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Time to Downsize? Here’s What You Should Know

Dated: February 23 2023

Views: 565

Choosing to downsize can be difficult. You don’t know if it’s the right decision or if it’s truly time to move to a smaller house. We want to help you identify the signs that tell you to make a move and understand freedom. If you’re currently on the fence, hopefully, the Levi Rodgers Real Estate Group can make that decision easier for you.

Empty Nesters

Many people who choose to downsize often have children who have left home, been away at college, moved to a new city, or started their own lives. As these children grow up and move out, parents are left with much-unused space in their homes. Although it seems hard to leave a family home you’ve grown attached to, moving to a smaller space has its own benefits. Now, you can spend less time and energy on cleaning and maintenance while also saving money.

Cashing In

If you’ve owned a single-family home for a long time, your property has more than likely appreciated in value over the years. If you’re ready to move, this can work out in your favor. Trading in your large house for a smaller home will provide you with financial freedom and a favorable economic status. And depending on how you want to use this new freedom, you can reap these benefits for yourself and your children as they begin their financial journeys.

Finding a Mortgage Payment that Works

The rule with your mortgage payment is that the maximum percentage spent on a monthly mortgage and its extra expenses is 28% of your monthly gross income. If you’re finding yourself flirting with the line of overspending, you’re not alone. Many often go through unplanned occurrences that can mess with your initial budgeting plan, but it may be best to consider downsizing if it becomes too challenging to stay consistent on payments.

Rid Yourself of Maintenance Overload

As we mentioned earlier, the maintenance that comes with owning a large single-family home can be tiresome and stressful. Generally, you should set aside at least 1% of your home’s value yearly for maintenance. Some years you’ll spend more, some you’ll spend less. If you feel like these chores and expenses are beginning to take their toll on you, downsizing could turn out to be a great decision. Home repairs can be costly; if they cause overspending, save money by downsizing. Whether it's cleaning, mowing, or even paying high utility bills for a big space, moving to a smaller home will lessen that burden.

Enjoy the Lifestyle You Want

Another reason many people downsize is so they can enjoy the goals and desires they have for themselves. Whether it’s paying off more debt, saving up money for retirement, or traveling more often, it may be time to lower your home expenses if you’re struggling to enjoy the lifestyle you want to live. The savings you’ll receive will increase, especially once you consider how much less you’ll be paying property taxes and homeowners insurance once you’re in a smaller home.

Final Considerations

Now, before you take the leap and make a move, you’ll need to do some research to ensure the money you’ll earn from a home sale is realistic. Our agents can help you get a realistic evaluation and take you through key considerations for your situation. Downsizing is not just a financial decision but also an emotional one. Let the Levi Rodgers Real Estate Group help guide you through it. Contact us at (210) 879-8220 or send us a message if you're seeking our help. You can also follow us or message us on Instagram and Facebook!

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The Levi Rodgers Real Estate Group

Levi has led 2 very distinct lives: a successful Military career as well as leading one of the most successful Real Estate companies in the country. In 1996, Levi enlisted into the Army as a combat e....

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