How Homeowners Win When They Downsize

Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains:
 
“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”
And when inflation has made most things significantly more expensive, saving money where you can has a lot of appeal. So, if you’re thinking about ways to budget differently, it could be worthwhile to take your home into consideration.
 
When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:
 
“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”
That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve developed a considerable amount of equity. Your home equity is an asset you can use to help you buy a home that better suits your needs today.
 
And when you’re ready to make a move, your team of real estate experts will be your guides through every step of the process. That includes setting the right price for your house when you sell, finding the best location and size for your next home, and understanding what you can afford at today’s mortgage rate.
 

What This Means for You

If you’re thinking about downsizing, ask yourself these questions:
  • Do the original reasons I bought my current house still stand, or have my needs changed since then?
  • Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
  • What are my housing expenses right now, and how much do I want to try to save by downsizing?
Once you know the answers to these questions, meet with a real estate advisor to get an answer to this one: What are my options in the market right now? A local housing market professional can walk you through how much equity you have in your house and how it positions you to win when you downsize.
 

Bottom Line

If you’re looking to save money, downsizing your home could be a great help toward your goal. Let’s connect to talk about your goals in the housing market this year.

Recent Blog Posts

Unwind and De-Stress: Practical Tips for Managing Everyday Stress

In today's fast-paced world, stress seems like an inevitable companion in our lives. From work pressures to personal commitments, it's easy to feel overwhelmed. But wh… Read more

Navigating Retirement: Financial Tips and Lifestyle Choices for Individuals Over 50

As you approach the golden years of your life, there's a mix of anticipation and concern about retirement. It's a phase that demands careful planning and smart decisio… Read more

Finding Your Family Haven: A Realtor's Guide to Kid-Friendly Homes

Welcome to the world of parenthood, where every decision is made with your family's well-being in mind. As a seasoned realtor specializing in family homes, I understan… Read more

An Expert Gives You Clarity in Today’s Housing Market

Buying a home is a big decision, and it should be one you feel confident making.

What Buyer Activity Tells Us About the Housing Market

Though the housing market is no longer experiencing the frenzy of a year ago, buyers are showing their interest in purchasing a home.

Here’s Why the Housing Market Isn’t Going To Crash [INFOGRAPHIC]

Today’s housing market is different than it was in 2008.

What’s Ahead for Home Prices in 2023

Over the past year, home prices have been a widely debated topic.

Moving Now Can Give Your House Its Day in the Sun [INFOGRAPHIC]

If you want to sell your house, consider doing it this summer.

The Role of Access in Selling Your House

Today, the market’s changing, and buyers can usually be more selective and take more time to explore their options.

Work with Nelida

Providing clients with ultimate bespoke representation, customized marketing strategy, and a culture built on service. Excelling in exceeding expectations for buyers and sellers.