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PRECIOUS REALTY LINKS Does Your Loved One Need Live-In Help? Downsizing: Sell Your Home and Save Money How to Nativate Senior Care When Your Parents Have Different Needs The Home Buyer's Choice: Starter Home or Forever Home? How to Own Multiple Homes in Different States When you Have Pets A Homeowner's Guide to Managing a Home Renovation |
Downsizing: Sell Your Home and Save Money by June Duncan Are you thinking of selling your home or interested in learning about home prices in a new neighborhood? Precious Realty can help you. Reach out today! 516-216-7462
Life is short and mortgages are long. It's little wonder that many people, young and old, are exploring the options of a smaller house, with a smaller loan, renting a more economical apartment, or even no loan at all. Downsizing, at any age, can provide the luxury of leisure time and better financial stability. To help you decide, Precious Realty put together the following suggestions. Why Downsize? Moving into a smaller house or renting will save you money on your mortgage, utilities, taxes and insurance, and home maintenance. For many people, these savings could allow them to quit a job they don't love, scale back to part-time, or retire altogether. Smaller houses take much less time to clean and maintain which frees up even more quality time. Rent, Build, or Just Buy Small With the money you get from selling, you might forgo the responsibility of owning a home by simply renting. Explore apartments you can live in if and when you decide to downsize. However, if renting isn't a fit, you can decide to downsize and build a tiny home. People building their own tiny homes began trending years ago. TrendBook notes that "the trend toward tiny houses has become a social movement. People are choosing to downsize the space they live in, simplify, and live with less." There are advantages and disadvantages to doing this. One big advantage of a build-it-yourself tiny home is that you can spend available funds on acres of land instead of a 2,000-square-foot house. This extra land gives you coveted privacy as well as opportunities for gardening, taking long meditative walks without dealing with cars or people, or anything else your back-to-nature soul desires. But that's not everyone's downsized dream. Some people don't want to be that far from the grocery store, doctor's office, or friends. In that case, it might be easier to buy a small, one- or two-bedroom house of 1,000 square feet or less. In truth, a small home can be about as cheap as a tiny home. In the United States, tiny homes often cost more per square foot than standard-size homes, in part because larger construction jobs more efficiently use resources, according to ArchDaily. You can also downsize to a condominium. Keep in mind, though, that condominiums often come with relatively steep monthly fees that can be raised with little notice. Also, you may be limited as to the modifications you can make in a condo. Before you make any decisions, make sure you know precisely what you can comfortably afford. Online calculators can help you determine what's the most you can pay each month — don't try to stretch yourself too thin. Selling the House You're In If you sell your current home, the money you make at closing might be enough to pay cash for your smaller house. With no mortgage, you may be able to take chances and pursue dreams you've deferred. Could you make a living as an organic farmer? As a ceramicist? Now's the time to find out. If you opt to sell your home as a means of downsizing, make sure your home looks its best when you put it on the market. Clutter is a big deterrent to selling a home. When a house is badly cluttered, buyers simply can't see the house as it is, and then they can't see themselves living there. Home-selling experts recommend storing or giving away some of your possessions when you're selling. Since you are moving into a smaller space, it makes a lot of sense to start giving stuff away or, even better, selling the things you don't need and putting that money aside for your smaller home purchase. Don't forget about your home office either if you have an overstuffed office space. Is there furniture you can remove? Is there space to add shelving? Make a point to clean up and clean out, then create a more organized environment. It's also wise to hire a professional cleaning service in advance of your open house. And don't forget to explore moving companies to make your move smooth and easy; there are a lot of scammers out there these days, so research to find a company with a solid reputation. To sum up, downsizing is a good decision for a variety of people and for a variety of reasons. There's no doubt that living in a smaller house or renting can save you money, and saving money often means having more time for the things you really love. Contact us BUT FOR FASTER RESULTS CALL US AT 516-216-7462.CONTACT US AT:
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