Monday, January 6, 2020

Finding Home in Utah: Downsizing in 2020



Sometimes Moving Up Means Downsizing, Too.

Approximately 52 million or 16% of Americans are age 65 and over.  It is easy to understand that some of them are thinking of downsizing their home because they don't need the same space they did in the past.

It can be liberating to divest yourself of "things" that have been accumulated over the years but are no longer needed.  Moving to a less expensive home, could provide savings for unanticipated expenditures or cash that could be invested for additional income.

Savings can be realized in the lower premiums for insurance and lower property taxes, as well as,  the lower utility costs associated with a smaller home.

Typically, owners downsize to a home to 2/3 to 50% of their current home's size.  In some situations, it is not only economically beneficial, but their interests may have changed so that a different style of home, area or city might fit their lifestyle better.

The sale of a home with a lot of profit will not necessarily trigger a tax liability.  Homeowners are eligible for an exclusion of $250,000 of gain for single taxpayers and up to $500,000 for married taxpayers who have owned and used their home two out of the last five years and haven't taken the exclusion in the previous 24 months.

Homeowners should consult their tax professionals to see how this may apply to their individual situation.  For more information, you can download the Homeowners Tax Guide.

Call or text me at (801) 726-1443 to find out what your home is worth and what it would take to make the move to another home.

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~
Kim Novak, Broker/Owner, Novak Advantage Real Estate
A Veteran-Owned, Woman-Owned Real Estate Brokerage
Call or Text: (801) 726-1443  Email: kim@novakadvantage.com

Your Guide to Finding Home in Utah
Start Your Home Search Here www.UtahHouseandHome.com
ABR, AHWD, CRS, CSP, e-PRO, Green, GRI, MRP, RENE, RSPS, SFR, SRES, SRS
RE/MAX Hall of Fame * RE/MAX Lifetime Achievement Award *  Salt Lake Board of Realtors® Hall of Fame * Northern Wasatch Association of Realtors® Lifetime SalesMaster * Link to Résumé

UT DRE Brokerage License# 8817929-CN00 * UT DRE Principal Broker License# 5459481-PB00


No comments:

Post a Comment