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    How do I know when to downsize?

    It is definitely a process deciding on this big next chapter in your life for sure. There are a lot of factors that need to be considered.

    Go forward knowing you have plotted as many future possibilities as you can before putting an offer down on your new home.

    Several factors go into downsizing but probably one of the largest is that your nest is a little emptier these days and you are set to retire! Obviously retirement is something that considers a lot of preparation and thought. When you receive your retirement funds you’ll need to consider; will that cover the cost of your mortgage (if you still have one), the property taxes and the insurance? Also with all of those spare rooms that are now going untouched, downsizing is a smart move. You will be able to stretch your funds more with moving towards a smaller property.

    Maybe the maintenance on your home was easy at 30 but now that yard work and cleaning 2,600 square feet at 60 might seem a little more difficult. While you do have the option of hiring help, that is an expense added onto your already existing monthly home expenses. If you can swing it and you love your home, great! Staying will work out for you! If you are trying to save money monthly, why not think about a smaller home that might have an HOA that includes lawn care. You could saving a considerable amount. Breakdown your budget and figure out where you’d like to be before starting the home search.

    As unfortunate as it is, hardships at one point or another come and we are nearly never prepared for them. Loss of income or significant life changes will largely impact your decision to downsize. Consider you’ve suffered severe injuries that now cause you mild troubles just getting up your two story home. To avoid those pains, you may have began considering a one story home. Downsizing at work may also have an impact on your decision. You will now have to make sure your monthly expenses are able to be covered. If you are already on a thin line monthly, you need to downsize. You never want to be in a home that costs more than you can afford and causes a constant struggle.

    HOME VALUES CHANGE! You may have owned that $80k home for 10 years without even thinking about its current value. It’s important to track the market changes and see where you are when contemplating selling your home! Luckily that is your agents job, so call them before you even start planning movers! They assess the improvements to the home, the new market comps, the neighborhood and much more before telling you your homes new worth! Surprise! Your $80k home is now worth $180 after all the work you’ve put in and how the area has come up! Leaving a home with equity is a great move!

     

    Ready to talk about downsizing? We’ve got your back. Let’s get you started on your new journey today!

    Call us:

    803-985-1240 (Rock Hill)   704-499-9099 (Charlotte)   803-802-2181 (Fort Mill)

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