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Whether you’re a senior in your retirement years or a young couple just starting out, there are numerous benefits that come with downsizing your home. The key to ensuring success is making sure the amount of space you’re decreasing is neither too little or too much.
According to the U.S. Census Bureau, the average new single-family home is 2,600 square feet — in 1960 it was less than 1,600 square feet, which is proof that a family (or a couple) can get by with less living space. Consider which rooms you rarely use in your current abode, and which you couldn’t live without. But before you can make the switch, there are some necessary preparations to make to ensure you’re getting the most bang for your buck on your sale.
Benefits of downsizing
- Financial: By reducing your mortgage, you’ll be able to kick more money toward debt and student loans, thus shaving months — if not years — of additional high-interest payments. After paying off debt, you’ll be able to boost or start a robust retirement fund by putting money into Roth IRAs and pre-tax retirement plans. Lastly, depending on how much you sell your current home for, you may be able to purchase your new abode in cash so you won’t have to worry about tying your money up in a mortgage. A smaller home also equates to less taxes and cheaper utility bills, too.
- Maintenance: From regular cleaning to yard work to home improvement projects, a smaller home is easier to maintain — and less expensive to boot. This can free up your time to focus on other hobbies and interests.
Declutter: It’s impossible to think you’ll be able to transfer everything from your existing home into your new one. Take measurements of your new abode to see which larger furnishings and furniture make sense. Go through each room in the house and take only sentimental items and the necessities. It’s also possible that there is a style difference between the two homes, making it easier to decide on which decor items to keep and which to part with. Donate superfluous items or consider having a yard sale.
How To Know If You’re Ready
Before jumping the gun on a move, consider if you fall into one of these categories:
- You received an amazing appraisal on your current home: This doesn’t include projects to increase value, so doing so would be an added bonus.
- You lost your job: If you lost your job and you’re having a difficult time finding one, don’t wait too long to downsize or you’ll run the risk that you’ll tear through your savings, retirement, etc.
- There are rooms in your home you never use: If your big house is an unused house, think of all the money you’re wasting on heating and cooling rooms you never use.
- You can’t find anything: The bigger the house, the more apt you are to having clutter. Downsizing can be the ultimate purging experience.
Just because you’re downsizing doesn’t mean you have to compromise personal taste and standards. In fact, it may be more attainable to have all the bells and whistles you’ve always wanted because you’re saving money elsewhere. Not matter what phase of life you’re in, moving can also be a great way to get a fresh start.
If you’re looking for a new or pre-owned manufactured home in the Dallas-Fort Worth area, please call your experienced brokers at 469-795-1227 or visit our website: MobileHomeOffers.com.
Article provided by Gene Ramsey from DownsizingDad.com.