Updated: Feb 26, 2021
Downsizing your home is not just for empty-nesters (kids left home). There are numerous reasons and situations where this path could be the right one for you and your family!
Owning a large home and property comes with a large responsibility like multiple rooms and floors, a large yard, and maybe features like a deck or pool. There is a lot of upkeep and cleaning that is required to keep a home looking and functioning at best. One common reason homeowners are looking to downsize is to reduce the time, energy, and money spent on those activities, leaving them with more to do the things they enjoy with the ones they love.
Improved Cash Flow
When downsizing to a smaller home, you reduce your expense, hence allow for an increase in your monthly budget. Not only does your mortgage and maintenance cost less, but so does your utility bills, insurance, property taxes, interest payments, and furnishings. This is a great option for those who want to put their children through college, save for retirement, or pay off existing debts, such as credit cards or car payments.
Freedom to Pursue New Adventures
Whether you are single, parents whose kids have flown the coop, retirees, or an adventurous family, downsizing your home could allow you to seek new experiences. Take that long-term trip overseas you’ve always wanted to go on. Buy a second home abroad for the family. Or purchase that boat, camper, snowmobile, or ATV.
My family personally downsized from a large 4 bedroom home with over 1 acre of land where we raised our family to a nice condo that is about half the size once my beautiful daughters grew up and moved out on their own. If you have any questions about this experience, let me know and I’ll be happy to share what I experienced and learned during the process!
Stay real informed!