Helpful Guides & Tools for Buyers, Sellers & Downsizers
RESOURCES
Things You Need to Know About
DOWNSIZING
Simple Ways to Declutter Your Space
Are you feeling overwhelmed by the clutter in your living space? You're not alone. Clutter can make it hard to relax, focus, and be productive. Here are some simple steps to get started:
- 1.Start by removing trash and choosing one small area to organize — like a drawer.
- 2.Sort items into three piles: Keep, Donate, and Toss.
- 3.Find a specific home for everything you intend to keep.
- 4.Group similar items together so you always know where to find them.
- 5.If you buy something new, pledge to get rid of something else.
- 6.Ask your heirs if they want items you're holding for the next generation.
- 7.Schedule limited amounts of time to work on decluttering regularly — don't try to do it all at once.
Great Resources for Downsizers
Whether you're an empty-nester, retiree, or simply looking to simplify your life, downsizing can be a great way to reduce clutter, save money, and improve your quality of life. We've compiled a resource list to help you make the most of your downsizing journey.
All Downsizing Resources
Exposure In
ASBESTOS
Recognizing Mesothelioma Symptoms
Learn about the warning signs and symptoms of mesothelioma, a rare but aggressive cancer caused by asbestos exposure. Our comprehensive guide provides valuable insights to help you understand the symptoms, seek timely medical attention, and improve the chances of early diagnosis and treatment.
Learn MoreGuide to Asbestos in the Home
Protect yourself, your family, and others from potential asbestos exposure lurking in homes built before the 1980s. Our informative guide provides essential knowledge, tips, and precautions to help you navigate asbestos hazards in your home, ensuring a safe living environment for everyone.
Learn MoreHelpful Guide About
PROP 19
Proposition 19, also known as the Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act, is a California ballot proposition approved by voters in November 2020.
Purpose
Changes certain property tax rules in California to allow eligible homeowners to transfer their property tax assessments to a replacement property of any value, anywhere in the state, as many times as they wish.
Eligibility
Applies to homeowners who are over 55 years old, severely disabled, or victims of wildfires or natural disasters. Also applies to children of eligible homeowners who inherit their primary residence.
Property Tax Assessment
Eligible homeowners can transfer their property tax assessment to a replacement property of equal or lesser value. If the replacement property is of higher value, the assessment will be adjusted upward.
Inheritance
Changes the rules regarding transfer of property tax assessments for inherited homes. Inherited homes not used as the heir's primary residence will be reassessed at market value when transferred.
Revenue
Expected to generate hundreds of millions of dollars in additional revenue for local governments and schools each year, as a result of the reassessment of certain properties.
Implementation
Prop 19 took effect on April 1, 2021. Consult with a tax or legal professional for advice specific to your situation.
Facts About
BRIDGE LOAN FINANCING
A bridge loan is a type of short-term loan typically used to help bridge a financial gap between the purchase of a new property and the sale of an existing property.
How Bridge Loans Work
Bridge loans are typically secured by your existing property and provide funds to purchase a new home before your current home sells. They are usually repaid when your existing home sells.
Loan Terms
Bridge loans are short-term, typically ranging from 6 months to 3 years. Interest rates are generally higher than traditional mortgages due to the short-term nature and higher risk.
Eligibility Requirements
Lenders typically require good credit, sufficient equity in your current home, and the ability to qualify for both the bridge loan and your new mortgage simultaneously.
Pros & Cons
Pros: Allows you to buy before you sell, removes sale contingency from offers, gives you time to prepare your home for sale. Cons: Higher interest rates, requires equity in current home, carries risk if your home doesn't sell quickly.
Alternatives
Home equity line of credit (HELOC), 401(k) loan, contingency offer, or a sale-leaseback arrangement are all alternatives to bridge financing worth exploring.
Is It Right for You?
Bridge loans work best in a strong seller's market where your current home is likely to sell quickly. Consult with Michelle and a mortgage professional to determine if this strategy fits your situation.
Have Questions?
LET'S TALK
Michelle is here to guide you through every step of your real estate journey. Reach out today for a complimentary consultation.
Call 925-785-4358