Photo Credit: Countryliving.com
This guest post was contributed by Real Estate Experts, a real estate agency in the Chapel Hill market.
Property values are often based on square footage, and buyers often assume that bigger is better. However, there are several reasons you may want to consider moving to a smaller property. Should you “downsize” your home? In this post, we’ll take a look at some reasons to move to a smaller home.
Energy Efficiency
Energy-efficient construction is at the forefront of real estate consumers’ minds these days, as environmental awareness and utility costs have given green design innovation new value. However, bamboo flooring and energy-efficient appliances can only take you so far – if your house has a large spatial footprint, it’ll have a larger-than-average carbon footprint!
If you want to slash your utility bills and ease the burden on the environment, consider moving to a smaller home. Upgrading to a newer property may also help, since newer buildings are often more energy-efficient and sustainable by design.
Time and Trouble
Cleaning and routine maintenance can take up a surprising amount of time – and the larger your home is, the more there is to scrub down. Aside from daily chores, there’s the effort involved in routine upkeep – cleaning out rain gutters, repainting interior and exterior walls, cleaning and replacing carpet and hardwood flooring.
Depending on design and architectural style, you may also want to dispense with pricey, delicate features like elaborate roofs and large windows. Attractive as they are, they can lead to a lot of costly emergency repairs over the years.
In your case, “bigger” may also mean older – and if you’re living in a lovely but high-maintenance old home, you may want to consider whether your budget can stand the added expense.
Photo Credit: Homestuck.us
That Old Empty Nest
A larger home may be a sound investment for a growing family, but what about parents of college-age kids? If you’re still paying a mortgage on two or three empty bedrooms, you may want to sell your home and move to a single-bedroom property – or one with just a single guest room for family visits.
On the other hand, if you’re not entirely sure whether your kids will be moving back for the summers or indefinitely, it may make sense to put off your move for a few additional years. In the meantime, you can research more options in the area and develop a sense of the property you may want to move to.
Proactive Financial Planning
Many homeowners use residential properties to build retirement savings, building on equity in order to supplement protected retirement accounts, pensions, and other more liquid financial assets. When they are ready to retire, they sell their home, pay off any remaining home loans, and use the remainder as a financial springboard.
Often, they’ll use the balance to fund the purchase of a smaller home. You may not be ready to retire yet, but would moving to a smaller home help you reduce some of your debt burden? If so, it might contribute to your financial stability in years to come. For example, are you working to pay off high student loans or other long-term expenses? If you could reduce your mortgage payment by five hundred dollars per month, how much would that help you overall?
Photo Credit: Homedesignie.com
Location, Location, Location
Many homebuyers look to the suburbs when they want to spread out without paying exorbitant prices per square foot – traditionally, younger couples will migrate from city centers to exurban or suburban areas as they move closer to parenthood. They lose out on metropolitan amenities like extensive public transit networks, convenient access to shopping and other commercial necessities, and cultural resources like museums and local nightlife.
But remember, this tradeoff goes both ways. Would you trade a smaller home for a more central lifestyle? On top of social opportunities, you may gain significant savings by cutting hours out of your daily commute or switching to public transit altogether. You may be surprised by the amount of money you can trim out of your budget by exchanging a larger home in the suburbs for a smaller house or condo closer to downtown.
Whatever you decide, it’s never a bad idea to take a look at your options – the residential property market is dynamic nationwide, and home ownership is an attractive option for a new and younger homebuyer demographic. Schedule a consultation with your local realtor, and consider whether a smaller property may make sense for you!
At Real Estate Experts, our clients are our priority. Visit us online at realestateexperts.net.
