Real Estate Tips from Bob Rich-Goodbye Children

When the children move out of the nest, the parents eventually have three options: Stay in the home, trade up to something better or move to a small, less expensive condo or retirement home.
The household income of many older working couples may be much higher than it was when they began their careers. So they may be planning to move up—if not to a bigger home, then one with more amenities. If so, they may be better equipped than a younger couple to handle the increased payments, of a 15 year fixed-rate mortgage.
On the other hand, they may be interested in buying something smaller for retirement. They may want the security of living in their home free from mortgage obligations. In such a case, they may prefer to pay cash from the sale of their existing home.
Current tax laws allow an exemption from taxes on profits of up to $500,000 from the sale of a home. This may help make some options more achievable.
The Rich Company will gladly assist you with waterfront homes, lots, and new construction in eastern North Carolina.