Reasons to Consider a Smaller Home
Choosing to live in a smaller home can allow you to maintain your independence, lower the amount of maintenance your home requires, or decrease your living expenses. There are plenty of reasons to choose to downsize; keep reading for a few you may want to consider.
Are you considering buying a home in Texas Hill Country? We would love to help you find your ideal property. Contact us any time to get started.
1. Lower your housing cost
The most obvious reason to choose a smaller home is the smaller associated cost.There are many ways that a smaller home can be more affordable than a larger one. Of course the actual price of the home is likely much less, depending on the property it is located on, the condition of the home, and other details. Don't forget that a smaller home usually means spending less on utilities, furnishing, and renovation, as well.
In addition to the lower cost to purchase, insure, and maintain the smaller home, many people find that they are able to leverage equity from their current home to purchase a smaller one and end up financing little to none of the cost. If you have a substantial amount of equity built up in your current home, consider what type of property you could buy outright for that amount. You may be closer to living mortgage free than you think.
2. Embrace a lower maintenance home
In many cases, a smaller home means less work for you. This is especially true if you downsize to a condo or townhome, or a home in a community where a large portion of landscaping and exterior maintenance is handled by the HOA.
Even if you do choose a single family home on a property you are responsible to maintain, a smaller home will still be less maintenance. You will likely spend less time cleaning and keeping up with basic home care. The property itself can also be orchestrated to be low maintenance, by choosing your landscape design carefully.
One of the best ways to make a home lower maintenance is to keep up with repairs. This is also easier in a smaller home, where most updates will cost less because of the smaller amount of material required.
3. Prepare for the future
Moving into a smaller home can be a great way to prepare for the future. Many people find that they prefer a smaller home, especially one that is a single story or at least has a bedroom and bathroom on the main level with the living areas, as they grow older.
By downsizing now, you can take the time you need to settle into the home and make it what you want it to be long before your begin to experience the effects of aging and need to be in a smaller place. One of the best ways to prepare for retirement and the later years of your life is to invest now in the home your future self will want to have.
Ready to begin the search for a smaller home? Contact us any time to let us know how we can help.