There are many reasons to downsize from your current home, and sometimes, the idea that “less is more” is what drives homeowners to purchase a smaller home.
Be that it may, we do live in a society that often holds the “bigger is better” mentality. However, it can be worthwhile to consider if a smaller home would better serve you and your lifestyle.
You are Feeling Overwhelmed
Owning a home is no small task. Other than the monthly costs, you’re responsible for cleaning the home, handling any repairs, maintaining the front and back yards, etc. If you’re tired of taking on these responsibilities, or you’re just not in a position to do so anymore, it might be time to consider downsizing. Having a smaller home, with less maintenance, will take away some of the stress.
Financial Gaines
If you’re spending less on your mortgage payment, you are likely to have money left over every month to allocate for other needs or desires. Plus, you could end up paying cash for a smaller home from the proceeds of your existing home, which means more money in your pocket!
You’re Not Using Most of The Space
Do you have empty rooms just collecting dust? Why spend the money on a mortgage for a house you’re barely using? Instead, consider downsizing to a home with fewer rooms so you can actually get your money’s worth. This is especially true if you’re entering retirement age. Maybe you raised your family in this house, but now your children are grown and living elsewhere. You don’t need as much space as you used to, so why not downsize?
It’s a GREAT Time to Sell
Right now, we’re are experiencing a seller’s market. In other words, it’s a great time to sell your house. Additionally, buyers are taking advantage of low-interest rates, this allows homeowners to sell their homes at a higher price… (everybody wins). If your neighborhood is in high demand and you’re ready for a change, now is a good time to sell and be profitable.
The bigger the house, the better your life, right? Not quite. Contrasting to popular opinion, bigger isn’t always better. Especially if the size of your home is making your life harder. Instead of struggling to keep up with the costs and maintenance, consider downsizing.