Have your children finally flown the coop? Do you find you have less time to clean and manage a larger property? There are many reasons why we consider downsizing. It may seem less glamorous, but there are numerous benefits to owning a smaller home, including gaining a tidy profit from resale!
Build Your Savings
It’s sad to say, but the future isn’t certain. One may have financial security today, but due to unforeseen circumstances, you may find yourself in a tough spot tomorrow. If you sell your current home at a profit and scale back to something that allows you to save even just 10 percent more monthly, you can really put yourself at an advantage. Not only will you build your savings for an emergency, be able to travel more, or be able to afford more little luxuries throughout the year, but you can bulk up your retirement fund. If you invest even a fraction more of your extra savings, the profit margin you make yearly can increase significantly.
Property Taxes and Utilities
The thing about large spaces, especially large open spaces, is that they cost more money to maintain. It takes more energy to heat them in winter and more to cool them in summer. If you have a large home and your water heater is in the garage, it takes more power to get your showers hot. Not only will your utilities be higher in a larger property, but your property taxes will be greater. Therefore, living in a smaller space means spending less money monthly as well.
Once the nest is empty, you may find that your rooms are emptier. Unfortunately, many people feel pressured into filling their homes with things they don’t necessarily need, just to avoid negative space. Having excessive clutter can actually lead to anxiety, so not only will you be saving money by not filling a large and empty home with junk, but you may save yourself some peace of mind, too.
More Free Time
What do you look forward to most during the week? It’s definitely not cleaning the bathrooms, dusting each bedroom, and vacuuming or sweeping every inch of the downstairs. Wouldn’t you rather have free time you can spend however you want? Whether it’s relaxing with a glass of wine, playing a round of golf, or heading out to a yoga class, there are innumerable better things to do than to be bogged down cleaning a home that is just simply too big.
Raise Your Resale
If you’re downsizing, the money you earn from your current home can go a long way toward paying for a smaller space and may eliminate your mortgage entirely. That being said, what are the best ways to increase your resale value? Making your floor plan seem larger is a great way to start, and by decluttering, you’re on your way to preparing for life in a smaller home. A clean, well-kept home sells better. Make sure you have repaired all damage to your home, no nicks in the kitchen cabinets are visible, and that the floors look new. Also, it’s important that the home looks impeccable from the outside, as well as indoors. The first view of your home will be from outdoors, so having a well-tended lawn or garden, as well as a clean and inviting threshold, will go a long way to attracting buyers.
It can be hard to give up on the idea that bigger is better. For so long, that was part of the American dream. Times, however, are changing, and quality of life matters. This year, really consider if downsizing isn’t the right step for you and your financial future. And as always, I'm here when you need me!
Jennifer Cloud | Owner/Broker @ Prominus | Attorney at Law
C: 469-319-2846 | E: email@example.com W: www.prominusrealestate.com
1920 McKinney Av Fl 7, Dallas TX 75201
- Credit to Paul Denikin | paul@dadknowsDIY.com | Dadknowsdiy.com