If you find yourself “of a certain age,” then you may realize that your house seems huge and empty with all of the kids gone. Retirement may be looming and you don’t know what you are going to do with yourself or how you are going to afford it. That’s where downsizing comes in. Here’s why you should consider trading in your home for a smaller model.
- First and foremost, selling your larger home and buying a smaller one makes good financial sense. You will wind up freeing up equity. On average, homeowners who downsize are making more of a profit on their home sale than they would have ten years ago. The profit you pick up could help you buy a nice something for yourself or be a good-sized nest egg for future expenses.
- Another financial consideration to consider is in your monthly bills. Your mortgage payment will be significantly smaller, but so will your utility bills. Power, gas, and water bills will all go down because you have a smaller property.
- Need more financial reasons to downsize your home? How about upkeep costs? With a smaller property, you will not have to worry as much about maintenance and upkeep fees. But even more than the monetary savings, you will spend less time cleaning, managing, and mowing.
- One serious modern problem has been an issue with hoarding. Do you have stacks of useless papers and items that you will never need again cluttering up your home? Moving into a smaller home will require that you do a good cleaning. You will literally have to go through everything and decide if you want to trash it or move it into your newer, smaller home.
- If you are already retired and need a project to take up your time, how about a small fixer-upper house? It might cost some money, but if you are a handyperson, then it may be the perfect opportunity that you are looking for to keep yourself active and happy.
If your current home feels “too big” for you, then it may be just the right time to consider downsizing. The empty nest can feel overwhelmingly large, but if you take it down a few notches, you may find your life much happier and more fulfilling.