Is It Time To Downsize?
Most homeowners believe there will come a day when it will be time to downsize, either to simplify your lifestyle, to cut costs, be closer to grandchildren, or possibly due to medical needs.
Whatever the motive is, an honest consideration of expectations is necessary to make the right decision. Industry experts believe it’s prudent to ask yourself a few questions before you start looking for a smaller home.
- Does it make financial sense?
Keep in mind, moving into a smaller home doesn’t always mean saving money. Along with the new mortgage, look into taxes, insurance, repairs or upgrades, and homeowner’s association fees that the new home may require.
- What are the financial implications of selling your home?
It’s easy to underestimate how costly it can be to sell. Obviously, there are real estate agent commissions, but sellers may not consider things like the cost of having the home professionally cleaned; professional staging to make the home look its best for listing photos and marketing; and
- What will you do with all your stuff?
Rather than thinking about what you want to get rid of, think about what you want to keep, such as a home gym, an office setup, a guest room for visitors. If things like this are important to take with you, it can help you answer the question about the number of bedrooms you’ll need. If you decide to part with your stuff, remember to factor in storage costs.
- Should you consider a condo or a smaller house?
There are pros and cons to choosing a condo or a smaller home. A smaller house can give you more space and privacy from your neighbors, but you’ll still have upkeep and maintenance. A condo might be cheaper and require less maintenance and upkeep, but you might not save as much as you think once you factor in HOA fees. Also consider if conforming to the association rules, such as how many pets you can have or where you can park.
- Am I ready to downsize?
Once you start looking at homes it will help you realize how small you are really ready to go. The bedrooms will be smaller, you may not have multiple living spaces to spread out from others in the home. Just because you want a smaller place, it doesn’t mean you necessarily want to change your location. However, you may struggle to find a smaller property in your area or feel the smaller homes are too expensive to truly benefit from the sale.
Overall, downsizing can increase your cash flow, lower your utility bills, and reduce the time you spend on maintenance and upkeep. Yet, the downsides to downsizing include having less room for guests, having to get rid of belongings to fit into a smaller space, and possibly changing locations.
If you’re considering downsizing, connecting with a knowledgeable Realtor with the right expertise, resources, and connections to help you navigate this experience proficiently can make a considerable difference.
The number one independent real estate firm in Colorado Springs, The Platinum Group Realtors, delivers experienced, knowledgeable Realtors dedicated to quality customer care with the utmost honesty, integrity and attention.
For a no-obligation consultation, call today: 719-536-4478 or visit PlatinumHomeSales.com