When it comes to your house, sometimes bigger is not always better! One major decision you must make as a homeowner is to determine if you should downsize your current property. This can be a tough decision as your current house can hold a lot of precious memories and moving is a lot of tough work. However, downsizing your home may be the best choice for you and your current lifestyle and financial situation. Here are a few factors to consider as you determine whether you should sell your home and downsize:
It is Hard to Keep Up
Being a homeowner is a lot of hard work. There is constant maintenance to do and cleaning can seem never-ending. If you feel like it is too hard to keep up with all of this work, it may be a sign that you are ready for a smaller house. A larger home means more maintenance, additional repairs, extra time cleaning, etc. Take a look at your physical abilities as well as the amount of time you can dedicate to home maintenance and cleaning. If you simply can’t do it, it may be time to look for a smaller property with less to do.
You Need to Save Money
Not only is a larger home going to include much maintenance and repair work, but it can cost more as well. The continual maintenance can be expensive but so can your monthly mortgage payments. When you downsize your property, you can save a considerable amount of money. You can find a home that is less expensive than your current property, which can significantly lower your monthly payment.
Additionally, if you have equity built in your current property, you can place that money into your new, smaller home. This will not only lower your monthly payment but it can help you pay off your new home at a much faster rate as well.
You Don’t Need the Space
Take a look at your current lifestyle. Have all of your children moved away? Do you have several rooms that are sitting empty or are rarely used? As you consider moving and downsizing your current property, look at your lifestyle and the amount of space you actually use. As your daily needs change, the amount of space you need will as well.
Reduce Your Carbon Footprint
When you have a larger home, you consume more energy. For example, you will use more energy to maintain the temperature in your house. You may also have a larger property, causing you to use more water for your grass, etc. If you are looking for a way to make an impact on our environment, downsizing your current property may be in your best interest. Plus, the less energy you use each month, the more money you will save on monthly energy bills.
Prepare for Aging in Place
Do you hope to live in the same house for as long as possible? If so, you need to consider aging in place, Take a look around your current property. Are there stairs you will need to climb to enter main living areas such as the bathroom or your bedroom? What about simply entering your home? Are the hallways wide enough for a wheelchair or walker to easily go through? What about the bathroom areas? Could you easily maneuver in this space without any obstacles in your way? These are all factors to consider as you think about downsizing your property and finding the perfect home to age in place.
Real estate agents understand how hard it can be to downsize. That is why they want to make the process of selling your home as simple as possible. They will work with you throughout the entire buying or selling process to help you have a smooth and stress-free real estate transaction.