Here are the top 5.
Downsizing comes with many benefits.
Have you been thinking about downsizing lately?
It may only be the beginning of spring, but it’s warming up outside and summer will be here sooner than we think! The nice weather is not the only reason summer is the most popular time to move; it’s also the time many households find themselves a little emptier, with graduates moving out and moving on to new chapters in their lives.
With a sudden increase in (often unused) space, many empty-nesters are left wondering whether or not they should downsize. Downsizing from your current home into a smaller home, condo, or apartment comes with many benefits. Here are the top 5 reasons you might consider downsizing:
Number 1: Smaller Mortgage Payments, Bigger Nest-Egg
Depending on where you move to when you downsize, you can significantly lower your mortgage payment; leaving you with more money for retirement, entertainment, and traveling!
Number 2: Cash Out Equity
If your mortgage is paid off, you probably have quite a bit of equity. The AARP Public Policy Institute estimated in 2013 that the median home equity was $100,000 among homeowners in the 55-64 age range. For those 65 and up, it was $135,000. This equity can be an important resource for you in your retirement.
Number 3: Lower Utility and Maintenance Costs
Smaller living spaces require less energy to heat and cool. Because of this, you will use less electricity and gas, resulting in a smaller utilities bill. Another note-worthy factor is downsizing to a condo or apartment also means you no longer need to pay for lawn care and many of the other costs associated with owning a larger home.
Number 4: Clean Out and Give Back
Downsizing means clearing out all that stuff you’ve been storing for years. You can finally sell, recycle, or give those things away to someone who needs them. You will feel a sense of freedom when you de-clutter, and it will feel good to know you are helping somebody else by donating the items you no longer use.
Number 5: Less Stress, More Vacation Time
Cleaning out your home will also help clear your mind. Less stuff lying around means you have less to worry about! Also, the money you are saving by downsizing can be spent taking relaxing vacations more often!
Downsizing is certainly a big change, but it comes with great benefits! You can begin exploring your options for a smaller living space here. If you have any questions about the downsizing process, please contact me. I would be happy to help you find a space that will fit your new lifestyle!