Is it Time to Downsize Your Home?
Cynthia Chavoustie
Are you at a point in life where you're ready to downsize?
You are not alone. According to Pew Research, the past two years saw the ranks of retirees 55 and older grow by 3.5 million!
Retirement, like other major events in life can have a huge impact on what you need from a home.
Retirement, or even semi-retirement is one of the biggest changes most of us will face in our lives. It’s often a period of time that most of us look forward to… more time to relax, travel, visit loved ones, enjoy hobbies, etc…
As we focus more on these important things in our lives we reconsider what we need from a home as well. Downsizing is typically appealing as the old adage of “Less is More” starts to ring true.
What Are the Benefits of Downsizing?
Most people of retirement age, usually those over age 55, choose to sell the homes they raised their children in and move into smaller more manageable homes so they have more time to spend visiting loved ones, traveling and/or doing other hobbies that take them out of the house.
Some may even move out of the area to be closer to loved ones or to an area they’ve always wanted to live in but couldn’t due to work or other restrictions.
Benefits of downsizing are numerous and often appealing to those who are looking forward to spending more time enjoying the precious things of life and less time in the rat race. Some pros of moving into a smaller home include:
- Less house to clean and maintain
- Less of a yard to maintain as well
- Less expenses whether it be in overall cost of the home or utilities
- Less physical strain
- Less stress about maintaining a large house and/or yard
- More time to spend with friends and family
- More time to travel and do other hobbies
Your Current Equity Can Help You Downsize
The home equity you’ve built up in your existing house can be a huge help if you move. and move. According to the latest Homeowner Equity report from CoreLogic, the average homeowner in the US gained about $55,300 in equity over the last year.
Those equity gains can provide for a larger down payment, meaning smaller monthly mortgage payments which can often translate into more financial freedom. Having the funds from a recent home sale can also help you buy a house in this very competitive market, since offering more money up front helps your offer stand out.
Whatever your future home-owning experience entails, having a caring, knowledgeable realtor on your side can help you find what’s best for you in your current situation.
We, at The C. Taylor Group, can be the realtors you need in whatever stage of life you find yourself in. We understand the changes that occur in life and we want to do everything we can to reduce your stress during the home selling/buying process so that you can spend more time doing what’s important to you and enjoy all that life has to offer.
Summary
If you plan to retire soon or have already started enjoying retirement, you may be thinking of how you can adjust your housing requirements accordingly. Meaning now may be the perfect time to downsize. Let’s connect so we can work together to find a home that fits the needs of your current situation.
