Downsizing & Retirement
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Thinking about downsizing? You might be ready ifâĤ
Many people associate downsizing to a smaller home with financial problems. However, this can be an opportunity for you to increase your equity or save money in the long term. Downsizing your house and selling it may be a stepping stone to bigger achievements. Read on below as we discuss some of the reasons you can downsize and sell your home.
Your home has increased in value
If you have been lived in your home for some years, the chances are that you may be nearly done with your mortgage payments and have your home paid off. Even better is the fact that your home may have increased in value. If you buy a cheaper, smaller home at this point, you still have equity leftover and can use it for other activities. Furthermore, youâd be able to buy your new home as a cash buyer, which is more convenient and allows you to live mortgage-free.
Moving closer to your kids and spending more time with your family
As you begin to age, you are probably thinking of family and retirement. If you want to spend more time with your family without necessarily moving in with them, you can take advantage of the home you have by downsizing and moving to a neighborhood near your children, and more importantly, your grandchildren. If moving isnât really something youâre interested in, downsizing and freeing up some cash would give you the option to travel more as well. Maybe thatâs to visit them if they live far away, or that could mean taking them on vacation with you. Whatever the case is, if youâre an empty nester now and donât need the space, a smaller home may be a better option.
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Money Savings
Are you looking to lower your expenses and save some money? Downsizing may be the solution for you as it will help you lower your monthly expenses. Costs like taxes, insurance, and interest payments go up the bigger your house is. Therefore, buying a smaller home will help you save on these costs and overall home maintenance. Additionally, if you need a new roof or other repairs, those will be cheaper because the mere square footage of the home is smaller. You will also pay less for utilities such as gas and electricity as you have to spend less on heating and air, and the saving go on and on.
A great part about working with Community Home buyers is whatever your homes condition, weâll actually buy your house exactly as it is right now.
Maybe you have expensive repairs to make that a typical realtor is going to recommend you fix before you sell, you donât have to do that.
Maybe youâve lived in your home for 40 years and have accumulated a lot of extra stuff you donât want to take with you, you can take what you want and weâll deal with the rest.
Easier and Less Maintenance
Not only will you save move by moving into a smaller home, youâre going to be saving yourself a lot of time. Maybe your home has vaulted ceilings, some odd ledges you need to climb up to to clean, or maybe there are rooms you donât even use that are just collecting dust. Maintaining a large home with a few thousand square feet can take a lot of time and energy and you may just be tired of trying to keep it clean. You would benefit greatly by moving into a smaller home and not wasting so much time on basic tasks like cleaning.
Need help downsizing your home?
Give our team a call anytime, one of our co-founders is happy to discuss options for your home.
A Bigger Market for You to Choose From
Smaller homes are more affordable for a larger percentage of the population. This means that when you are searching for a house, you will have more choices but also more competition in terms of buyers. You can talk to a real estate agent to help you know the different homes available for you and if youâre downsizing with plenty of equity, youâll be able to make strong offers with large down payments or potentially full cash offers on a smaller home.
Building emergency funds or growing your retirement
Housing is a big monthly expense and when your nearing retirement, lowering those costs is very important to help you grow your emergency fund or extend your retirement. Downsizing and buying a smaller how gives you a chance to create some cash and be able to use that for other things like putting more into your retirement or stashing it away in your rainy day, emergency funds.
Get rid of credit card debt
Credit card debt can be crippling for your finances and very stressful. The interest rates on a standard credit card are typically between 15-25% while a mortgage rate in the current market is typically below 4%. If you plan on downsizing anyway, selling your home and buying a new one or even renting temporarily to pay down your credit card debt can help you solve this problem and achieve your financial goals.
No matter your reasoning for downsizing, Community Home Buyers is here to help. We can provide you with a free home evaluation and present you with options of how you can sell you home. Selling to us might be your best option or listing with one of our realtors may be too. Whatever the case, weâll make it as easy as possible for you to sell your home.
Give us a call and see why working with Community Home Buyers is a great choice.
