Home Advocate: Looking to downsize?

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HAVE YOU CONSIDERED DOWNSIZING?

There are plenty of reasons one would consider downsizing: empty nest syndrome or when we near retirement. Moving to a smaller place is a means to an end – lower costs and a tailored lifestyle. It can happen when the kids leave home or retirement looms or your first grandchild is born hundreds of miles away. You start to think about leaving a house that’s now too big for you and downsizing to a smaller house or condo or a retirement community.

For those of you looking to downsize both your home and financial commitments as a senior, I will be happy to help you look into senior communities in Orange County. There are a good number of options in Mission Viejo, Laguna Woods and a new 55+ Senior Community coming up at Cypress Village.

If you research your options, you’re less likely to get locked into a situation that doesn’t meet your expectations and leads to another move. I have already gathered the research and together we will find the right place for you. There is a definite upside to  downsizing! If you want to downsize, but perhaps move to a more affluent lifestyle, California has made it easier for us. Prop 60, 90 and 110 were voted into place to ease  the downsizing home buyer to buy without the burden of increasing property taxes which as we all know could be the deterrent.

CALIFORNIA PROP 60 AND PROP 90: TRANSFER OF BASE PROPERTY TAX

If you are 55 years or older and are considering taking the big step of moving into a new home in California, you may financially benefit with Props 60 and 90.

Proposition 60 is a constitutional amendment that allows  the transfer of the base year value of your current primary residence to your newly acquired property of primary  residence.

If you are thinking about moving to a different county in CA,  Prop 90 is an inter-county amendment has you covered, if the county you are moving from and to are listed below:

ALAMEDA • EL DORADO • LOS ANGELES • ORANGE • RIVERSIDE •  SAN DIEGO •  SAN MATEO • SANTA CLARA AND VENTURA

On a final note, it is imperative to have all the information before you do this. Please feel free to contact me so that I can help you make the right choice.

Lynn Wong

714-414-8809