You might be considering downsizing, but there are some things you should do to determine if it’s the right choice for you. There are several factors you should consider; lower costs, less maintenance, and a paid-off mortgage. These are things that could sway you towards downsizing your home.
Downsizing to a smaller home means fewer costs. Financially, downsizing comes with reduced spending on your mortgage, utilities, property taxes, and maintenance, but don’t underestimate other potential expenses. It costs a lot less to heat or cool a smaller home. Typically there is no wasted space, such as vaulted ceilings, in a smaller home. Less square footage decreases the amount of energy expended. A lower electricity bill isn’t the only way you’d profit. You could also save on or eliminate expenses related to gas, pest control, mowing, HOA fees, and homeowner’s insurance. Added up, you could save some serious cash that you could then relocate.
Larger homes usually mean more maintenance and cleaning and small homes simplify things. Larger homes are often more susceptible to undetected pest issues because you don’t always see every room and space. Fewer rooms and smaller spaces cut down on the time expended to clean and maintain. Smaller homes can reduce the time spent on household tasks, leaving more hours in the day to do something else more enjoyable. If your home is smaller, imagine what you could do with all that extra time. Taking care of a big home occupies a lot of your time, but if you move to a smaller home all that time spent on maintenance can be spent on other things.
Pay off Mortgage
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. Nobody likes having a mortgage payment month after month. The good news is that you don’t have to stay a slave to your home loan. You could sell your current house and purchase a smaller one with cash. Imagine how much money you could be putting toward your retirement if you didn’t have a mortgage payment.
People decide to move for lots of reasons, and downsizing is no different. If you decide to downsize, you will have lower costs, less maintenance, and pay off your mortgage. These things are appealing to people who are in a large home they can’t afford or take care of.
If you’re looking to downsize, check out the houses we have for sale!