Downsizing earlier than planned


Dear David,

My husband is a year away from retirement and I work from home. We’re excited about our retirement lifestyle and are starting to plan for it. We dream of moving to a nearby lakeside community. We weren’t planning on looking for a home just yet, but wandered into an open house and accidentally found the perfect property. The timing is off, but we really want to buy this place. My husband could transfer to an office in the area for the next year or so if he had to. Should we move, or stick to the original plan? – GETTING A HEAD START

DEAR HEAD START: Sears department store used to send out a Christmas Wish Book every fall. I remember diving into the weighty catalogue as a wide-eyed kid, folding over the corners of pages with toys I hoped Santa would bring. The book hit the mailbox just ahead of holiday shopping, which of course was excellent timing on the part of Sears executives.

Preparation and timing ensures the best results. In real estate, I typically meet with clients months ahead of their move, so we can talk about options and explore how they see the next chapter of their life unfolding. There are sometimes challenges along the way, and in your case, finding a house ahead of schedule is one of them. It’s like the Christmas catalogue arriving months ahead of time: it’s super exciting, but not part of the plan. 

It sounds like you have a lot of your retirement figured out, but there are some things left to decide and being flexible will help you make the most of the opportunities that arise. You mentioned that you work from home and your husband is able to relocate for the remainder of his employment. This is extremely fortunate, and the universe may be trying to tell you something.

Call your Realtor now to see if there is a long closing available on your dream home. This would be ideal, as it would afford you plenty of time to get your current house sold. You also need to speak to a mortgage specialist to get your financing in order, regardless of whether you have a mortgage on your current house. Most people have the majority of their equity tied up in their existing home, which facilitates their next purchase. Consider bridge financing options so your closing dates don’t have to line up perfectly, and you can avoid buying and selling on the same day. If you happen to hit a wrinkle during closing, bridge financing can solve the problem by allowing you to carry both properties temporarily. Approval will be much easier to achieve while you and your husband are both still working.

PRO TIP: Flexibility may be what gets you down to the lake house faster. You originally planned to move a year from now, but no one will blame you for sneaking away a few months early. You’ve spent decades focused on work, so jump at this chance to secure your dream house. Your Wish Book arrived early this year and kudos to you for folding down the corner of the page. #Advice #AskDavid #TheNegotiator

David is a top-selling Broker in Kitchener-Waterloo Region. He works personally with you when selling or buying your home. Call or text today for your free home evaluation! 519-577-1212.