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If You Haven’t Considered Downsizing, Here’s Why You Should
Downsizing is a term we often associate with retired people or seniors who are left with an empty nest, but downsizing can benefit homeowners of all ages. Think about it this way: What is something you’d like more of? Time? Money? Well, downsizing can provide you with both, making it a decision you should strongly consider. Read on for some suggestions from The Aaron Weber Group.
More Money to Go Toward Savings
One of the largest expenses homeowners face are mortgage payments; according to CNBC, house payments average 30 percent or more of your gross income. That’s a significant punch to your wallet. By moving into a smaller home, you lower your monthly mortgage payment, which translates into extra cash as well as savings on those dreaded interest payments. Plus, if you plan out the real estate transaction carefully and wait for the right deal, you may be able to use the money from selling your current home to pay for your smaller home in cash. Even if you still have a mortgage payment on your new home, you can enjoy the decrease in real estate taxes.
Utilities are yet another high expense for homeowners. To see just how much you are spending, divide the square footage of your home by your monthly heating/cooling bill. For example, a 2,500-square-foot home with a monthly utility bill of $300 means you are paying .12 cents per square foot to heat and cool your home. Add to this the fact that a large home gives you more room to store stuff (including items you never use), and you are paying to have a comfortable room temp in spaces you never use such as spare bedrooms, closets, and the garage.
More Time for Life
Time is hard to come by these days, but as Tammy Strobel will tell you, downsizing gave her more time. In Strobel’s case, the downsize was drastic, as she and her husband went from a 1,200-square-foot apartment to a 128-square-foot tiny home built just for them. While a move such as this is doable, any sort of downsize could mean that you are able to take a lower-paying job with more flexible hours, start your own business, or have more time to pursue hobbies.
Yet another benefit of smaller living is less maintenance. When you add up the time you spend cleaning, keeping the exterior of your home in order, doing yard work, and performing regular maintenance, it’s no wonder you are grasping for more time. Perhaps you’d like to have more family time, exercise more, hang out with friends, or just stress less about the current state of chaos your home is in. Downsizing requires that you minimize your belongings and your space, so with less to keep up, you earn back that precious time to do with what you’d like.
Quick Moving Tips
If you decide downsizing is the right move for you, or are at least considering it, remember these tips to make moving a breeze:
● The first step in finding the perfect home to fit your current needs is to research homes or apartments in your designated area. Then hire a knowledgeable realtor like Aaron Weber when it’s time to move and sell.
● Declutter. A smaller home means less space for your belongings, so it’s a good idea to spend some time decluttering and paring down items before you move. It might be a little overwhelming, but just imagine how stressful it would be if you arrived at your new home and realized that everything wouldn’t fit.
● U.S. News & World Report advises having a plan. Moving sounds simple enough, but there are more steps than you might think, such as sorting, packing, hiring movers, notifying service providers, etc. Moving day is busy enough without having to be concerned about sorting through items.
● It’s not a race, so create a timeline to stay organized and feel that sense of accomplishment when you check off an item.
● Hire movers. If you're planning to move, opt to hire a professional moving company to ease your stress during the move. You’ll have peace of mind knowing your belongings will arrive safely. Plus, loading up a moving truck requires ensuring nothing shifts in transit, something movers are experts in.
You might not realize it, but downsizing comes with some great benefits. By moving into a smaller home, you’ll save both money and time—two items everyone is searching for more of. If you think downsizing might be right for you, take your time to ensure your next home meets your needs, but on a smaller scale.