Have you been considering downsizing your home? You’re not alone, as many people throughout the country make the choice to downsize each year. There are many reasons for sizing down in your home. Perhaps you are an empty nester with a large, empty home, or the cost of ownership has increased, or maybe you are finding it hard to keep up with home maintenance and upkeep. Whatever your reasons are for downsizing, we are here to help you!
Downsizing your home can come with many benefits. If you’ve been in your home for awhile, the value of your property has probably increased, giving you equity. Equity is the difference between what you owe on your mortgage, and what your home is worth, and you might have more than you think! The equity you’ve built could be used towards the purchase of a smaller home, lowering or even eliminating your mortgage payment, or leaving funds for other things, such as traveling!
Another benefit of downsizing is that if your home has a high cost of ownership, this burden might be eliminated with a smaller home. Regular home expenses, such as heating & cooling, taxes, and insurance, can be drastically less in a smaller home, saving you a great deal of money on the actual cost of ownership.
If maintenance of the exterior of your home and yard has become too much, you might find that downsizing to a condo, townhouse, or planned unit development is a benefit. In many cases, the HOA fees that you pay cover things such as the exterior of the building itself, walkways, driveways, parking areas, and even lawn maintenance, giving you more time to do the things you enjoy.
Some people have lived in their home for many years, and find it hard to adjust to a smaller living space. You may have large furniture that you don’t want to part with, or a library that you treasure. Finding the right space to accommodate these needs can sometimes be a challenge. When considering downsizing, it is important that you factor in all of the pros and cons, and truly know what your wants and needs are. This will help ensure that you are making the right move for you!
Now that you are ready to downsize, the next step is to talk to a real estate sales professional to help you achieve your goals! Our agents will guide you through the entire process of buying and selling, ensuring no question goes unanswered along the way.
Coldwell Banker Lifestyles connects real estate buyers and sellers in New Hampshire, Vermont, and Western Maine. Find an agent today: Click Here.