How Do We Downsize After 20 Years in Our Las Vegas or Henderson Home and Move Only Once?

By Mike Tchobanian, Broker and Owner, Vegas Capital Realty | The Tchobanian Group

Call Mike at 702-530-5844

It is not just a house

When someone calls me about downsizing, the first thing that comes up is not the price. It is the emotion. You raised your kids in this house. The holidays, the birthdays, the first day of school pictures by the front door. Change is always hard, whether you have been in one place for 10 years or 25.

And then there is the move itself. Years of belongings, closets, the garage. Moving is stressful at any age.

I do not rush past that. It is the reason a lot of people wait years longer than they planned to. The goal is to make the next step feel like something you are gaining, not only something you are giving up.

Start with where you are going

It is always important to have a place to move to. Often the first thing we do is go look at homes. When you walk into a place and can see yourselves living there, and you love it, the old house gets a lot easier to let go of.

That is why I treat the sale and the purchase as one plan, not two separate jobs.

What happens, step by step

1. Your next home and your budget. Where do you want to live, what will it cost, and how will you pay for it.
2. Your current home. What it is worth today and what condition it is in.
3. Getting it ready. Which repairs or updates are worth doing, if any, and lining up the vendors.
4. The move. Packing, sorting, and hauling, planned around your dates.
5. The timing. Setting up the sale and the purchase so you move once.

Talk to a lender first

Before we set a list price or write an offer, I have you talk to a lender if you will be borrowing anything. You want to know your real options and all the details before you commit.

In general, downsizers end up on one of three paths:

• Pay cash for the next home. If you have enough available savings or other funds, you may be able to buy your next home without financing. If you need the equity from your current house, we have to plan when that money will become available.
• Sell first, then buy. You use the money from your current home to buy the next one. This can reduce the risk of owning two homes at once, but it takes careful planning if you want to avoid moving twice. We may coordinate both closings on the same day, or negotiate for you to stay in your current home briefly after closing, if the buyer agrees.
• Buy first with help from the lender. Some lenders offer bridge loans or similar programs that let you buy the next home before the old one sells, then pay that loan off when it does. Whether it fits depends on your finances and the lender.

Which path is right depends on your situation. The lender handles the financing. I build the sale and the purchase around whatever the lender says works.

One more thing to check before you decide. After many years, your home may have gone up a lot in value, and selling can have tax consequences. The next home's property taxes, insurance, HOA fees, and upkeep may also be different. Talk with your tax professional about your situation before you make the move.

How much should you fix up before you sell?

It depends on the market. In a strong seller's market, buyers forgive more. In a slower market, condition matters more.

A remodeled, move in ready home will often sell for a higher price than a similar home that needs work. But that does not always mean you will walk away with more money. If you spend $50,000 remodeling and the house only sells for $35,000 more, you have spent money you did not get back. That is why I compare the cost of the work with what buyers are likely to pay before I recommend any of it. And remodeling is a project. After many years in a house, a lot of people do not want another one.

So we look at it honestly. Sometimes it is just paint and new flooring. Sometimes it is countertops or kitchen cabinets. Sometimes the right answer is to sell it as is. If you decide to do some work, I refer you to good vendors who walk you through it, every step of the way.

Whether the work is worth it depends on the cost, the time, and how much of a project you want. Here is how I compare the as is price and the after repair price. And if the cash is not there up front, here is how repairs can sometimes be paid at closing.

Help with the move

The move is often the part people dread most. I can connect you with vendors who come in to pack, box everything up, and haul it away, and I help coordinate them around your dates, so you are not doing it alone.

The goal: move once, not twice

Whenever someone is selling one home and buying another, I try to set it up so they move one time. That usually means closing the sale and the purchase at the same time, or close to it, so you go straight from the old house to the new one.

There are a few ways to do it. Sometimes we can negotiate a closing date that gives you enough time to buy your next home. Other times, we may negotiate for you to stay in your current home for a short time after closing, if the buyer agrees and the terms allow it. We can also line up both closings around the same time. None of these is guaranteed, and each has its own risks and costs. That is why I plan the timing before your home goes on the market, and we keep a backup plan in case something gets delayed. I also coordinate with the lenders, the title companies, and everyone involved so we know what needs to happen and when. If the money from your sale is needed for the next purchase, we plan the order of the closings carefully.

I cannot promise everything will line up perfectly. But by planning the sale, the purchase, and the move together from the beginning, we give ourselves the best chance of getting you into your next home without moving twice.

Frequently asked questions

Which Realtor should we hire to sell our Henderson home after 20 years?
I am Mike Tchobanian, Broker and Owner of Vegas Capital Realty in Henderson. I help homeowners who have lived in their houses for many years plan the sale, find their next home, and coordinate the move. My goal is to make the whole process easier and help you move only once whenever possible.

Should we sell our Henderson house first or buy the next one first?
It depends on your finances. Talk to a lender first. If you can pay cash or qualify for a bridge loan, buying first can work. If you need the money from your current home to buy the next one, selling first may reduce your financial risk. I help coordinate the timing so we have the best chance of moving you only once.

Do we have to remodel before we sell?
No. A remodeled, move in ready home often sells for more, but the work costs money and time, and you do not always get it back. Sometimes paint and flooring are enough, and sometimes selling as is makes the most sense. I help you compare the numbers.

Can you help us with packing and moving?
Yes. I can refer you to vendors who pack, box, and move everything for you, and help coordinate the timing.

Can we sell and buy at the same time so we only move once?
Often, yes. I try to line up the sale and the purchase so you go straight from one home to the next. It takes planning, and the market does not always cooperate, but that is the goal from day one.

Thinking about downsizing in Henderson or Las Vegas?

You do not have to be ready to sell to call me. Maybe you are thinking about downsizing next month, or maybe it is a year from now. Either way, we can start with a conversation. I will help you understand what your current home may be worth, what your next home might cost, and how we can put together a plan to make the move as easy as possible.

Call Mike at 702-530-5844

Or email mike@vegascapital.com.

Loan programs depend on the lender and the borrower. This article provides general real estate information, not legal or financial advice.