Downsizing from a large home to a more manageable house is one of the biggest trends in real estate over the past few years. Is it right for you? Do you still have the same needs as you did when you purchased the property?
There are many potential benefits to downsizing. These include:
- Saving money. A smaller home will cost less in energy bills, property taxes, and maintenance.
- Less stress and better quality of life. A smaller home will require much less time and energy spent on upkeep. Especially if you move into a condo or townhome where exterior maintenance is taken care of by someone else.
- Put the equity in your home to use. It’s great to have the security of a large amount of equity in your property. If the house is much larger than you need, though, you could likely find better uses for the money.
- A better location. When you purchase your large home, you may have chosen it based on factors that are no longer relevant, such as schools or a commute. If your life is now taking you to different places, downsizing may allow you to move to a more practical neighborhood, with less time spent driving around.
Downsizing is a trend that experts predict will only increase. The market for larger homes may well weaken in the future, making it harder to sell, and for less money.
If you’re wondering whether now is the time to downsize, we would love to talk to you about it. Call us today, at 908-458-6607.