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4 Signs It’s Time to Downsize

View of Wilmington North Carolina from across the river

Traditionally, we think of the homeowner path as upsizing. When we are young, we buy a small starter home to fit our needs and income. Later, our needs change as our family unit grows, and we move into a larger home to fit our needs. There are times in our lives, however, when smaller spaces might make more sense. Here are four signs that might make you want to consider downsizing.

Retirement Has Arrived

Retirement is one of the most common reasons people decide to downsize. Retirees make the move to stretch out their retirement savings and to decrease their annual expenses. A smaller and cheaper property accomplishes this by reducing property taxes, insurance and mortgage payments.

It’s Simply Too Overwhelming

No matter your age or stage of life, it isn’t uncommon to feel overwhelmed by the size or maintenance of your home. It takes a lot of work to maintain a large yard, or keep lightly used rooms in your home clean. At some point, you don’t need all that extra space anymore. Unused rooms cost money in property taxes, maintenance and utility bills. Moving to a smaller home can mean you consume less energy, use less space and spend less money.

Potential Appreciation on Your Home

For most people, a home purchase is the biggest single investment they’ll ever make, so it’s natural to hope for some return on that investment. In monetary terms, that means home appreciation. When you buy a home, you hope it’ll be worth more than you paid for it by the time you’re ready to sell and move on. Many factors determine home appreciation including renovations you made over time, your land value, and growth trends in your surrounding area. If your home shows positive signs towards appreciating, it may be time to cash in.

The Family Factor

If your adult children have moved out, it may be time to downsize your property. Depending on your situation, downsizing might also allow you to move closer to your children and grandchildren if they have moved far away.

Meeting Your New Neighbors

Meeting your new neighbors can provide a sense of community that helps you feel safer, more settled and happier in your new environment. For some people, this could mean stepping out of your comfort zone, so here are four tips to help you connect with new faces!

5 Ways to Avoid Home Buyer Fatigue

Kicking off your home buying journey always starts as an exciting venture, but bidding wars, unsuccessful offers and exhaustive walk throughs can easily bring on buyer fatigue. Here are five tips to stay the course and avoid home buyer fatigue!

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Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, FL, GA, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV | 308 Market St SE, Roanoke, VA 24011

 

 

Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, FL, GA, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV | 308 Market St SE, Roanoke, VA 24011