I am often asked by my clients to help them sell their larger home so that they can downsize into a smaller home.  I am sure that you have thought about it as well. The kids have all grown up and started their own lives and this large house is just too much to take care of, especially having to climb up the stairs all the time.

So, when my clients ask, “Should I Downsize?”. I have to say, “Well, it depends.”  First of all, it is not an automatic yes. I know that you thought that as a realtor my job is to help people sell houses and to help people buy houses. That is only half true. My job is to represent my clients in what they want to do, but to always remember my fiduciary responsibility to them. In simple terms, that means that my client’s money is more important than my money. To put it another way, although I only get paid when I help someone buy or sell a house, sometimes it is not in my client’s best interest to sell their larger house and buy a smaller house.

There are many things to take into consideration.

For example:

• What is the tax base on their current house?
• Are they going to buy in the same county as where they currently reside?
• Do they love their neighborhood and their neighbors?
• Do they hate their neighborhood and their neighbors?
• Do they want to downsize just so they don’t have so much housework?
• Do they want to downsize because they cannot climb the stairs any longer?
• Do they really just want to sell to move closer to their grandkids?

So you see, it is not as simple as just saying yes and helping them sell.

One of the most frequent reasons my clients have to sell their current 2 story home and buy a smaller 1 story home, is the stairs.  I understand their thought process, but financially, that is not always the best option.  For example, if my clients own a $400,000 home, they will end up spending about 8-10% of their home value in the cost of the sale for real estate commissions and closing costs. That amounts to $32,000 to $40,000. They also have the cost to move, the cost to buy the new home and to get settled in. Possibly some other costs to get their home ready to sell as well as costs to do some work on their new home.

All together, that amounts to real money for my clients.

I always tell my clients that if they want to move because of the stairs, that they should first look into getting a lift for the stairs or an elevator. If you have straight stairs, without a landing half way up, you can get a lift for $5,000 to $10,000. If you have a landing half way up, it will cost much more. If you a wide sweeping staircase, the cost will go up to about $18,000 to $20,000.

As for elevators, they will cost about $25,000 to $30,000 plus the cost of construction for the elevator shaft.

So, when you are thinking of downsizing, consider your options. If you love your neighborhood and your neighbors and you can install a lift or an elevator for less than the cost of selling and buying then get an estimate from the elevator company as well as one from me, your neighborhood realtor. On the other hand, if you hate your neighborhood and or your neighbors, then give me a call and we will help you downsize and find a new place to call home.

Start building your memories,
as you turn your house into a home. 

As you might guess, this document is a compilation of information from our own efforts as REALTORS, as well as input from other REALTORS in our Coldwell Banker office.  I hope it has been of value to you.  Don’t hesitate to email us with any suggestions that will make this document better for you and your fellow homeowners!

Be sure to follow us on Facebook at www.Facebook.com/ElkGroveRealEstate.  For information about properties available for sale and for more information for buyers and sellers, please visit our website at www.ElkGroveRealEstate.com and don’t hesitate to give us a call or drop us an email with your questions.