Are you an empty nester? If so, you may be wondering whether or not now is the time to downsize your home. While there are a number of factors to consider when making your decision, downsizing can have a number of benefits – including freeing up some extra cash flow each month. If you’re on the fence about downsizing, here are a few things to think about.
Empty Nest Syndrome is a real thing – and it can lead to downsizing
For many people, the empty nest can be a time of sadness and loneliness. After years of having your kids around, it can be tough to adjust to life without them. And for some people, this can lead to downsizing.
Now listing, getting a smaller place is NOT a bad thing. It’s actually a great way to simplify your life and save money. But it’s important to make sure that you’re doing it for the right reasons so you have no regrets later on.
Here are some questions to ask yourself…
- Do you really need a smaller home? Or maybe a better question, can you live with a smaller house? I can’t tell you how many times people tell me they want to but then look for a new home with enough room for all their stuff… If you’re not getting a smaller home, you aren’t really downsizing!
- Can you afford to downsize? Remember, there are costs involved in buying and selling. For most people its worth it, but if you want more details, I can get you actual numbers to help you understand better.
- Are you downsizing for the right reasons? The house can be lonely when the kids leave. You definitely don’t want to make any big decisions the week the last one leaves for college.
Downsizing can be a great way to simplify your life and save money on your mortgage
So we’re talking about selling your current (BIG) home with all the empty bedrooms and buying a new, smaller place that’s easier to keep clean. It’s a great way to simplify your life and save money on your mortgage.
Let’s say you currently have a 30-year mortgage on a $900,000 home. If you downsize to a $600,000 home, you’ll save money on your mortgage payments each month. And, if you’re downsizing because your kids have moved out (an “empty nest”), you’ll also have less house to take care of. Yep, more time and more money to do the things you really want to do. Travel anyone? Save some extra cash for retirement? A little of both? I’m in!
There are many benefits to downsizing, including less stuff, less cleaning, and lower utility bills
If you’re approaching retirement or have an empty nest, you’re probably exactly who I’m talking to…Here are just a few of the benefits that downsizing can provide:
Less stuff! One of the main benefits of downsizing is that you’ll have less stuff hanging around. You know all those really important boxes you haven’t opened in years (yes, I’m talking about my garage)? If you don’t need a big house anymore, you probably don’t need all that stuff, either. Downsizing can allow you to live in a smaller, more manageable place and will probably free up your time and energy for other, more fun things!
Less cleaning: A smaller home means less cleaning and upkeep. One less bathroom means one less toilet, shower, tub, sink, and mirror to clean. Can you tell cleaning the bathrooms is my least favorite job?
Lower bills: If you’re no longer heating and cooling a large home, your utility bills will go down. Don’t need that big backyard anymore? Lower those water bills and fire the landscaper! How bout the pool that no one swims in? No pool means more money!
Downsizing can be tough, but it’s worth it in the end!
Moving is easy! Said no one ever, especially if you’ve been in your home for decades. But for a lot of people, downsizing is worth it in the end. It can give you more time and money, and the freedom to do the things you love (like retire, travel, or start a new hobby)
If you’re serious about downsizing, this is your lucky day!
I created a great resource for you that you can DOWNLOAD BY CLICKING HERE! It is a complete guide to downsizing your home and it’s packed with great questions to ask yourself, tips, and answers!
Feel free to call me anytime if you have any questions or if you want to strategize!