What Is Downsizing?

After you have lived in your home for a few years you may begin to realize that it no longer meets your needs. If your family is growing or you are doing better financially than when you originally purchased your home then you may want to consider upgrading. It is also possible to to be experiencing the opposite situation. Maybe your kids have moved out of the home, you no longer wish to continue making a large mortgage payment, or you find that you don’t take advantage of all the space in your home. In this case you may want to consider downsizing. 

Downsizing is when you sell your home and move into a smaller one. This is a common practice for people who are getting older or facing a tough time financially. Sometimes homeowners will be facing both situations simultaneously as they approach retirement and have less income, and it is in these scenarios where it can be advantageous to consider moving. The sale of your current home will provide a healthy nest egg depending on the amount of equity you have, and downsizing to a smaller home will lower both your monthly mortgage payment and cost of upkeep. 

If you have been considering downsizing to help gain more control over your finances, give our team of experienced real estate professionals a call. We would love to discuss your situation and goals to help you chart a path forward!

For more information about downsizing, take a look at this article from Keeping Current Matters.