When It’s Time to Downsize

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Originally Posted On: https://jennifervaughan.com/blog/when-its-time-to-downsize

Many of us dream of owning a large home with plenty of property. There’s something to be said about the peace of mind brought by this level of tranquility and privacy. This is especially true for people who live near Reynolds Lake Oconee.

However, there may come a day when you no longer need this extra space. People in Reynolds Lake Oconee and Cuscowilla typically need smaller properties as time goes on, and it’s important to know when you should downsize. Let’s explore the key signs you should keep an eye out for.

This is one of the most common reasons people start looking for a smaller house. For instance, your HOA fees might increase substantially with little to no notice.

You might also find that your property taxes rise to a point where they’re no longer manageable. Under many circumstances, this can cause a significant amount of financial distress. The good news is that downsizing can help you kickstart a new lifestyle.

Not only will your lower cost of living be easier to accommodate, but you can also use the proceeds from selling your home. Keep in mind that your monthly expenses could increase one day at your new property. It’s not recommended to purchase a new home that you can’t comfortably afford.

Maintaining a property isn’t easy no matter how large your home is. However, maintaining large properties is notably difficult. This is especially true if you own a substantial amount of land.

These obligations become even more complicated as homeowners age. Downsizing your home can be an amazing way to ease this burden and free up additional time. You can also prevent health issues, such as joint pain, from extensive manual labor.

Ensure you research community requirements before moving homes, though. Some neighborhoods have certain standards that residents must adhere to. The last thing you want is to relocate to an area that makes your home maintenance more difficult.

If you’re not making full use of the space in your home, it’s time to consider downsizing. Living in a home that exceeds your needs can cause you to spend more money than you should each month. As previously mentioned, there are superior areas of your life you could invest your money in.

Before you make a decision, ensure that you can’t make better use of the space in the future. You might regret moving to a smaller location if you find you need extra room in your new home. In most cases, though, downsizing will make your life notably less complicated.

Change is often a positive experience, and moving to a new home is one of the most substantial changes you can make in your life. It creates an opportunity for a fresh start, and you can let go of past experiences that may cause mental distress.

For instance, your current home could feel lonely after your children grow up and move away for college. The same could be said if your former spouse no longer lives with you.

When you move into a new home, you can personalize the space however you’d like and take advantage of your new surroundings. This goes a long way toward improving your mental health.

It’s no secret that larger homes have significant carbon footprints. This mainly occurs through increased usage of electricity and water. Heating and cooling a large home requires a significant amount of energy.

For those who are environmentally conscious, it’s worth downsizing your property so you can reduce your impact.

Certain homeowners will discover their houses have substantially increased in value since they purchased them. This can even be true for people who have only owned their homes for a few years.

Selling your home after an exponential increase in value can open many new opportunities, especially regarding new homes you purchase. Keep in mind that downsizing doesn’t always mean you need to sell your current home.

It’s possible to rent it out to tenants and use the residual income to pay off your remaining mortgage balance. If your home is paid off, you’ll have a robust stream of passive income. You could use this money to accommodate the cost of your new home or other financial obligations.

The more equity you build in your home, the more it makes sense to downsize. For example, let’s assume you have $650,000 of equity in your home and still owe $100,000.

Your home is currently worth $800,000. You could sell your house, pay the $100,000 you owe, and still have plenty of money to buy a smaller home in cash.

Depending on the circumstances, you can also use your equity for other endeavors. Some people choose to start their own businesses, while others put the money toward their retirement fund. As long as you have a plan for your finances, you shouldn’t encounter issues.

It’s essential to have a transparent view of the costs of moving before you make this decision. You’ll likely need to hire movers, and you may need to handle closing costs if you choose to sell your home.

You’ll also need to budget for your agent’s commission fee. Staying aware of these details will ensure your move goes as smoothly as possible. This can significantly reduce your overall stress during a process that’s often difficult.

It’s best to downsize your home near Reynolds Lake Oconee as soon as you realize it’s time for a change. This will ensure you maintain your quality of life and take advantage of the opportunities available.

Jennifer Vaughan Realtor with Ansley Real Estate Christie’s International has a dedicated team of professionals to help her exceed all of her clients’ expectations. She leverages her specialized knowledge of the Lake Oconee market to connect buyers with the property that’s ideal for their needs. You can learn more about how she can help when you browse available properties today.