Downsizing is a common practice for homeowners after retirement, or when their needs change. With inflation high, it can also be a smart way to reduce costs. If you’re considering downsizing your home, consider the following questions:
- Do you need all the space you currently have right now?
- Have my needs changed since purchasing my current home?
- Can moving help me save on living expenses?
Whatever your reasoning for downsizing may be, keep in mind the potential benefits making such a decision could provide:
- Lower Energy and Maintenance Costs
Downsizing may lower your energy costs and reduce your maintenance needs.
- Less Upkeep
A smaller home typically entails less maintenance given the smaller space, which can save you tremendous amounts of time and money.
- Smaller Mortgage
If you have a mortgage on a larger home, you may be able to save money by switching to a mortgage on a smaller home, given the lower cost.
- Lower Property Tax
Downsizing likely brings lower property taxes depending on where you move. Since square footage is a large factor in assessing your home’s value for tax purposes, property taxes are usually lower for smaller homes.
- More Affordable Home Insurance
The size of your home affects your insurance premiums, and smaller homes usually cost less to insure.
- Built up Equity
The equity built up in your current house can significantly help with a generous down payment for a new one, with potential money left over.
- More Free Time
Less home upkeep means more time to pursue other activities and hobbies.
If you’re thinking about moving into a smaller home, the Michelle Thomas Team can help you reach your housing goals. We will help you navigate our local Florida market and find the perfect fit for your needs at the lowest price with the best possible terms.