4 Reasons Downsizing Could Be a Smart Choice for Your Family
Do you feel like your current family home is just too big? Maybe you’re tired of forking over a hefty mortgage payment every month, your utility bills seem to get higher and higher, and your overall cost of living is rising. Plus, you spend a lot of time—and money—just to maintain and clean your home.
Perhaps you don’t need so much square footage, and the time has come to downsize and find a smaller property that would be a great fit for your family. Today, Castle Gate Real Estate Group explains why downsizing is well worth your consideration.
Save By Selling and Renting
Downsizing can be a fantastic way to save money, especially if the value of your own home has increased in recent years. Before listing your current, larger home, put on a few coats of fresh paint, a proven strategy for bumping up your property’s appraisal value. It’s also among the most affordable with practically instant ROI!
By conducting a careful search at the right price point, you may be able to sell your current home and relocate to a rental property that costs you less per month than your previous mortgage. As long as you can find a suitable rental that features the amenities you enjoy in your current home, this could be a savvy financial decision for the benefit of your family. Whether you want to downsize in order to declutter, or temporarily move somewhere new because you’ve accepted a new job, this could be a great strategy to reduce your monthly budget.
Move to a Better Neighborhood
If you are truly happy with your current neighborhood, downsizing may not be in your future. But if you’ve been feeling dissatisfied with your neighborhood recently, choosing to downsize could be the solution. While you may not be able to afford quite as much square footage or yard space in another peaceful neighborhood that you’ve been eyeing, you could buy or rent a smaller home that you like just as much for a similar price.
When you’re open to downsizing, there are plenty of possibilities for relocation within your own city. If you’re thinking about purchasing a new home, start researching real estate agents in your area. To choose the right agent, gather referrals for a few agents and meet with them to find out who best understands your needs and your market. Don’t forget to reach out to Castle Gate Real Estate Group! Also, if you’re trying to sell your own home, or improve your new one, don’t forget that certain renovations can actually boost your appraisal value as well!
Reduce Cleaning and Maintenance Responsibilities
Cleaning a large home can become tiresome. Even if you encourage your older children to pitch in, it’s still time-consuming. And if you tend to spend your weekends tackling home maintenance projects, you might wish you had a home that didn’t require so much elbow grease. Downsizing to a smaller home can free up some of the time and money you currently spend on maintenance and cleaning! It’s definitely a relief for homeowners and renters alike.
Spend Less Money on Belongings
Finally, downsizing can encourage your family to make a shift towards minimalism. When you have less space, you simply won’t be able to buy many things that you don’t need. Plus, you’ll need to declutter before you move in! As you pack up for movers, you can get rid of or donate items that are no longer necessary. This will allow you to rent a smaller storage unit when you’re in between homes. And to start practicing minimalism, Elbow Room recommends getting rid of items that don’t serve a specific purpose and setting up new organizational systems to keep clutter out of the way.
Voluntarily moving into a smaller space might seem like a strange choice for a home buyer or renter. But the truth is that families don’t always need as much space as they think they do in order to be comfortable and happy. If you’ve been thinking about making a change, it may be time to make a downsizing plan!