Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains:
“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”
And when inflation has made most things significantly more expensive, saving money where you can has a lot of appeal. So, if you’re thinking about ways to budget differently to achieve your goals, it could be worthwhile to take your home into consideration.
When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:
“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”
That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve developed a considerable amount of equity. Your home equity is an asset you can use to help you buy a home that better suits your needs today.
And when you’re ready to make a move, our team can help walk you through every step of the process. That includes setting the right price for your house when you sell, finding the best location, size, and amenities for your next home, and understanding what you can afford at today’s mortgage rate.
If you’re thinking about downsizing, ask yourself these questions:
- Do the original reasons I bought my current house still stand, or have my needs changed since then?
- Do I really need and want the space I have right now, or could somewhere smaller be a better fit and require less upkeep?
- What are my housing expenses right now, and how much do I want to try to save by downsizing?
Once you know the answers to these questions, feel free to give us a call to get an answer to this one: What are my options in the market right now? At no charge, we’ll be more than happy to discuss and plan how we can help you meet your goals and will even set you up with a search for available listings that fit your criteria.
Your dream home can change as your life situation evolves—don’t settle and let us find what’s right for you!