Is Downsizing Right for You?
Downsizing might not make sense in every situation, but it’s worth a look if saving money and simplifying life appeals to you. We are experienced real estate agents that can help you determine what your home is worth and show you options for cutting costs down to size. We know what it takes to get top dollar for your current home and negotiate the best deal on a new one.
Here are some reasons why it should be considered:
1) Smaller mortgage:
• Generally, a smaller home can translate into a smaller monthly mortgage payment. When someone has lived in their large family home for many years and built up sizeable home equity, they may be able to cash out and purchase a new smaller, less-expensive home and even possibly eliminating a mortgage payment entirely.
• There may be an opportunity to qualify for proposition 60 or 90 to maintain a current property tax basis.
2) Reduced monthly expenses:
• Downsizing a home also downsizes the monthly costs. Utility bills may shrink and insurance may be reduced.
• Moving to a smaller, more affordable home also provides a fantastic opportunity to shed the burden of home upkeep.
3) More affordable town:
• Downsizing is a great opportunity to move to a less expensive metro area. Finding a city that gives someone more “bang for your buck” is great for retirees and empty nesters who will need to adjust to life on a fixed income.
• New town may also offer lower property taxes.
• There’s something intangible about downsizing and getting rid of all that “stuff.” As a home is simplified, one’s life may also be simplified.
• Invest the time needed to clean out and edit possessions, and a lifestyle that functions better and is easier to maintain will be created.
5) Lifestyle change:
• Empty nesters usually have a bit more time for themselves. In the process of downsizing, they have the opportunity to relocate closer to new lifestyle activities and amenities that fit a new lifestyle.
• Spend time with like people doing activities that may not be available near your current home or move closer to grand children and family. All in all, it may be worth exploring what’s available to start a new beginning.