Downsizing Considerations For Your Home

Downsizing Considerations For Your Home

Your home no longer meets your needs as you have outgrown it. Your children are gone, the neighborhood has changed and the upkeep is more than you want to bear. It may be the right time to make a move. Or is it? There are other things to keep in mind when considering any move. Let’s take a look at the factors that could make you stay or encourage you to go.

Downsizing Considerations For Your Home
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1. The home is too large. Clearly, if you own a four- or five-bedroom home and your children have grown up and are pursuing lives of their own, then moving on makes sense. With more room in your home than you need, the time to downsize may be ripe. Consider not moving if your home is smaller and your guests include your children and their own children. The last thing you want to do is move and make it difficult for people to visit you during the summer, at Thanksgiving and whenever other family events are held.

2. Smaller is better. It is a common thing to think that the larger our homes, the more important we are. This is an unfortunate correlation that has only grown stronger with each succeeding post war generation. Your 2,200 foot home may have said that you have arrived, but it also could prove a noose around your neck, especially if it is more home than you need. Downsizing to a smaller home doesn’t necessarily reflect your lifestyle, but it could should some sensibility as you enter the next chapter of your life.

Downsizing Considerations For Your Home
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3. You’re ready to cash in. Quite frankly, some people that have lived in the same home for decades and will have seen their original investment grow exponentially. Homes are not always the best place for investing, but for many people they have proven to be so. This is where selling your home, taking the proceeds, investing in a lower-priced property and living on the remainder may be the wisest decision you ever make. Even if your stay in your current home hasn’t been particularly long, you may find that there is enough equity built up to move on.

4. Another neighborhood is more appealing. You like your neighborhood but there is another neighborhood that has more appeal for you. When it comes to downsizing, your present neighborhood may not offer the choices you seek, while a different neighborhood may provide the sort of housing that is ideal for you. Further, the new neighborhood may also have certain amenities that you prize, such as a community pool, tennis courts, and a gated community. Such amenities may not have been important to you before, but they could be now.

Downsizing Considerations For Your Home
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5. You need the money. Let’s face it: some moves are decided entirely on financial matters, namely money. If you are short of cash or are simply feeling pinched through your current lifestyle, then a move may be in order. Make the move if you honestly believe that you are living beyond your means. You might also consider moving if you are facing retirement and a corresponding drop in income. Do what’s best for yourself, but do contact a financial advisor to ensure that your tax burden isn’t heavy and that the timing is entirely right for you.

Downsizing Considerations

Downsizing can mean that you’ll lose half of your living space, perhaps much more. Prepare yourself for the change by selling, donating or otherwise giving away what you don’t need well in advance of your move. Once your big purge is over, then contact several moving companies to receive estimates on the moves advises the North American Moving Companies. Check references too in a bid to ensure that only the best provider serves you.

Downsizing Considerations For Your Home
Image Source: Google Image

 

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