The most common ones we hear from our customers downsizing are to save money and eliminate unused space. Downsizing your home may be the right decision at any stage of life, depending on your goals. Reducing the size of your home has many advantages. First of all, if you've been in your current home for a while, it's likely that its value has increased and that you're close to paying off your mortgage, if you haven't paid it in full.
Buying a smaller, cheaper property will give you a lot of leftover capital, to use for whatever you want. It also means that you can buy your new home as a cash buyer, giving you more options, a faster chain and the ability to live without mortgages. Reducing to a smaller home means less maintenance, lower bills and more time to do the things you love. It's an exercise to save money and time.
If you're going to reduce your staff in the future, it means you can choose a property that better meets your needs as you age. Rather than having to deal with stairs, limited accessibility, or a huge garden that requires maintenance, you can choose a property that works for you. It's safe to say that homeowners don't usually daydream about buying a smaller home. But minimal maintenance is definitely an advantage of not living in a big way.
After all, the time and money you used to spend on cleaning and maintenance can now be spent on fun things. That's why some people see downsizing as a step forward, not a step backwards. If you think there's less space, you're not alone. After all, an adult who usually goes to college isn't too close, but what about a son or daughter (or even another family member) who might need to move home for other reasons? Would you like to share a bedroom and bathroom with them? When looking for a new home, make sure it meets your physical and emotional needs, as well as your financial needs.
Just because you can find a bargain doesn't mean the house is worth it. After all, if you're going to make the effort to move, you have to do it right. Reducing staff can provide an easier life with less clutter and personal belongings and more free time. Moving out of a larger house forces you to remove the belongings you may have been accumulating.
It also means less time spent cleaning and maintaining the property or garden. Aliche had also recently reduced the size of her house, and they talked about how sometimes it was uncomfortable to tell people that they had reduced their size. When asked why they would want to buy a smaller home, 69% of homeowners who had downsized in the past said that saving money was their main reason for doing so. If you're reducing your staff due to a divorce or a change in your financial circumstances, it can be frustrating to have to deal with a smaller space than you're used to.
Scott, who co-owns a company called Asset Advisers and has a commercial real estate consulting business, says he won't regret reducing his staff if his daughter moves, but it's a good warning to keep in mind. For people who have a large amount of debt that they can't pay or that is affecting their lives in any way, reducing the size of their home is a viable way to pay off the debt and regain control. But more and more people are choosing to downsize due to a wide variety of situations, including the ten popular reasons below. If you want to be in the same neighborhood or be close to your family, there may not be many opportunities for staff reduction.
People who are approaching retirement age often consider downsizing as a way to finance their lifestyle or allowing them to retire. Downsizing to a smaller home can be a real opportunity for those looking to save money and enjoy the capital freed up from the sale of their home. Denaye Barahona, founder of Simple Families, a blog, podcast and community dedicated to helping families thrive through simple living, recently downsized her own home. If you decide that downsizing is for you, Reader's Digest Property offers a simple way to sell your property quickly.
From the opportunity to save on bills, to make household chores more manageable, to new decor and opportunities for a new area, downsizing can be incredibly exciting. . .