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In a world of where there is a preconceived notion that “bigger is better”, most homeowners underestimate or don’t understand the advantages of downsizing to a smaller home. For many soon-to-be retirees and “empty nesters”, their large home is just too much for them to handle. And since the children are gone, downsizing or even going back to renting can be viable way to save money and to have a more manageable home. But you don’t have to be ready to retire to downsize. Downsizing your lifestyle as a whole, even when you have a family or if you’re a young couple, can be a great way to save money, cut expenses and live simpler. Ever since the markets have been struggling, more and more people are turning to renting or smaller homes as a way to save money and be more financially efficient.
Like stated above, there are many reasons for downsizing. If you’re considering downsizing, then here are some of the reasons why you might:
The Benefits of Downsizing
There are a lot of benefits for downsizing to a more affordable home. The obvious advantages have to do with money and how much of it you will save. If you were to go to a smaller home, or decide to rent an apartment instead, here are some of the ways you’ll save money:
There’s nothing wrong with downsizing to a smaller and more affordable home. For many, it can be a good financial decision that will enable you to save more money in the long run. With all the money saved up, that vacation to the Bahamas or Europe looks more like a possibility, doesn’t it? Contact me and we can find your dream home!
Life moves quickly, and before you know it, you have little children running around your feet and multiple mouths to feed. Children grow equally at the same rate and you’ll just begin to the notice a decline in the amount of space that you have. In result of your exponentially growing family, you may have to upsize and search for a new home. But not all homeowners who want to upsize have children – some just want to experience a larger space or want to retire in a larger home. No matter what case you have, upsizing can be a viable method to achieve that space you wanted and to get out of the claustrophobic atmosphere of the home you’re currently living in. Obviously if your budget can’t handle it, then waiting to save some money to upsize is a good decision. But if you have been saving up for this for awhile now or finally landed that promotion at work, then you may want to consider upsizing.
Consider the Reasons
The decision to buy a new home is difficult, time-consuming and requires a lot of attention and effort. You can’t just wake up one day and decide to buy a house – you need to be justified in your reasoning. If you’re thinking of upsizing, sit down with your partner and go through this carefully. Create a master list of the reasons why you feel you should move and the reasons of why you can move. For example, a reason of why you should move would be that you have four children living in a three bedroom home. A reason of why you can move is that you opened up a savings account ten years ago and have been saving money. Be sure that you’re able to make the step to a larger home – it’s going to be expensive. There’s a difference between want and need and you’ll need to have both desires in order to justify your decision to upsize.
Why You Should Upsize
Some homeowners might just go through their home thinking that its fine, but you may be dealing unnecessary issues that you may not completely notice. Here are some commons things of why people decide upsize:
So if you think you can do it and if you want to, upsizing can be a great way to change your lifestyle to be more open and less-claustrophobic. Discuss with your real estate professional to view your many options.