808 Oahu Realtor (Ryan Riggins) License #RS-74740

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Downsizing Might Make Sense

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downsizing.pngWith roughly 12.5% of the population over 65 years of age, it is understandable that some of them are thinking of downsizing because they may not need the amount of space they did in the past. There is something to be said for the freedom acquired by divesting yourself of “things” that have been accumulated over the years but are no longer needed.

Moving to a less expensive home, could provide cash that could be invested for additional income or savings for unanticipated expenditures.

Savings can also be recognized in the lower utility costs associated with a smaller home, not to mention, the lower premiums for insurance and property taxes.

Going from the home where you reared your family to one of the new tiny homes may be a bit extreme but downsizing to 2/3 or 50% of your current home may certainly be reasonable. In some situations, your interests may have changed so that a different area or city might be a possibility.

At one time, IRS had a once-in-a-lifetime exclusion of $125,000 of gain from a principal residence but it was changed so that homeowner’s are eligible for an exclusion of $250,000 of gain for single taxpayers and up to $500,000 for married taxpayers who have owned and used their home two out of the last five years and haven’t taken the exclusion in the previous 24 months.

Homeowners should consult their tax professionals to see how this may apply to their individual situation.

Author: Ryan Riggins (RA)

Ryan started building his businesses at the age of 18, and he hasn't stopped since. He is a successful Real Estate Agent and Investor. He not only has rehabbed properties, but also holds properties as rentals. Ryan has made money by building his real estate investment business, learning on his own, and finding mentors willing to share their knowledge with him. Ryan is a true Entrepreneur. When Ryan Riggins found himself making a change to Real Estate in 2006, he looked back to his first open house at the age of seven with his Mentor/Broker and father John Riggins. In 2006 Ryan was living in Ohio, he realized it was time for a change. He packed up and moved to Port Lavaca, Texas. He literally rolled into town on his last tank of gas, and lived in a old burger joint, and knew he needed to come up with money to pay his Mortgage. Ryan teamed up with his father and started rehabbing Mobile Homes. Ryan kept working until he had put systems in place for all phases of the business. He has a system for finding properties, to finding contractors for remodeling Flipping and Renting. Ryan continues to works as a Realtor with his father John Riggins as his broker and Rehabbing homes, doing about 4 deals a month. This is his passion. He loves the adrenalin rush, and yes Rehabbing can be a little stressful. In fact, Ryan says: "You've got to have ice water running through your veins." In the course of Rehabbing, Ryan manages to beautify his properties, and the surrounding neighborhoods one step at a time. Ryan enjoys helping others Build Wealth through Real Estate. Whether it be the first time home buyer or the experienced investor or helping distressed home owners sell to avoid Foreclosure. To Ryan its all about building life long friendships.

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