Many couples think about downsizing their homes once the kids have started their adult lives. Most would agree that there’s little need for a 1,800+ square foot home when it’s just the two of you. However, moving can be a hassle, and there are wonderful memories associated with that family home.
Before you decide to stay in your current place, it’s important to understand all of the advantages of downsizing your home. We’ve put together a list of some of the most popular reasons to make this decision.
Smaller homes tend to come with smaller price tags. At the very least, you’ll probably pay less in property taxes due to the smaller size of the home. If you’re still making mortgage payments on your current place, you may find that you could significantly reduce those payments by moving into a new home, especially if you have a lot of equity in your current place. You’ll never know how much more affordable a smaller home can be until you really crunch the numbers.
Better Cash Flow
Moving into a smaller brand-new home may even improve your cash flow even beyond decreasing your monthly mortgage payments. For instance, you’ll likely pay less for your energy costs. A smaller home is easier to heat and cool, and newer homes are built using energy-efficient materials.
Many who downsize also choose to live in places that have smaller yards, which require less time and cost to maintain. Some even look for communities that include exterior maintenance of the property so that they don’t have to take care of anything.
The Cash You Need
Those who have paid off their large family homes often find themselves in an admirable position. They can sell the current home and purchase a smaller new home, while still having some money leftover. This “windfall” could be used to help grown children manage college expenses or to take a vacation to make the most out of the free time that retirement brings. You could also do the responsible thing and tuck that money into a savings account to use whenever the need arises.
On the other hand, downsizing may give you more opportunities to add some luxuries to your home. As you select materials for your home, it’s important to try to keep everything within the budget. In a larger home, adding the upgrades you want can quickly increase the price of the home. When you choose a smaller home, though, it doesn’t cost a lot of extra money to incorporate some of the design elements you might really like, such as hardwood floors or quartz countertops.
More Free Time
One of the fun things that people don’t realize they’ll get when they downsize is more free time to do what they want. How? Think about all of the time you have to spend maintaining a large home. Even when you don’t have anyone in a bedroom, you have to go in frequently to dust and vacuum. Smaller homes simply require less time to clean. You can then use that time to catch up with friends, work on your knitting, or anything else you might enjoy doing. It might even be time to pick up a new hobby!
The more space you have in your home, the easier it is to accumulate stuff: extra furniture, little knick-knacks, and boxes of “memories” that you don’t really remember why you saved. In a smaller home, though, you have to think a bit more carefully about what you add to the home. Before you purchase anything new, you need to think about where you’ll place the item and if there’s enough space for it. People often find it easier to maintain a clutter-free lifestyle in a smaller home. As a bonus, you won’t be spending money on all of these little extras.
Better Resale Value
People look for large homes at a single point in their lives: when they increase the size of their family. Smaller homes tend to have good resale value because they have a broader appeal. When it does come time to sell this home, you’ll be able to get the most out of it.
Smaller homes don’t have to feel cramped. We think you’ll be pleasantly surprised by how spacious new condos, townhomes and duplexes can be. Come check out one of our communities today and tour the showhomes to see if downsizing is right for you.