Why Downsize to a Smaller Home?
When we’re younger, we might buy a larger home for a growing family or because we thought we needed it. But as we get older and kids move away (and we realize we don’t have to keep up with the Joneses), that large home is far more than we need. Large homes are more costly, but they’re also more of a burden to take care of, especially in our older years.
Downsizing can be thought of as “rightsizing” — trading a large home for a home that’s a better size for your current lifestyle. Rightsizing can take many forms such as moving to a condo, apartment, smaller house.
Rightsizing can take many forms such as moving to a condo, apartment, smaller house. Or moving to an adult community where maintenance and upkeep are taken care of so you can devote your time to happier pursuits.
Talk to a licensed HomeGo agent today.
Downsizing For Your Finances
Downsizing can ease the financial burden of homeownership at just about any age. By freeing the equity in your home or eliminating that high monthly mortgage payment, you can have the money you need to pay debts and fund dreams.
Taking on a 30-year mortgage might not sound like a big deal. Everyone does it. But once the newness has worn off, it doesn’t take long to get tired of that big monthly payment. Downsizing can free you from a big mortgage payment so you have more money to devote to other areas of your life.
Recent data from the federal government found about half of 55-year-olds have no retirement savings. Another one third do not have enough savings to live comfortably during retirement. Downsizing lets you invest in your future so you won’t have to rely on scant social security or continue working into your retirement years.
Millions of Americans have student loan debt. If you’re one of them, downsizing could free up the cash you need to pay off your debts or at least pay them down so you can be free of those debts much sooner.
Downsizing For Your Lifestyle
Downsizing used to be driven primarily by cost factors. But today, people (especially younger people) are opting to downsize to reduce their impact on the environment. Smaller homes use fewer resources. It takes less energy to heat or cool a smaller home. Smaller homes can take full advantage of more efficient systems like solar energy. Using fewer resources means your impact on the environment is significantly less. Plus, the money you save on lower upkeep costs means you can finally start giving to charitable groups on a regular basis, or even start a charity of your own.
For other people, getting rid of a large, costly home means they’re free to travel. Thanks to YouTube and Instagram, the nomad lifestyle is more popular than ever — not just with seniors, but with recent grads, young professionals, and even families. Selling a home can easily fund the purchase of an RV or boat, freeing you to explore a lifestyle that most people only dream about.
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Check out more of our information on downsizing.
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