The Case for Downsizing Your Home

In Real Estate Advice by Doug Phelps

When it comes to making a decision to move, assuming there are no outside forces like a new job, the decision generally comes down to what you are looking for in your home now.

After all, when our lifestyle changes we look around and soon realize that our home is no longer the best choice for our new life.

This is especially true for a growing number of people who are now empty nesters. Empty nesters are often looking for ways to bolster their retirement nest egg and maximize free time. This is why the idea of downsizing is gaining popularity.

Here are a few reasons why it may be better to make the move to downsize your home sooner rather than later:

More Free Time

Imagine the time you’ll get back by not having to mow the lawn, tend to the landscaping, plow the snow, or countless other chores involved with the upkeep of a large home. Want to take a quick trip? Just lock the door and go!

More Income, Now and in the Future

Downsizing usually allows you to reduce your monthly mortgage payments, or perhaps even have none at all depending on your equity position from your current home. A less expensive place means lower taxes and insurance, providing savings that will add up over time. You can invest the differences in order to enhance your retirement years.

More Control

If you’ve recently lost a spouse, moving to a smaller, more manageable residence can be the best thing for you. This will also allow you to take control of your financial future rather than thrusting the responsibility to your children or other relatives.

More Energy

A smaller home provides an opportunity to get rid of a lot of the clutter we accumulate in our lives. It isn’t easy, but an uncluttered life will feel like a clean slate, energizing you with feelings of freedom and control.