It’s a question most of us face in our lifetimes. Maybe the upkeep of your current home is too much, or it feels vacant now that the kids are off at university. It can be a bit melancholy deciding whether or not you should downsize your home, but it doesn’t have to be! There are a lot of benefits the come with downsizing. You just need help deciding if it is in fact the right choice for you.
Makes sense financially
Firstly, speak with a professional to see if the selling price of your current home will cover the cost of your new home. Often times, downsizing means saving money. It’s cheaper mortgage rates and less maintenance needed for the home. Utility bills aren’t nearly as high and you can put the extra money towards things like retirement.
In addition, selling your unused belongings so you have more room in your downsized home could earn you some serious cash.
Will it affect your lifestyle?
Do you feel as if downsizing could change your lifestyle for the better or worse? Maybe your house is the hotspot for family gatherings or get-togethers. Or, are you sick of spending so much time on landscaping? Think about the potential affects. Again speak with a professional about these concerns. Some smaller homes can still require a lot of upkeep. You may also be able to downsize but still have an awesome social area for guests to use! An agent can sort out or wants and needs and search for a place that best suits your conditions.
Is the area/neighborhood a good fit?
Does your downsized home reside an area you will feel comfortable in? Is there nearby entertainment? Some neighborhoods that feature smaller homes may not be up to your standards and that’s understandable. You should choose a house that fills your requirements.
Think about what things you might miss from your large home. They might be attainable features in your smaller house. Then again they could not. Decide if the pros outweigh the cons and if so, meet with an agent!