If you’ve found yourself an empty nester, and with a lot of extra space in your current home, then it may be time to consider downsizing. Before moving full force ahead, though, you may want to consider whether or not this type of move will be right for you.
Some of the key considerations include:
- How much equity do you have in your current home?
- Will moving to a smaller property free up more of your time to travel or do other things of interest?
- Do you want to remain in the same area / neighborhood – and if so, are there smaller home options in the immediate vicinity?
It is also important to take emotions out of your decision (as hard as that may be). Many people end up staying in a home that is too big or too difficult to maintain purely because they love their current residence. But remaining in a home that requires more upkeep than you can handle can actually cause the home’s value to decline.
Depending on the amount of equity you currently have, it may be possible to purchase a new home without a mortgage, and to even invest any additional proceeds that you receive. This, in turn, could allow you to obtain an additional stream of income in retirement.
While selling a home where family memories have been made can certainly be difficult, doing so could provide you with more free time to enjoy (in lieu of time spent doing home maintenance), along with some additional money in your pocket.
If you’ve considered making a move to a smaller, more maintenance-free home, give us a call. We’ll help you through every step of the process, starting with a no obligation value analysis of your current property.