Downsizing your home means you’re opting for a smaller property. This could help you cut expenses, get the most out of your current home, or prepare for your retirement. Unfortunately, like any other type of real estate transaction, this isn’t a decision you want to take lightly. If you’ve thought about decreasing the amount of square footage you own.
5 Signs That May Be Telling You To Downsize
- Maintaining your current property is just too much – if you have a massive yard or a multiple-acre property, or just too many empty rooms in the home, you might want to give yourself a break by downsizing to a smaller property. Obviously, you don’t want to neglect regular home maintenance as this can actually add to the value of your home. But when it just gets to be too much to handle, downsizing may be your best option.
- Meeting your current home expenses has gotten too difficult – if paying on your current mortgage has become difficult or the potential cash you could put in your pocket by selling your home is worth giving up an extra bedroom, it might be time to downsize. Finances are personal and if you can’t afford to pay on your current mortgage anymore, it’s a sign.
- You have unused space in your current home – if your children have moved out, if you just don’t get that many family members and friends visiting, or if dust constantly accumulates in one or more spare rooms, it’s probably time to downsize. James Mcbain of Liberty Capital Services quoted “At today’s costs, that unused space could be costing you $125 per square foot or more.”
- You’re spending more time away from home – if you’re spending a lot of time visiting family or traveling for your job, and your home is empty more times than occupied, you could minimize your expenses by downsizing and moving into a smaller home. If you frequently find yourself returning to a big, vacant two-story home, you might want to consider buying a condo or smaller dwelling.
- You’ve started planning for your future – as you and your partner or spouse grow older, climbing multiple flights of stairs and maintaining empty spare rooms just doesn’t make sense anymore. According to “Investopedia”, the elderly, empty nesters, and retirees typically choose to downsize. So, if you’re approaching your “Golden Years” or simply planning for retirement, it’s time to think about downsizing into something smaller and more manageable.
Buy a Home in Columbus with Liberty Capital Services
We have helped innumerable people get the financial consultation they have been seeking and helped them find the right home. For professional assistance when downsizing your current home, call Liberty Capital Services at (614) 505-0620 or visit our website today.