Is bigger always better? Not necessarily, and in a time when many people are thinking that “less is more,” it might be a good time to consider downsizing. You may find that buying a smaller place with more amenities beats all the housekeeping you have to do in a large residence!
So when should you think about downsizing?
A lot of people do it when they retire from the workforce. A smaller mortgage is appealing when retirement plans have less spending power than they did in the past. Saving cash every month by paying less for a mortgage is a great way to make retirement more manageable and more comfortable.
Another scenario is one in which you feel that you’re married to your house. Your residence is taking all your energy and all your money, and you worry about making the mortgage payments and dealing with home repairs, insurance, and taxes. A smaller place—with a smaller mortgage—might help those sleepless nights, and allow you to do some other things with the money you save—start a new career, travel, pay for your kids’ educations, etc. The price of a smaller house or even a condo can put all that within your reach.
The empty-nest syndrome works for houses as well as for people. For years, it probably felt as if your kids were occupying every inch of your home and then some! When they’re in college, you want to keep their rooms ready for when they’re able to “come home.” But at some point the reality sets in, that your house is no longer their home, and you start looking askance at your high utility bills and the upkeep of a space that you don’t fully inhabit. What a great time to find a place that will be your own again—for many people, that’s as exciting as choosing their first home! And, again, the mortgage payments on a smaller place will be very manageable and enable you to fill the hours you used to spend parenting with other things.
Finally, if your home has appreciated in value since you bought it and you’re in a neighborhood that’s fast becoming popular, selling your house and purchasing something smaller in size but more upscale in amenities might be a great idea.
At Avrus Financial and Mortgage, we’re here to help you make sound financial decisions about when to let go and how to navigate doing it, and we’ll find just the right mortgage for your new place as well.
Why not ask us how… today?