After living in your home for a while, maybe even for many years, you might be thinking about whether or not to downsize.
There are a lot of good reasons to move into a smaller house. But it all comes down to one question: is downsizing the right choice for you?
Answering this question is very personal. Several important factors will have to be considered to make the best decision for you and your family.
It’s not an easy choice either, especially if you are quite attached to where you live now.
But I encourage you to take the time to think about this possible move. In the long run, it may benefit you in many ways.
If you’re feeling a financial pinch, one of the best arguments for downsizing is the money that can be saved. Moving to a smaller home with less upkeep could give you more money to spend on other things.
You may even be able to buy a more manageable house outright with the sale of your current home, which would completely wipe away a mortgage.
But even if you’re in the position where your house is paid off so the mortgage isn’t an issue, there are still taxes and maintenance to consider.
According to the Tax Foundation, annual property taxes average an estimated 1 percent of a house’s value. In addition, Freddie Mac approximates maintenance bills to total about 1 to 3 percent of the value of your home.
So if you own a $500,000 house, for example, you’re looking at about $15,000 per year in both taxes and maintenance costs.
Taxes and maintenance don’t even include the utility bills. Utilities are always more in larger homes. With additional rooms and bigger spaces to heat or keep cool, the bills are naturally higher.
By downsizing to a smaller, less expensive home, though, you can significantly cut those expenses and save money.
You may have needed a larger home years ago because you were raising a family. So more space was necessary. But you might now be in a position where your kids are grown and have homes of their own.
This means you have extra rooms to clean and maintain that really aren’t essential to your life anymore.
If you decide to downsize, you won’t have to worry about needless space. Your new home will have just the right amount of room to suit your current lifestyle.
If you live in a large home all by yourself and aren’t near any people your age, it’s easy to feel isolated. Maybe the neighborhood was a lot different when you first moved into your house years ago. Areas do change.
Perhaps moving to a smaller home in a community that’s more to your liking could make you feel more connected again.
Whether you’re retired or experiencing an empty nest, smaller places that offer opportunities such as clubhouses or other social conveniences are worth considering.
Want More Downsizing Benefits?
There are so many reasons to downsize. But it all comes down to a personal choice that only you can make. However, if you’re on the fence and want to know more arguments in favor of this step, I’m always available to offer suggestions.
Also, I can help you sell your current home and look for your next one whenever you’re ready. Feel free to contact me at any time. You can fill out my Information Request Form, send me an email at [email protected] or call my office lines. Please know I’m happy to help you in any way I can with all of your real estate needs.