Considering Downsizing?

For homeowners over the age of 55 in California, Prop 19 allows them to transfer the taxable value of their primary residence to a newly purchased or constructed replacement residence of any value, anywhere in the state. The transfer must be done within two years of the sale of the primary residence, and the adjustment claim (Form BOE-19-PB) must be filed with the county assessor where the new property is located within three years of the date of replacement.

Proposition 19 makes moving for homeowners over the age of 55 easier, less expensive and for some can make it a no brainer. It allows the homeowner to hold onto your former homes property taxes while downsizing to a better spot for long term stability. This benefit is available up to three times during your lifetime.

Downsizing can feel scary, but it is sometimes necessary depending on your situation. California’s Proposition 19 helps make this situation a whole lot easier and less expensive. Downsizing often means leaving a home filled with memories. It is emotional to say good bye to where you raised your children and celebrated life’s milestones, even if you are looking forward to a new home.

There are many things to consider when you start thinking about downsizing, but try to keep it simple with these three questions. Are there spare rooms in your home that do not get much use? Is lawn care and home maintenance becoming difficult? Can you afford to stay in your home 5-10 more years?

If you answer yes to one or more of those questions, you may want to consider downsizing. We have created steps to downsizing that will help in your preparation. We know downsizing can feel daunting, but my team and I can help make it less agonizing and make the transition a truly positive one.

Reach out for extensive tips on downsizing that can help make the undertaking a lot easier. Downsizing is a major endeavor and will feel overwhelming at first, but we’ve created a seamless process from preparation to moving that can guide you through every step to your new home.