5 Reasons to Consider Downsizing
You’ve probably heard your friends, parents, colleagues, or neighbors talking about it… downsizing. For some it’s a goal later in life, after the kids have left home. For others, it’s a lifestyle choice. Here are five reasons why it might make sense to consider downsizing your own home sooner rather than later.
Typically, the bigger the house, the bigger the cost. Unless your home is paid off (and congratulations if it is!) you’ve probably got a mortgage. Maybe you got a great rate and bought at the right time, but you’ve still got property taxes, maintenance, repairs, and utilities. And with a bigger house, those numbers are are higher. Downsizing provides an opportunity to whittle away at some of those expenses.
If you’re moving from a single-family home to a home in a maintained community, you’ll probably find yourself with some extra time on your hands. Tasks like landscaping, lawn care, snow removal and even general outdoor maintenance are often part of homeowner’s associations. Plus, a smaller home takes less effort and time to clean the interior as well.
In addition to lowering your monthly expenses, downsizing can provide an opportunity to “cash out” the equity in your home, freeing up those funds to be used elsewhere. You’ll definitely want to check with a financial or tax advisor before making any decisions, but if you’ve got quite a bit of equity built up, downsizing might be a good way to gain access to those funds.
If you’ve been living in the same home for a long period of time, odds are you’ve accumulated quite a few belongings. Unless you’ve been decluttering over the years, you might have a home full of items that have outlived their usefulness. Downsizing gives you an opportunity to focus on the things that are necessary or bring real joy to your life.
A Chance for Change
Making the decision to downsize creates an opportunity for you to change things up. If you’ve always wanted to move to a different location or another part of town, this could be your chance.
As with any major life decision, make sure you’re consulting with professionals before you make any big moves. If you’d like to find out how much your current home might be worth or take a look at properties that might fit your requirements, we’d love to help!