Either the kids are all grown up and moved out or you may just be tired of maintaining a large home. Either way, if you’re burdened by mowing the lawn and sick of paying to heat and cool your big house, it may make sense to downsize and save some money.
If you choose to downsize, you’ll certainly face some hard decisions along the way. Here’s three things you’ll want to consider before making a move.
1. Stay Local or Go Away?
Here are some things to consider if you find yourself struggling to decide if you would like to stay local or move out of state. Either way, you may be able to save some money, but you don’t want to misjudge how much you actually have in your savings. Try to eliminate extra costs by reducing the number of spare bedrooms or bathrooms. Ask your real estate agent if moving a few miles away from an area you are interested in will put you into an area that has lower property taxes.
2. Should you get a condo or single-family home?
Both condos and single-family homes have their perks. With a single-family home, you’ll have the freedom to be creative with the inside and outside of your home, but when something goes wrong, you’ll have to fix it yourself. Condos tend to be less expensive and chances are you won’t have to do any outside maintenance, as it will be covered by your Homeowners Association fees (HOA). Keep in mind HOA fees can be costly and often have strict rules to consider (such as what pets are allowed, parking and noise restrictions, etc.), so be sure to find out the ins and outs before purchasing a condo.
3. Should you do this now or later?
One of the most difficult decisions to make when considering to downsize is deciding when is the right time to move. Ask yourself whether you would rather move in your fifties, sixties or seventies. No matter when you choose to leave, it will be difficult, as you may have raised your family there, and there is unavoidable stress associated with moving. When making your choice on your new purchase, be sure to consider what you may need a few years down the road, such as a step-in shower and rooms all on one level.
These are just a few of the things you’ll want to consider before making a move, be sure to list out all your pros and cons before jumping into a home purchase!