Do you have too much house?
At some point in your life, cleaning 3 bathrooms, heating and cooling 4 bedrooms, and mowing the lawn gets old. Having too much house is not only a time waster, it’s also a money waster. Lots of people decide to downsize when their children move out – freeing cash and time for themselves.
Here are our top 3 list of the benefits of downsizing:
- Cost – For many baby boomers, most of our wealth is tied up in our homes. Selling your home will release the cash that you might be able to use differently. Maintaining a home is expensive, and maintaining a large home is very expensive. Real estate taxes, heating and cooling, utilities, insurance, and maintenance adds up quickly, many people find that they can save tons of money by moving to a smaller home. Smaller houses often cost less to buy so you’re likely going to walk away from a downsize with a smaller mortgage. Even if you’re not ready to retire, moving to a smaller home will help pad your nest egg for retirement, pay for a nice vacation, or help put grandchildren through college.
- Time – When you own a large home, your entire weekend could be spent doing household chores. If your new home is half the size of your old home, that’s half the time it will take you to maintain the home. Imagine what you could be doing with all that spare time!
- Fresh Start – If you’re experiencing empty nest syndrome, a new home is a chance for you to regroup and have a fresh start. New homes offer opportunities for new friends, new clubs, new volunteer activities.
If you’re thinking about downsizing, now is the time to call a professional real estate agent. Find out what your home is worth and make an informed decision!