Thousands of people downsize their homes every year in this country for a variety of reasons. Some do it to cut costs, some are empty nesters looking for less space, and some do it because it’s becoming trendy. So, how do you know if downsizing your home makes sense for you?
In the 1950’s the average size of a home in America was less than 1,000 square feet. Fast forward to 2015 and the average home is hovering around 2,600 square feet. Not only did people have smaller houses in the 50’s but the average family was bigger as well.
Benefits of downsizing
The most obvious benefit of downsizing your home is saving money. Not only will you save money on your mortgage, but you’ll have less taxes, insurance, maintenance, and utility bills.
With less home to clean and less yard to maintain you now have more time to travel, spend time with family or take up a hobby.
Making More Money
We talked about the money you’ll be saving, but you will also have the opportunity to make more money. When downsizing you’ll need to figure out what to do with all your extra belongings. You could easily sell these items and pocket the cash. In addition to this extra cash you could take the difference in mortgage costs and invest it. Adding more money to your retirement fund or investing it in a business are both good ways to create more income.
Making New Friends
With a move comes new neighbors and new friends. Think about all the new relationships and connections you’ll make when living in your new home. Building these life long relationships have great benefits that can’t be measured in money.
Making New Memories
Moving to a new home will bring new memories as well. Think about all the family gatherings, barbeques, and holiday celebrations you’ll enjoy at your new place.
With less space in your new home, you’ll be forced to spend more time in the same room with loved ones. That’s not a bad thing, right? Think about how spread out everyone is in your bigger home. Now you’ll be able to talk and ask questions without having to scream across the house.
Regardless of your motivation for downsizing, take time to think about the possibilities, outcomes, and opportunities you’ll be receiving. When the time does come for you to make a decision, feel free to reach out to one of our experienced, qualified professionals.