pros and cons of downsizing your home
Be prepared for a potentially powerful punch of sentimentality and make concessions when going through your possessions to ease the transition. There is an emotional cost. for storage. When you downsize your home, you’ll need to get rid of a fair number of your current belongings, from furnishings to clothing to appliances. Typically there is no wasted space, such as vaulted ceilings, in a smaller home. These fees fund things like snow removal, swimming pools, fitness equipment, community gardens and other improvements. 2:13 - Do a lot of people in the Triangle want to downsize? Very organised, great communication and fast! Choosing tables and cutting boards with the ability to fold out of the way when not in use, How you entertain, or if you can entertain, In digital photo frames that constantly rotate photographs. The pros of downsizing your house Being able to spend less will also affect your mortgage payments as they should be lower. Some of the cookies we use are essential for the site to work. Let’s talk about the Pros and Cons to Downsizing Your Home. Your home likely contains years filled with memories. Releasing the capital in your home can help you reduce your … Cleaning the house up is always a tiresome thing. The process of moving itself can be very stressful. Larger homes with many gathering areas can’t create some atmospheres. This is especially true if you choose a newer home, one under warranty or a condo community where a homeowners’ association handles all or some of the outdoor upkeep. Pros to Downsizing You’ll Save Some Money It’s no easy feat to sell the home your kids grew up in, but consider all the money you can save. The other part of this equation is you may no longer be able to host large family gatherings for holidays and such — at least not in the way you might be used to — because of your smaller entertaining space. You may have been looking forward to having less space to clean and care for. Read on to learn if you are ready to downsize, the pros and cons of downsizing, and some downsizing home ideas. Anything that can be thrown away or donated, do so before you even put your home on the market. Buying a smaller, cheaper property will give you a lot of equity left over, to use for whatever you wish. If you fall into this group, you live to host elaborate parties, huge holiday gatherings and various seasonal events. Cookies for this website are disabled. As an update on the house sale, we are still waiting for a buyer. If you purchased your home at the height of the market and it hasn’t come back yet, now may not be the time to sell. Eliminate this by hiring professional movers and packers. Downsizing Your Home: Pros and Cons One of the major benefits of downsizing is the funds you will receive through the sale of your current home. You’ve probably hosted a few parties and family gatherings in your current home and made valuable memories. Cons. Consider these potential costs when planning your move, so a bigger bill than you anticipate for downsizing your home and your life doesn’t catch you off guard. Another option is to use the savings to invest, so you can help secure the future of your children and grandchildren. Downsizing means leaving your neighbors, friends and good old memories. Copyright © Transtar Moving Systems 2017. Pros & Cons Of Downsizing. By downsizing, you could use these savings to help fund your retirement. Are you asking "Can I downsize my wheels?" If you’re retiring soon, this could give you extra funds to spend in your latter years. This blog will weigh the pros and cons of a downsize. Don’t discount the sentimental element of packing up and moving from the place you’ve called home for years, if not decades. Some people have got used to a home of a certain size and space, and perhaps nothing they look at really appeals. We also use some non-essential cookies to collect information for making reports and to help us improve the site. Downsizing debt Pro: More Australians than ever are heading into retirement with a mortgage and a considerable amount of debt. From utilities to packaging to the products you buy, downsizing helps you reduce in all these areas and more. St Albans You may want to save money, are looking to get rid of the extra space, or have recently become an “empty-nester”. Whether you’re a family of four, new empty nesters or a couple looking forward to your golden years, you’ll need to make concessions when you move into a smaller home. Share. The reality, though, can be very different. There are lots of advantages to downsizing your home. If you downsize from a 3,000-square-foot home, for example, to a 1,500-square-foot one, you need to reduce furniture and other possessions to account for the loss of nearly half your space. Downsizing does come with its challenges though. If you’re downsizing due to divorce or a change in your financial circumstances, it can be frustrating to have to contend with a smaller space than you’re used to. 3:38 - Downsizing sometimes also means moving closer to friends and family. You may have to look in areas that better fit in your budget and outside of your desired neighborhood. Reducing or eliminating your mortgage and/or property taxes adds a great degree of wiggle room to your monthly budget. We specialize in making your move successful, and everyone on our team has a can-do attitude. Less square footage decreases the amount of energy expended. Never complain about your yard being too big or your slick sidewalks again. These are a few ideas for selling unwanted furniture and other items of value when downsizing: The key to leading a greener life is to reduce the number of things you consume. It’s an opportunity to clear everything and save yourself money when you pay for removals. First, a smaller home … We own too much house. Hopefully, the list of pros and cons above can help you when it comes to deciding whether or not downsizing is the best option for you right now. People downsize for multiple reasons. If you need more money during retirement, then selling your home is an ideal strategy for both increasing your savings and decreasing your expenses. Two of us with almost 3000 sq ft. We live in a high cost-of-living (HCOL) area, so even though we bought at the bottom of the market and put 20% down, the mortgage is large. You might even have to find new health care providers. Property values change over time, which should be great if you’ve had your property for a while. Selling unnecessary items for your new home is a great way to turn the loss of these items into something beneficial for you: cold, hard cash. Cloud services allow you to store nearly infinite collections of movies and music for nominal monthly fees. One of the benefits of a small home is fewer areas require constant maintenance. Even if your home is already paid off, the sale of your house, plus cutting down on utility bills could make the move a fiscally sound choice. In addition to the costs of obtaining a new home, you may have other costs to consider as well. All Rights Reserved. Pros & Cons Of Downsizing. Pros of Downsizing Your Home 1. To prepare for your smaller house, you’re going to get to go all Marie Kondo on your clothes, books, DVDs, furniture, artwork, and all your odds and ends.
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