We’re sure that many homeowners have asked themselves does moving to a smaller home make sense?
Maybe the kids are away at school. And you don’t plan on having them move back into the family home after graduation.
Because the stairs have become harder to climb in your ‘senior’ years. Other reasons might include a desire to move into a home that’s smaller or in a more desirable location.
5 juicy ideas to contemplate:
1. Have you built sizable equity in your current home? Take a look at your annual mortgage statement or call your lender to find out. Usually there is no equity built up in the first years of your mortgage. If you’ve owned your home for more than five years, you may have significant unrealized gains.
2. Has your financial or income situation become better? If your income has improved, you may be able to make higher mortgage payments and cover the cost of moving.
3. Has your neighborhood changed? The neighborhood you picked for your first home may not be the same neighborhood you want to settle down in for the rest of your life.
4. Have you considered remodeling or increasing the size of your home? You can make your home bigger by adding an extra room or refurbishing.
But if your home isn’t large enough or your county won’t permit it. Or you are not interested in remodeling. Than moving to a smaller home may be your best option.
5. Are you OK with moving in the current housing market? If your housing market is hot, your home will move fast for top dollar. But the home you buy will cost you more. If your market is slow, finding a buyer may take longer but you’ll have more selection and better pricing as you search for your new home.
If your answer is yes to most of the questions, it may be a sign you may be ready to downsize.
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