Downsizing Isn't Just for Retirees

Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other reasons besides retirement that could make downsizing worthwhile.

Any homeowner, who has experienced a change in their life or no longer feels like their house fits their needs, may also benefit from downsizing.

U.S. News explains: “Downsizing is somewhat common among older people and retirees, who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”

As increasing costs have made many items more expensive, saving money where you can has a lot of appeal. So, if you’re thinking about ways to budget differently, it could be worthwhile to take your home into consideration.

When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements.

Realtor.com shares: “A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”

That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve gained a considerable amount of equity. This is an asset you can use to help you buy a home that better suits your needs today.

And when you’re ready to make a move, we can help guide through every step of the process. We’re not retiring any time soon, but we downsized one year ago. Why? Our three bedroom, two bath Cape didn’t fit our needs anymore. Our bedroom was the only one being used on a regular basis. The dining room was more a collection spot for mail than an entertainment area. We looked out the window at a decent sized yard that we paid someone to mow, but hardly used.

Three Questions

If you’re thinking about downsizing, ask yourself three questions:

Do the original reasons I bought my current house still exist?

Do I really need and want the space I have now, or would something smaller be a better fit?

What are my current housing expenses and how much can I save by downsizing?

Bottom Line

If your home is full of wasted space and/or if you’re looking to reduce expenses, downsizing could help you meet your goal.

We can help you set the right price for your house when you sell, find the best location and size for your next home, and connect you with experienced and reputable mortgage lenders.

Let’s connect at 508-360-5664 or [email protected] to talk about your goals in the housing market this year.

Talk soon…

Mari and Hank