Why Is Downsizing A Good Idea?
Throughout the U.S.A., many homeowners have jumped on the downsizing bandwagon because primarily smaller homes cost less to live in (depending on the location of course). Previous generations have always been about seeking the biggest house their money can buy them. Empty nesters often downsize when their children grow up and go out on their own, however, there’s been a trend that families with children are now downsizing as well.
Downsizing can offer numerous financial benefits that help preserve money in the long term. Downsizing for many owners means the reduction of the cost of homeownership, the elimination or a significant reduction of a mortgage just to name a few. Lower property taxes, homeowner insurance, lower utility bills and so much more. If you are blessed to be moving from a high cost of living area, you will most likely experience a lower cost of living. If you’ve been able to build up a lot of equity in your current home, downsizing to a smaller and less expensive home can actually free up some extra money for immediate use or potential investments?
Less To Maintain
Homeowners often gripe about home maintenance and upkeep. Larger homes will always require more work to keep clean, maintain and overall upkeep. How often do you think owners of large homes use every room in their home on a daily or weekly basis? Downsizing not only means less maintenance overall, it also means more of the house will be utilized on a daily basis.
Moving To More Popular Areas
Downsizing can make popular areas more attainable for many buyers, as smaller homes will often be more affordable than larger ones. Its also important to recognize that smaller homes are often more readily available throughout a popular area than those with more square footage, and buyers may even experience less competition when making an offer for these homes.
Would You Like To Downsize?
If you are seriously contemplating downsizing, you must get your home in the right condition so that you can sell it for top dollar. When you start thinking about selling, the state of your home becomes much clearer. You know that there are things that need to be fixed and cleaned up. However, you only have so much money and time to make repairs. So, what should you fix? We prepared a guide on how to go about getting your home ready for a sale: “The Must Do Repairs Prior To Selling Your Home”.