3 Smart Reasons To Consider Downsizing

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Real Estate Agent with www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 228209

3 Smart Reasons To Consider Downsizing

 

Downsizing?Living large isn't necessarily living better.  Townhomes, condos and villas have become the new norm for more people than ever before.  Yes, many of townhome/villa buyers are Baby Boomers but, it’s clear that other generations are beginning to prefer smaller spaces too. 

 

This appears to be more than just a trend. According to TIME Magazine, multi-family dwellings like condominiums accounted for 40% of the new construction in the US last year and the movement is showing few signs of slowing down. 

 

The change isn't surprising when considering the benefits to downsizing, especially when it comes to the savings in cost of living. Whether townhome/villa homeowners are spending less cash or conserving their valuable time and resources, they're certainly seeing a difference in their finances.

 

Here are three money-smart reasons to downsize that can lead to big savings.  

 

1. Reduced Maintenance

 

MaintenanceMaintaining a single-family home can difficult, time consuming and/or costly. Clearing gutters, painting walls, landscaping and other outdoor/exterior tasks do cost money, as homeowners are forced to invest their valuable time and resources into these recurring maintenance items. 

 

Moving into a smaller space means less maintenance, which can lead to serious savings. Multi-family dwellings typically have building managers who are responsible for upkeep, leading to noticeable savings. 

 

2. Lower Utility Bills 

 

CostsUtilities are much less costly in a smaller space. The less square footage a home has, the less electricity and gas it will require. As well, when a condo/townhome shares walls, (neighbors to the right, above and below), there is more 'insulation,' meaning far lower utility bills. You have the potential to save hundreds of dollars in utility costs.

 

There is also an added benefit if you downsize to a multi-family building in the way of shared utilities, divided between other residents of your building - especially ground water run-off costs here in Charlotte. Division of services like Internet, cable and television can also lead to lower monthly costs. 

 

3. Location, Location, Location

Townhomes, condos, villas and other compact residences are often located in the center city/historic areas near public transportation, a multitude of services and businesses. This convenience is a major cost-cutting reason that encourages many people to move, whether they are downsizing or not.  

 

A Nielsen study actually found that 62% of millennials would choose to live in live/work communities (those that combine residential homes and businesses). By being closer to services and businesses they value, homeowners in these live/work communities or center city locations save themselves time, a valued commodity at any stage of our lives! Live/work communities and walkable communities are not only popular among millennial buyers but, those downsizing as well.

 

Why Moving is a Smart Move

 

These three reasons are likely the main reasons that people are choosing to make the move into smaller spaces. Again, in any stage of life, it's difficult to resist saved time and resources, reduced maintenance, lower utility bills and incredible convenience. If you’re thinking of downsizing, give us a call or text at (704) 491-3310 or email DebeM@remax.netAs with everything in life, preparation is key and I will equip you with what you'll need to get through the downsizing process. 

 

Hiring the RIGHT Charlotte Realtor® is critical to your home buying success!

 

© Debe Maxwell | The Maxwell House Group | CharlotteBroker@icloud.com | 3 Smart Reasons To Consider Downsizing

#DownsizingInCharlotte  #DownsizeMyCharlotteHome

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Elyse Berman, PA, CRS 07/18/2017 02:59 AM
  2. MaryKay Shumway, YourDoorCounty 07/18/2017 06:36 AM
  3. Gabe Sanders 07/22/2017 11:43 PM
Topic:
Home Buying
Location:
North Carolina Mecklenburg County Charlotte
Groups:
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Posts to Localism
Local Expert
Charlotte North Carolina Area
Buyer Information - What Buyers Need to Know in Today's Market
Tags:
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Rainmaker
394,133
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Specializing in Brookside, Waldo, Prairie Village

Maintenance provided communities are in high demand in this area--however the ones that are being built are way to expensive for most downsizing adults I know. So many retired pp on very limited incomes and can't spend thousands per month on a mortgage.  However, I understand building costs have gone up so much, hard to make a profit on lower priced new builds.

Jul 18, 2017 01:51 PM #62
Rainmaker
1,294,916
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Evening Debe - there is lots of smaller townhouses with great amenities so that people can have more free time.

Jul 18, 2017 07:10 PM #63
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
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LOL Tammy Lankford, I would have predicted you would say that! ;-) 

Jul 18, 2017 07:14 PM #64
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
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I laughed out loud at the 30-somethings, Sam Shueh! We have a lot of that around here too - not my boys but, families looking for larger housing to accommodate their CHILDREN'S growing families. Go figure!

Jul 18, 2017 07:16 PM #65
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Debe Maxwell, CRS
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Congratulations to you and your wife, Paul S. Henderson, CRS, REALTOR®,! You'll definitely have to blog about your story - I, for one, would love to hear how it winds up. 

Jul 18, 2017 07:17 PM #66
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
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Hi Elyse Berman, PA, CRS! Yes, the maintenance can be quite costly and as you said, the larger the home, the more the cost of maintenance.

Jul 18, 2017 07:18 PM #67
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I agree, John Wiley! I have seen a few of the larger homes turned into multi-family units and those who live there are loving the lifestyle change. As you said, our population is aging and more in need of a smaller space and less home responsibilities, especially the Baby Boomer generation!

Jul 18, 2017 07:20 PM #68
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Sally K. & David L. Hanson - I actually had that conversation with someone else recently - it's time to start having Christmas at the grandkids' house(s)!!

Jul 18, 2017 07:22 PM #69
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
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Thank you so much, MaryKay Shumway, YourDoorCounty! It really applies to all areas - our population is aging, for sure!

Jul 18, 2017 07:23 PM #70
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi Beth Atalay! That's funny about the B&B! I've had that feeling before as well but, my boys finally got the 'message' and understood it was time to fly the coop!

Jul 18, 2017 07:25 PM #71
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi - I'm sure it is liberating and I'm happy to hear that you haven't looked back! There are many who need to do what you did 16 years ago! It's just such a tough decision and the 'easy-at-the-moment' decision is to stay put but, as you said, they need to realize that after the task of moving is over, it certainly can be liberating!

Jul 18, 2017 07:28 PM #72
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi Mary Hutchison, SRES, ABR - same here with many of the 55+ communities - or they are just a sea of vinyl. These are simply not very appealing for spending your later years. I love seeing the retirees moving into our Uptown condos - there's so much activity and plenty to do in walking distance of anywhere you live in that area!

Jul 18, 2017 07:38 PM #73
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Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

That's the idea, Grant Schneider - smaller spaces, low maintenance and it opens the door to being able to spend more time doing the things one loves to do!

Jul 18, 2017 07:39 PM #74
Rainmaker
1,359,721
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

Good morning Debe, you brought up great reasons for downsizing.  Walt and I bought a slghtly larger housse in December. We have spent much more updating it than we anticipated.

Jul 19, 2017 04:18 AM #75
Rainer
360,107
Sham Reddy
H E R Realty, Dayton, OH - Dayton, OH
CRS

Those three reasons are good enough for make to downsize or rightsize, however you want to call it

Jul 19, 2017 04:49 AM #76
Rainmaker
1,842,645
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

I'm trying, I'm trying! Unfortunately I'm not finding the "one" and my husband is getting very impatient!

Jul 20, 2017 06:56 AM #77
Rainer
3,550
Christopher James
Supercheap Storage (Brisbane North) (Brisbane North) Pty Ltd - Flovilla, GA

It's quite an obvious benefit that the smaller your house is, the less things you need to worry about right? It most certainly will help the family save money, and not just in terms of the number of square feet that they'll have to pay for when it comes to buying the property! I should think that almost every other article of clothing or appliance that they're thinking of buying has to be properly planned so that there'll be a place for it to go when it's been bought!

Jul 20, 2017 08:42 PM #78
Rainmaker
255,702
Dan Derito
Success! Real Estate - Brockton, MA

The joys of owning a bigger home loses its' luster as we get older.  That lawn is just not going to mow itself.

Jul 26, 2017 08:38 AM #79
Rainer
413,907
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Reduction in maintenance and repair costs could add up to $2k or more annually and that could secure vacations to places you probably wouldn't go to if not downsizing.

Aug 01, 2017 05:36 AM #80
Rainmaker
118,110
Stavrula "Sam" Crafa, RNC,GRI, CDPE, PSA
Future Home Realty - Seminole, FL
Providing the integrity and service you deserve.

I'm downsizing but not my house. I'm going through each room, closet and storage areas to get rid of stuff I haven't used, don't need or just don't want any more. Working towards a more simpler life. Hopefully, if and when I do decide to move into something smaller, it won't be such a massive undertaking. Your reasons for downsizing makes lots of sense. Great post.

Aug 02, 2017 08:52 PM #81
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