There are a number of reasons why people move from larger homes to smaller homes or “downsize.” The irony of downsizing in today’s world is that we seem to live with a “bigger is better” mentality.
We are driving oversized trucks & SUV’s, super-sizing our meals and televisions are always viewed as the bigger the better.
So why would anyone want to have a smaller house? There are a number of valid reasons both for and against downsizing.
Advantages to Downsizing Your Home
- Your family has grown and moved away from home, leaving just you or just you and your significant other. There’s simply no need for so many rooms and so much space anymore.
- Smaller mortgage payments – especially if you purchase your smaller home after selling a larger home that’s worth more money. This also allows you to put away a little nest egg for later or extra things you want to do.
- Less to maintain – this generally applies from inside to out that there is less area to maintain; fewer rooms to vacuum and dust, less yard to maintain, etc.
- Lower utilities – a smaller home is obviously going to be less to heat and air condition. You can even feel a little sense of being greener because you’ve reduced your carbon footprint.
- Less spending/consumption – with a smaller home you will tend to collect less stuff and generally even downsize when you move when it comes to the items you own.
- Less taxes – generally speaking smaller homes will have lower taxes, especially if you’re living in the same area.
Disadvantages of Downsizing Your Home
Downsizing is not for everyone. While there are a lot of financial benefits and even some benefits that have to do with less work for you as an owner; there are other issues that may come up when you downsize that aren’t as positive as those listed above.
- Not enough room to have your own space. If you’re used to a large home with many rooms you may find that having no place to kind of hide when you want alone time can get on your nerves quick.
- The possibility of not having room for guests or children who come back and need a place to live or stay (short or long term).
- Outside appearance to others – some people simply enjoy and want that large house that says you are successful to others.
- Less space for things – while this is also a plus for some people there are people who love to collect things and become attached to items.
- Change – many times if you are making this decision to downsize in your later years some people can be very set in their ways.
The Best Time To Sell
Like most homes, selling in a Seller’s Market is always best and that would also be the case in downsizing; generally speaking. It’s always good to discuss the market and timing with your agent to see if there’s really a particular reason not to sell or a reason to sell at any given time.
In many cases there won’t be a huge difference in your final outcome no matter what the market is and it may not be worth waiting out to sell your house simply to make a few extra thousand dollars; in the mean time spending at least that in maintaining your larger home.
It’s generally also best to sell before you buy; usually using a contingency clause that you will have a home to go to within a certain amount of time. In some cases you can even sell your home and so you have the ability to take your time rent on a month to month basis and store your furniture for a month or so in order to not feel so rushed.
There are also options to consider if you can’t make the contingency clause because you haven’t found your perfect smaller home in time. Make sure you cover your options and are prepared if you sell your home and don’t find the smaller home you want as soon as you want.
For more information on how to buy a home, go to www.springscleverseller.com or contact Juanita Simkins, Professional Realtor & Expert Negotiator (719) 229-5770
Comments(1)