You must be considering downsizing your home, but there are several things to consider before you take the final plunge. We understand the boomer population is considering selling larger homes for cozy and compact living spaces. These boomers have lived in large homes for decades, and the decision to shift to a smaller home can involve a lot of emotions. It generally takes unwavering commitment and tremendous support to downsize your lifestyle and home. Downsizing is not merely a transaction for the seniors as they raised their children and spent precious moments with grandchildren too. Downsizing can be an emotionally charged process as the memories of living in a home are simply unmatched and irreplaceable.
Understanding the Benefits of Downsizing
According to Forbes, you enjoy definite financial benefits by downsizing your home. Mortgage, utilities, and insurance can be remarkably reduced by selling a large home and shifting to a smaller one. You can reduce the costs of running the house, and at the same time, you can be free from devoting so much time and taking care of so many responsibilities that come with living in a larger house. The mortgage costs were obvious, but the constant maintenance, repairs, lawn care, etc. seemed overwhelming and mind-boggling. For most people downsizing not only provides a major financial relief, but it also provides much-needed freedom!
Reduced Living Expenses
Selling a large home and shifting to a smaller one is wise decision. By reducing your overall living space, you can enjoy several financial benefits. You can reduce substantially living costs such as:
- Reduction in real estate taxes
- Reduction in mortgage payments
- Reduced utility costs
- Reduced insurance costs
- Reduced maintenance costs
These reductions contributed significantly to your savings. You can decide what you would like to do with this additional cash. You may invest more in terms of retirement assets, repay loans, and reduce debts from credit cards, etc. It is best to sell your larger home for a smaller one. Since it can be an emotional process, it is best to sell your property quickly and seamlessly by dealing with professionals. Sell your property to we buy houses Chicago to avoid the headache of selling a home, deciding on a price, preparing the house, and staging it. Leave it to the experts!
Reduction in Clutter
Downsizing is a fantastic motivation for a simple life and getting rid of nonessentials. You are not parting with memories, simply moving toward a new, more fulfilling phase of life. Life can be more relaxing and less stressful. You must have gathered numerous belongings over the years. It can be daunting to de-clutter. Start by making a list of all your belongings, and identify the ones you need to take to the new house and the things you will eliminate. Categorize your belongings under the following heads:
- Give to Friends & Relatives
Enjoy Simplified Lifestyle
A positive side effect of downsizing is leading a better and simpler life, free from mundane tasks and stress. A small house would mean:
- Less time for cleaning
- Less routine yard tasks
- Fewer maintenance costs
Downsizing is the best way to enjoy financial gain, freedom, and flexibility. When you downsize your life and home, you get more money and time to enjoy all the activities you wish to pursue.