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Shrink Your Expenses: The 5 Benefits of Downsizing Your Home

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60 is the new golden age.

It’s the age where retirement is just around the corner, and it’s causing you to take a closer look at your current expenses.

Sometimes, you wonder if you truly can continue to justify the expenses and property taxes of living in a larger home that you don’t really need.

You’re strongly considering downsizing, and want to understand if now is the right time to do it.

Whether you’re ready to put your home on the market right away, or if you’re still deciding whether or not downsizing your home is the right move, you need to read this post.

In it, we’re sharing with you some of the top advantages of downsizing.

1. Downsizing Your Home Means Less Upkeep

Did you know that it costs an average of about $1,200 every month to maintain your home?

We understand that one of the main reasons why you’re thinking about downsizing your home is because of these astronomical upkeep costs.

Especially since you know that you just no longer need the amount of space you once did, you’re starting to wonder if all that house is a waste of your hard-earned money.

Plus, if you’re getting a bit older, you might not be able to handle the physical demands of conducting proper home maintenance. You don’t want to risk the value of your home declining because of poor care — but you also don’t want to end up in the hospital because you tried to clean out your gutters.

You don’t want to have to pay someone else to handle repairs that, in the past, you could have done on your own.

Many people feel that one of the top advantages of downsizing is that it allows them to stop spending so much time maintaining their home, and more time actually enjoying living in it.

2. You Can Allocate Your Funds Elsewhere

You’re still working now, but you’re trying to save for retirement. Perhaps you still have some lingering debt left that you’d love to be able to pay off.

Maybe you want to help your children — or even grandchildren — save for their futures. In some cases, you may even be worried about potentially high medical bills and the cost of care.

One of the biggest benefits of downsizing your home?

You’ll be able to allocate the extra cash you would have spent on maintenance and mortgage payments towards anything else you want. Having even just a few extra hundred dollars a month can make a big difference.

3. Your Utility Bills Will Be More Manageable

Especially if you’re now living on a fixed income, the idea of paying an average of $100-$200 per month on utilities alone can be a tough pill to swallow.

One of the biggest benefits of downsizing is that you’ll have less space to heat or keep cool. Plus, because your space is smaller, you’ll likely also have to deal with fewer maintenance issues when it comes to your HVAC system.

In some cases, this could even help you to keep the costs of your homeowner’s insurance down. If you want to get a feel for what you’ll need to pay in your new home, as the previous tenants what their average utility cost was.

4. You Won’t Have to Pay a Large Tax Bill

You enjoy living in a larger home now, but the truth is that cripplingly high property taxes are taking all the fun out of having more space.

You sometimes feel like you need to visit every room in your house as many times as you can in a single day, just to make those high taxes worth it!

The truth is that you know you’d get along fine — likely even better — in a smaller home. You don’t really need all that space, and you feel like you’re not longer make a prudent financial decision because of high property taxes.

This is a major reason why so many people decide to downsize.

In some cases, you could easily save a few thousand dollars a year just by living in a smaller home.

You should also make sure that, once you do move into your smaller home, you do your research when it comes to property tax. If you’re above a certain age as a senior, you may be entitled to some tax breaks.

5. Convenience

Maybe the main motivation to downsize your home isn’t about getting a tax break or lowering your utility bills.

Instead, you’re interested in downsizing because it’s just more convenient for you. Perhaps your spouse has recently become ill or has mobility issues, and the large house you lived in no longer makes sense.

Maybe you don’t want to have to worry about going up and down stairs every few minutes to get what you need. Perhaps you’re just tired of spending what feels like hours every day cleaning a larger house!

Sometimes, convenience and your personal happiness are the best reasons of all to downsize.

Thinking About Downsizing Your Home?

We know that this post likely has you thinking a bit more seriously about downsizing your home.

Are you curious about how much your current home might be worth? Want to explore the smaller homes that are on the market today? Looking for more information about how to downsize the right way?

We’ve got you covered when it comes to all of that and more.

When you’re ready to find the right home for your needs, reach out to us to learn more about how we can make it happen for you.

 

by Kelly Laird Smith, CA BRE #01359555
Pattie, Kelly, Wink & Associates
(562) 522-5173 (m)
kelly@rossmoorhome.com (e)

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