Downsizing is often thought of as something retirees do, but that’s no longer the whole story. Many younger people are choosing to downsize to save money on housing, cut down on upkeep, or prioritize location—to name a few reasons. Let’s look at these benefits of downsizing, whether or not it’s for you, and how to maximize a downsize if you do decide to go that route.
Downsizing is cost-effective.
Especially in the current economy, downsizing can be the right financial move for many families. Downsizing often means lowering your mortgage payments, insurance payments, property tax payments, maintenance costs, and utility bills. A smaller home is less expensive to maintain, especially if it’s newer and you’re moving from a distressed house.
Also, if you’ve lived in your current home for a number of years, you’ve likely built up significant equity. You can use home price appreciation to your benefit and get a new house that fits your life and your needs better.
Upkeep is easier after downsizing.
A smaller home is also so much easier to maintain. Less space means fewer lightbulbs to change, fewer baseboards to clean, and a smaller exterior to power-wash. After you downsize, you’ll be spending less time mowing the lawn and more time at your kids’ soccer games. If the smaller home is newer, this is doubly true, as newer homes usually require fewer repairs. Spend more time and money relaxing and doing what you love.
If you downsize to a condo that includes most major maintenance, this is even more true!
Sometimes location is everything.
Some people may be happy with their current home but not with their location. If you have a long commute to work and you’re spending hours a day in the car, or if shopping and entertainment options are too far to access regularly, you might improve your quality of life by moving to a new neighborhood. Homes might be more expensive in your preferred location; in this case, downsizing to a smaller house might allow you to live in an area you couldn’t otherwise afford.
Is downsizing right for you?
If you’re considering downsizing, ask yourself:
- How much will downsizing improve my financial situation?
- Do I want and need the space of my current house or would a smaller house or condo with less upkeep be a better fit?
- Would a different location fit my family better?
- Does my house bring me joy?
If you decide that downsizing is the best option, here’s how to maximize your downsize.
How to maximize your downsize:
You can save money by downsizing; you can really save money by downsizing with MarketPro Homebuyers. This is especially true if your home is distressed. Selling as-is can be a better idea for a distressed home, and we buy homes in any condition. Our fast cash offer gets money into your hands right away, so that you can use your equity towards your new home. By having cash to put down on your new home, you can lower your mortgage payment and get into your new home in the most cost-effective way.
You may have questions like:
“Will you buy my home if it needs a new roof?”
“Will you buy my home within a week if I need to move right away?”
“Will you buy my home if it needs plumbing work?”
The answer to these questions (and many more like them) is “YES!”
Work with MarketPro:
We’ll give you a fast cash offer for your current home just as it is now; no repairs, no upgrades, no inspection, no commissions or fees. You can even choose your exact closing date. Our team will walk you through your quote, including a review of what your home would likely bring on the open market.
If you’re in Washington, D.C., Maryland, Virginia, Pennsylvania or Florida, we’d love to show you how easy and stress-free the sales process can be. Contact us today for a same-day, no-pressure quote.
