The kids are grown and out of the house, retirement is on the horizon and suddenly your home feels like a pair of shoes that are two sizes too big. Could it be time to downsize your home?
For some people, the idea of downsizing may not sound appealing at first, but it’s important not to confuse downsizing with downgrading. In fact, a closer look at downsizing reveals that a smaller home may feel more like an upgrade.
1. Bigger is not always better
For some, moving up in life means buying a larger house, but typically it comes with larger mortgage payments and more square footage to maintain. If you currently own a large, older home, moving into a smaller home could mean new construction with little maintenance and lower mortgage payments -- not to mention newer appliances, large open spaces and walk-in showers.
2. Work smarter, not harder
Let’s face it, homeownership is a lot of work. As most homeowners know, there is always something that needs updating or maintaining. The more rooms there are and the larger the yard is, the more time, effort and upkeep are required to keep your property in tip top shape. And if you raised a family in your home or own pets, your home can show quite a bit of wear and tear. With a smaller home and less acreage, there are fewer rooms to paint, less outdoor maintenance to stay on top of and more time for relaxing on the porch with a drink and your favorite book.
3. Save money
Ok we admit, this is probably the first thing that came to mind when you started to think about downsizing. But, have you thought about just how much money you could actually save? Decreasing your mortgage payment could allow you to pay off bills or car payments faster and increase contributions to your retirement account. And a condo or smaller home could reduce your utilities costs, property taxes and insurance. And here’s the best part … if done right, you could use the proceeds from your current home to pay cash for your new home and eliminate a mortgage payment all together -- and maybe even have some left over!
4. Declutter once and for all
A larger home means room for more “stuff” -- and we have a tendency to accumulate. Grown children often leave their childhood bedrooms and playrooms filled with discards; collections from long-ago hobbies overflow in basements and closets. Even the most organized home owners can struggle with keeping a home decluttered. Downsizing to a smaller home is the perfect time to simplify your life by donating or disposing of all those unused items that have taken residence in your home over the years.
5. Less stress
Tired of shoveling snow, cleaning out your gutters, or dealing with a broken water heater? Downsizing to a condo or townhome is a way to eliminate some of the worry in your life. Condominium or Home Owners Association fees typically cover maintenance items like snow removal, roofs, pest control and lawn care. Large complexes often have recreation facilities which can enable you to save on gym or swim club memberships.
6. More fun
Today’s condo and townhouse complexes are full of social activities and even spa-like amenities. Myriad groups and clubs help you to meet other residents and establish yourself in your new neighborhood quickly. With walking trails, fitness centers and community activities, your new home could feel more like your favorite vacation spot.
Ready to reap the benefits of a smaller home? Contact us to get started. We are happy to help you downsize into some of the best years of your life.