Downsizing can truly mean “less is more.” If you are a homeowner and considering a lifestyle change, following are the top 3 benefits of downsizing from a larger to a smaller home.
$250,000 to $500,000 Home Sale Tax Exclusion! The Home Sale Tax Exclusion is one of the last remaining incredible tax benefits out there today! Sell your home, and pay ZERO taxes on profits up to $250,000 if you’re single or $500,000 if you’re married. To qualify, you need to have owned a primary residence for 2 years.
Save Money, Save Time! For homeowners who no longer need a larger home or do not want to maintain a larger property, downsizing might be the perfect option. Consider the incredible amount of time and money you will save over a one year period maintaining a smaller home.
Build Equity in a New Property! Build equity in a new property and qualify for the same $250,000 to $500,000 Home Sale Tax Exclusion. Or keep your property as a rental and start building your portfolio.
Living in Los Angeles gives us many lifestyle options from which to choose: from living in a beautiful condo by the beach to living in a house in the hills, and everything in between. Discover the possibilities. You might find an even better living situation than one you’re already in.