Is it time to downsize? Many Americans are asking the question. As people move along the journey called life things inherently change. Children grow up and move out, people retire from their careers, loved ones pass away, and priorities change. With these major life changes it may become appropriate to adjust your living arrangements. Downsizing can sound like a daunting task. But, it does not have to be. There are many benefits to downsizing. Here are a few reasons downsizing into a smaller home may be the right choice for you.
Firstly, life for everyone has changed in the last few years. Economic recovery has been slow. With the recent pandemic, a rising share of older U.S. adults are now retiring. But, retirement can be bittersweet and will most likely have a direct impact on your household’s income. Often, retirees have to be careful of their budget and live on a fixed income. If owning your current home is causing financial strain it may be time to downsize. While this might be because your mortgage is too high, there are other ways a house can drain your bank account.
For instance, high utility bills or even a raise in property taxes can take their toll. Alternatively, maybe the area you live in is getting to expensive for your current budget and you would like to relocate to somewhere more affordable. Everyone’s financial situation is different, however, if you are seeing your budget dwindle it might be the time to consider downsizing.
Maintenance is a Headache
It is no secret that the older a home is, the more repairs it will need. From leaking roofs to more complicated repairs like mold remediation, repairs take a toll on the old checkbook. The bigger the home, the higher the repair and maintenance costs. Aside from the cost of these necessary repairs, they can take a physical toll on your body and health. As you age, the risk of injury doing your own home maintenance go up significantly. Are you tired of doing and paying for home maintenance? You may benefit from moving into a maintenance-free condo or a new, smaller home.
Lastly, the sales prices of homes have never been higher. Nobody has a crystal ball for this real estate market. However, real estate prices have skyrocketed almost everywhere in the county. If you have been thinking about downsizing, it may be the time sell so you can access to the equity you’ve built up in your home.
In short, ask yourself one question. Is it time to downsize? If so, Homeinc Can Help!