The kids have left and the home you purchased years ago has appreciated tremendously.

Do you still need four bedrooms and three full baths? How much is your Old Town, Del Ray, Kingstowne, or Manchester Lakes home in Alexandria VA worth today?  Should you downsize and buy a condo? Often, condos are the perfect move for a downsizing lifestyle. With no exterior maintenance, you eliminate the worry about roof repairs, foundation cracks, and ease into a more relaxed lifestyle.

What about that home that you held on to when you were single? It should be generating a substantial amount of passive income to supplement your earned income. Should you refinance your home and keep it? Don’t be turned off by an interest-only mortgage or a reverse mortgage. If your income has decreased, these types of mortgages give you more options with regards to your monthly payment.

Now is a great time to see a financial planner. What would it take for you to officially retire? If you started saving when you were ‘Stepping Out’ and never stopped, then you’re in great financial shape thanks to the phenomenon of compound interest. This is still a great time to add real estate to your investment portfolio. If you’re close to retiring, take the time to investigate where you’d like to retire. Would it make sense to buy a rental home where you plan to retire? If appreciation rates are steady, it can be justifiable to buy your next home where you’d like to retire, and buy at today’s dollar. Rent out your new home, and when you’re ready to move, your mortgage payment will be based on yesterday’s price. With a fixed income, you’ve successfully executed a plan to continue living with the comforts that you’re used to today.

As top Alexandria VA real estate agents specializing in Old Town, Del Ray, Kingstowne, and Manchester Lakes, we've helped many families downsize and a lot of them attribute some of their wealth to the purchase of real estate years ago (and keeping it!). Put our experience to work for you. Whether you're looking for a luxury resort-styled condo, a waterfront townhome, or a smaller condo walking distance to metro or city life, use our website to browse the MLS and see homes for sale, and we'll help you downsize into a new home.