Posted on
March 4, 2023
by
Taryn Aragon
Have you ever thought about downsizing your home?
Downsizing to a smaller home can be a great opportunity for those looking to save money, and free up the equity locked in their current home.
What is downsizing?
Downsizing is when you buy a smaller home than the one you currently have. This decision is often made by empty nesters, people are having difficulty with the maintenance of their home or who are finding the cost of owning a larger home harder to pay.
It’s possible you are just looking for a change, want to simplify your life, want to move closer to friends or family members, or to start travelling more. Downsizing can offer many advantages and many of our clients say they wish they had done it sooner.
What are the advantages of downsizing?
First, if you’ve been in your current home a while, it’s likely to have increased in value. You may have paid off your mortgage or have little left to pay now.
Buying a smaller, less expensive property will give you equity left over to use for whatever you wish. You will also be free of mortgage payments.
Downsizing to a smaller home means less maintenance, less to clean, lower bills and more time to do the things you love. It’s really a time and money saving move.
When you are downsizing, you can choose a property that will be better suited to your needs as you age. Less yard work, little or no stairs, and no unused spaces like extra bedrooms sitting empty.
When is a good time to downsize?
This is no right answer as every decision is so unique. You may downsize if you divorce or when you become an empty nester. It could be due to too much work to upkeep the house or death of a partner.
When you do decide to make the move it’s important to determine your budget. Be realistic with the type of property you would like and where you would be happy living.
Getting ready to downsize.
All our clients are surprised to see how much stuff they have accumulated over the years. The biggest job you will have to downsize your home is going through everything and deciding what to keep, what to give away and what to throw out. We are happy to refer you to donation sites, junk removal companies and stagers to get your home looking its best to put on the market.
If you would like to explore whether it’s the right time for you, please give us a call. We would go over the value of your current home and what is available for purchase to see if it makes sense for you.
What is my home worth?
