In recent years, many people have discovered the many benefits of living a simpler life. Some people dream of owning a large home with all of the bells and whistles, but it's important to step back and consider your current needs. Do you have a large family that requires more living space, or are you an empty-nester with vacant rooms? The lure of a big home is real. However, there are significant benefits to downsizing that you may not have considered.
NOW IS A GREAT TIME
With home prices at record highs in Northeast Indiana, now would be a fantastic time to sell your large home and utilize your capital to have more purchasing power. If you are nearing retirement years, the chances are that you have considerable equity built in your current home over the years. Interest rates are also still exceptionally low, making now a great time to downsize.
BENEFITS OF DOWNSIZING
The larger your home is, the greater your property taxes and homeowner's insurance will be, not to mention the cost of regulating the temperature year-round in a larger home. The day-to-day stress of owning a large house is also something you must consider. Property maintenance and home upkeep take more of your time and effort the larger your home is.
Downsizing to a smaller home could help you start a new chapter in life and change your entire lifestyle. You could have enough money to travel and take up hobbies that have just been a dream, and a smaller home would give you the freedom to do so. Just imagine the opportunity you'll have to make wonderful new memories in a smaller home with newfound liberty.
Downsizing gives you a chance to pare down your possessions to reduce your clutter and stress.
OPPORTUNITIES
Consider downsizing away from a stand-alone house. Living in a downtown loft or a condo where all the maintenance is done for you removes the hassle of monitoring your property, keeping the lawn mowed, and snow shoveled whenever you want to travel. Newer and remodeled homes are also designed for the way that we live now. You could use your capital to purchase a home more fitting for entertaining and large family get-togethers or even have enough to buy a second winter home in a warmer climate.
When you are ready to downsize, the Realtors of Mike Thomas Associates will guide you from start to finish. We help you navigate the current market and find exactly the right home for your needs. Give us a call today!