit to anything\u2014or downsizing could wind up costing you more<\/a> in the long run.<\/p>\n

Even though utilities like water and electricity are typically cheaper in a smaller house, paying the homeowners association fees and assessments in a maintenance-free community can get expensive.<\/p>\n

Plus, if you\u2019re not careful, you could wind up purchasing property in a city or state that has higher utility prices and taxes than you\u2019re used to paying.<\/p>\n

That\u2019s why it\u2019s always best to work with a real estate agent who knows how to help retirees plan for their financial future.<\/p>\n","protected":false},"excerpt":{"rendered":"

Short a psychic, we\u2019ve rounded up an expert downsizing property advice panel: experts who\u2019ve collectively handled 3,754 real estate transactions over a combined 89 years. <\/p>\n","protected":false},"author":37,"featured_media":8483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[220,319],"tags":[],"class_list":["post-6846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-downsizing","category-selling-advice"],"acf":[],"yoast_head":"\nExpert Advice For Downsizing Your Home: 5 Top Agents Weigh In<\/title>\n<meta name=\"description\" content=\"We\u2019ve rounded up an expert downsizing property advice panel: experts who\u2019ve collectively handled 3,754 real estate transactions over a combined 89 years.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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