Home ownership can be time consuming and expensive. There is lawn care, home upkeep, replacing old or worn items, cleaning, and utilities to think about. Often, people downsize their homes in order to save money, spend less time on the upkeep, and simplify their lives. This is especially common for empty-nesters or people looking to retire; however, it is becoming increasingly common in younger generations as people move toward a minimal style of living.
Perhaps you’ve found that you have more space than you need, or you would like to save money with smaller mortgage payments. Regardless of your reason for downsizing, there are few things to consider before you move forward.
First, determine what to do with your current home. If you have the equity, it can be very beneficial to sell with the help of an experienced real estate team. They will ensure you get the best price for your home and make the process as headache free as possible. If you want to keep your home, you may determine that renting it is the solution. Although there is still time and money involved in renting, it is often a good option for those who may not want to permanently part with their family home.
Next, decide what you want out of downsizing. Is there a neighborhood with amenities you’d like to take advantage of? Do you want to be able to get outdoors easily? Are there hobbies you will need some extra room in your home for? Make a list of the amenities you need in your new home so that your agent will more easily be able to track down the perfect home for you.
Finally, decide what you want to spend on your new home. Saving money is a great motivation for downsizing. Determine how much you are looking to save and make sure you are clear about your budget. Remember that the savings add up quickly! If you save $600/month in mortgage and utility payments, it will add up to $7200 in the first year alone.
Our real estate team would love to help you find the perfect home to fit your budget and lifestyle. If you are ready to downsize, call us at 1-866-684-0900 today!
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