As much as you love your present home, someday you may decide that it's time to downsize. Here's what you need to consider.
While some people would always prefer to remain right where they are, other homeowners are ready for an alternative that could reduce their montly mortgage and decrease the amount of maintenance their home requires.
Calling empty-nesters!
Does your home feel huge and empty because your kids have finally moved out? Do you miss their noise and their presence? This new silence may seem nice at first. But after a while, the prior noise can grow on you. The more you think about it, the more you'll begin to feel that a change of scenery is what you need. Perhaps you have just too much to do to keep your home neat and tidy. There are rooms that you just don't enter that much anymore. Or maybe you're close to retiring and you're thinking about relocating out of state.
Whatever starts you thinking about moving into a different space that's more manageable place, you need to ask yourself the following questions. With every answer, you’ll get one step closer to deciding if you would be happier downsizing to a smaller home.
- Is retirement in your near future?
- Is moving already in the cards for you?
- Does sacrificing space (and, therefore, getting rid of your stuff) all right with you?
- Are you looking to save some money?
Don’t forget to check the housing market.
Having less house work to do and saving more money on your monthly mortgage payments are both valid reasons for downsizing to a smaller home. Another good point to consider is the return on your investment.
This depends on the housing market in your area and how much you still owe on your mortgage. If home sales and prices are up, then contact a realtor to find out what your property is currently worth. Earning a nice profit from selling your old home is a definite bonus. Plus, you’ll typically spend less on your new home when you're downsizing, so you'll have more money in your pocket that can you can use to buy new furniture or renovate your home. Your monthly mortgage will be less, too, and that's another benefit you'll reap from downsizing.
Looking to downsize? Find out what simple updates you can make to get top dollar for your current home when the time is right to move on.
