The average American homeowner spends around $1,030 a month on their mortgage payment. So people turn to downsizing. Here’s why that’s a good idea.
A Smaller Home Means Reduced Costs
Mortgage payments typically factor in a number of things. The property type, its location, and the economy affect mortgage rates. Your personal credit history and the loan you secure can also affect your mortgage rate. Credit reports and loans aside. Smaller properties that cost less have lower mortgages. Which makes this the obvious reason why downsizing is a viable option for homeowners. You’ll likely pay less in property taxes, as well as insurance. You’ll pay even less if you live in areas where the cost of living and property values are lower.
Fewer Utility Costs
Most homeowners who downsize not only have smaller mortgage payments to worry about. They also enjoy having lower monthly utility bills and reduced living costs. A smaller house means there’s less space to heat up and cool down. Which means that you’ll use your heating and air conditioning system less. A smaller house also means fewer lights needed to illuminate your home. So, not only will you reduce your HVAC bills. You’ll also have smaller electricity bills.
Less Stress & Better Quality of Life
Smaller homes tend to have smaller properties. The less property you have, the less maintenance you’ll have to worry about. This not only means you’ll use spend less on water for your lawn. You’ll also have less yard work, fewer repairs, and fewer renovations to care of. All in all, you’ll have more time for the things you love. Top that off with more money to spend or save, you’ll live a less stressful lifestyle overall.
Downsizing Is the Future of Home Ownership
15 years ago, owning larger, more expensive property was highly valued in our society. After the market crash of 2008, Americans became smarter about mortgages. Today, the housing market is stronger. Owning and living in a smaller home is also more embraced and encouraged across most of society. Downsizing is becoming a realistic option for many homeowners – young and old alike. In many ways, it’s the best option.
eXp Realty—The Results Team—is ready to help you buy or sell your home! Stop on by our location at 2623 N. Walnut St, Bloomington, IN 47404. Or call us at: (812)822-2746.