Many people believe that moving into a larger home reflects their advancement in life. However, that is not always true.
Is it the right time to downsize to a smaller home?
Downsizing can be a new start in life, and a financially sound start, at that. There are several reasons to downsize to a smaller home. This article will discuss five reasons a smaller home may be the right move for you.
1. Seize the Opportunity to Make More Money
All across the nation, it is a red-hot seller’s market. With a low supply and a high demand, Northern Virginia homeowners whose home has appreciated can cash in right now. Downsizing to a smaller home in today’s market will get you the highest value of your property.
2. Retirement
Retirement is one of the main reasons people downsize their homes. Not only have children flown the coop, but retirees also may want to cut back on their monthly expenses. Smaller homes decrease costs with smaller mortgage payments, property taxes, and insurance.
3. Reduce Utility Costs
In addition to decreasing your mortgage, taxes, and insurance, downsizing your home will significantly lessen utility costs. The less space you have, the less you spend on heating, cooling, and energy costs in general.
4. Overwhelming Maintenance
A larger home will always have more maintenance than a smaller one. Cleaning a large house is time-consuming - add on to that yard maintenance and house repairs; you are taking hours out of your week just to maintain your home. If you have rooms in your home that are going unused and are feeling overwhelmed with the amount of time you spend on the upkeep of your home or are tired of paying others to do it for you, downsizing to a more manageable home will take a huge weight off your shoulders.
5. Spend More Time with Family
It is not uncommon for televisions to be spread out amongst every room in the house with everyone eating dinner in front of their personal tv. The average home becomes larger each year, meaning the average personal living spaces are growing. Downsizing your home means smaller living quarters, which means you will interact with your family members more. You may get a chance to sit around the dinner table together, and even all watch the same tv!
Downsizing to a Smaller Home
Thinking about downsizing can be unnerving, especially if you have lived in your current home for many years and have created countless memories. If you are curious about finding a new home that is more practical, speak with a professional real estate agent who can guide you through the process.
