Your youngest child has just left home! Your present house now seems enormous. Your "empty nest" has prompted thoughts of selling your home and moving to a smaller, more manageable house.
Before you make a move, you should consult two important professionals??your real estate agent and your tax planner. A good Realtor will be able to tell you the value of your current home and the availability of houses in your preferred area. Buying a smaller home can have important advantages, such as lowering your property taxes, simplifying property maintenance, and generating cash that can be put into income-producing investments. You will also want to consider the tax laws passed in August of 1997, which allow capital gain exclusions whether you buy up to a more expensive home or buy down to a less expensive one. If you are moving downtown from the suburbs in order to be close to cultural centers, theaters and restaurants, there may be "quality of life" issues, such as noise or parking. Your Realtor and your tax planner can provide valuable information to assist you in making such decisions. For rock solid advice on buying or selling real estate, call Craig Reece at 435-647-8017 or toll free at 1-800-553-4666.