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Why Downsizing is the Right Move
Why Downsizing is the Right Move
Moving into a smaller home may appear to be a step down, but it's actually got quite a few upsides. You save money, save time and have less clutter. In fact, downsizing could be just the fresh start you need. There are plenty of smaller houses for sale in Ohio that would fit your needs.
However, if you are thinking of downsizing, then it must be done the right way. We have some tips to ensure that your downsizing dream can become a reality.
Long Term Thinking
Planning ahead is key when you're looking at smaller homes. Did you have plans for the extra space you have now? Or is that just real estate being wasted, in which case you're better off selling and going somewhere smaller. But only you can make the decision of keeping or losing extra space.
Minimizing Upkeep
And it's not just the space, it's also everything that's in that space. Clean out the clutter, throw out what you can and sell the rest. That's cash in hand, and less stuff that you have to take care of. A larger family home can take several hours a week to upkeep, and it may even be impractical if your children are grown and out of the house.
Buying Outright
A probable advantage you'll see from downsizing is the ability to buy the smaller, less expensive home in cash and end up mortgage free. For individuals who are close to retirement, this is a very popular option. Statistics show that in 2016, sellers aged 62 and above sold them home for an average price of $250,000 and bought a new home for an average price of $240,000.
Moving Closer To Family
While it is true that it is the older generation, aged 62 and above who are downsizing, their primary reason for doing so in a lot of cases was wanting to be closer to family and friends. In a study conducted about downsizing, 21% of the participants stated that they were moving due to retirement, 15% because their home is now too large and 10% because the neighborhood they are in has become less desirable.