Posts from June 25th, 2019
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Homeowners: Does It Make Sense to Downsize?
People change, lifestyles change, and needs change. And when that happens, you may need to change your home too. Our REALTORS® have helped people find all kinds of homes, no matter what their needs are. For some people, those changes mean they start looking for a bigger home. For others, downsizing is the answer. If you've been wondering if downsizing is right for you, here are some things to consider to help make your decision.
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You need to decrease your monthly expenses.
If you're thinking about downsizing because of retirement or changes in your financial situation, you need to consider the monthly cost to continue living in your home. When your monthly income goes down, your current housing costs will take up a larger percentage of your budget. If you don't have a house payment, there are still taxes, insurance, condo or HOA fees, and maintenance to consider. With a smaller space, you can often lower maintenance costs, property taxes, and utility bills. For people in markets where housing and the cost of living are very high, downsizing can be a necessity.