Property Might Be Too Big
A big property brings with it lots of cleaning, gardening and general upkeep—and for some this can become too much. Having a property that is too big for your needs—perhaps because your children have left home—means spending time looking after areas of a property that are no longer being used.
Reduce Day-to-day Living Costs
Downsizing can mean many people are able to live mortgage-free, as well as reducing other living costs such as utility bills, or groceries, or fuel. These savings can then be put towards living during retirement, into a savings fund or spent and enjoyed.
Possible Funding for Retirement
People approaching retirement age often consider downsizing as a way of funding their lifestyle—or allowing them to take early retirement. For some this money may be used for day-to-day living, for others it is used as a way of following a dream such as travelling during their retirement.
Pay off Your debts
For people who have a large amount of debt that they cannot afford to pay—or which is affecting their life in some way—downsizing their house is a viable way of paying off the debt and regaining control.
A More simplified life
Downsizing can provide a simpler life with less clutter and personal belongings and more spare time. Moving from a larger home forces you to clear out belongings you may have been hoarding. It also means less time spent cleaning and maintaining the property or garden.
Sometimes the reasons for downsizing are forced. When the break-up of a relationship takes place it often means the shared home is sold and both of the partners need to find smaller property
You Can Avoid Having Too Much Capital Tied Up in One House
Having all your money tied up in one property can worry some people in case they need to access a larger amount of money quickly. This can be as a result of a sudden illness, a house-maintenance issue or a job redundancy. Some people downsize and place the released money into a savings account ready for a “rainy day” or invest it elsewhere.
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.