There are several points in your life when you might consider downsizing. It’s an opportunity to save money and have less property to maintain. While there are plenty of valid reasons to downsize, there are a few common situations you might find yourself in.
You’re an Empty Nester
While you’re raising your family, it’s beneficial to have a larger house. Everyone needs somewhere to sleep, study, play, spend time with friends, etc. A larger house allows you to all spread out. However, once your kids move out, there’s no need for all that extra space. It’s just you and your spouse and it makes sense to move into a home that is more fitting for just the two of you. A smaller home will be less for you to clean and care for and you can save money on monthly house payments.
You’ve Retired
Perhaps the most common reason people downsize is that they’ve reached retirement. At this stage in life, you have a fixed income, and reducing your monthly housing costs can help you make your money stretch further. Additionally, a smaller home is more manageable as you reach old age. It’s harder for your body to go up and down stairs or even walk across a larger house. A small home allows you to live more comfortably during this chapter of your life. Additionally, many retirees enjoy traveling during retirement. If you’ll be out of town a lot, it makes more sense to have a smaller home.
Your Situation Changes
Sometimes you need to downsize not because you’ve reached a new stage in life but simply because your living situation changes. A common example is if you’re going through a divorce. Downsizing is a more affordable option if you no longer have two incomes going toward a house payment. You may also need to move to a smaller home since you have fewer people to accommodate. Whatever your situation may be, downsizing might be the best option.
If you plan on downsizing, you want to remove any hassle from selling your home. Cash sales are the best way to do this. When you sell to a cash buyer, such as a home buying company, you can depend on a fast, easy, and cheap sale.
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