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Why You Should Consider Downsizing Your Home at Any Age

Why You Should Consider Downsizing Your Home at Any Age

Why You Should Consider Downsizing Your Home at Any Age

Gone are the days when only empty nesters are considering downsizing their homes. There are several good reasons to move to a smaller home at any age — most of which involve having more money and less stress. In fact, research shows that more Americans prefer a smaller house than a larger one, 37 percent compared to 23 percent, respectively. But before making the switch, consider the reasons why moving at this particular juncture in your life would be a good idea for the long term

Why You Should Consider Downsizing Your Home at Any Age

Benefits for Any Age

  • Save Major Money: With a lower mortgage (or no mortgage if you can pay off your new home with the sale of your old one) and savings on home costs and utilities, you'll have a lot more money in your pocket.
  • Less Maintenance: A smaller place means less space to maintain, whether you're a DIY expert or you've been hiring someone to handle your cleaning and landscaping — which, of course, is yet another way to save more money.
  • You'll Be Less Stressed: Research shows that while homeowners tend to be self-confident and in control of their lives, they also spend less time with friends and loved ones, are more stressed, and are overburdened with housework and repairs. While downsizing won't make home responsibilities disappear, it can significantly lower stress levels while freeing up more time to do other things.

Why You Should Consider Downsizing Your Home at Any Age

Benefits For Those Just Starting Out or Mid-Life

  • You Can Pay Off Debt and Save for the Future: If student loans or other sources of debt are preventing you from properly saving up for retirement, choosing not to live beyond your means will help you get out of the hole faster while still having some spare cash on the side for recreational activities. Keep in mind that the average person doesn't pay off their student loan until some time in their '40s, so any extra money you can kick toward that monkey on your back is a plus.
  • You're in Between Jobs: Losing a job is one of life's greatest stressors, so if it's taking too long to get a new one, it's better to downsize sooner rather than later so that you're not depleting your savings and/or putting additional financial strain on your partner or spouse.

Why You Should Consider Downsizing Your Home at Any Age

Benefits for Seniors

  • You Need a More Accessible Home: Whether or not you choose to downsize, it's likely that you will need an accessible home that's more conducive to your current state of health. For example, it might be smarter to move into a one-story house so you don't have to deal with stairs.
  • You'll Have More Time To Enjoy Your Golden Years: With the money and time you'''re saving on upkeep on a house that'''s too big for your current lifestyle, you can rest a bit easier during your retirement years — whether that means more travel or taking part in more leisurely pastimes that you neglected in recent years.

Why You Should Consider Downsizing Your Home at Any Age

Preparations

Declutter

One of the most liberating aspects about downsizing is the fact that you are forced to declutter. Not only will this process make your move easier, but it has a positive psychological effect, too. Donate gently used and unwanted items or consider having a yard sale to make some extra cash to recoup the moving expenses.

Make Renovations to Increase Resale Value

If you want to make even more money from the sale of your home, increase its value by making renovations prior to putting it on the market. Remodeling a kitchen is one of the top picks, but keep in mind it can get very costly (a kitchen remodel can cost up to $40,000 in Orlando). A bathroom remodel (averages $8,000 - $10,000), fiberglass insulation, and family room expansion are among other top renovations to consider. Most importantly, talk to your realtor about which renovations make the most sense for your home and neighborhood.

Think about the spaces you didn't use in your previous home in order to properly choose your new home. Take your time but strike when the iron is hot so you can get the biggest return on your investment. Then it's time to enjoy the next phase of your life without stress.