Too much house?
If the kids have moved out and cleaning 3 bathrooms, mowing the lawn, and heating and cooling 4 bedrooms is getting old, then it might be time to downsize.
Downsizing is not for everyone. There are many reasons people choose to keep the family homestead. Perhaps the kids have move far away and you want to maintain guest rooms for them. Perhaps your location is ideal for your job and you’re not ready to retire. Maybe the kids are close and you want to stay near them.
After the real estate bust, some homeowners who might have been ready to downsize postponed doing it until their home regained its market value. With market improvements for several years, you might be surprised at how much your home is worth. A simple phone call to a professional real estate agent might give you the news you’ve been waiting for!
There are benefits to downsizing that many people find attractive, and not least among them is cost. For many baby boomers, the majority of our wealth is tied up in our homes and selling our home will release the cash that we might be able to use differently. Many more owners are ready to sell now.Maintaining a home is expensive, and maintaining a large home is very expensive. Between real estate taxes, heating and cooling, utilities, insurance, and maintenance, many people find that they can save tons of money by moving to a smaller home. Additionally, smaller houses cost less to buy so you’re likely going to walk away from a downsize with a smaller mortgage. Even if you’re not ready to retire, moving to a smaller home will help pad your nest egg for retirement.
The time it takes to maintain a large home is another factor that baby boomers are using to explain why they want to downsize. When you own a large home, your entire weekend could be spent doing household chores. If your new home is half the size of your old home, that’s half the time it will take you to maintain the home. Imagine what you could be doing with all that spare time!
If you’re experiencing empty nest syndrome, a new home is a chance for you to regroup and have a fresh start. New homes offer opportunities for new friends, new clubs, new volunteer activities.
If you’re thinking about downsizing, now is the time to call a professional real estate agent. Find out what your home is worth and make an informed decision!