7 Good Reasons Why You Should Downsize NOW

What are the benefits of downsizing house? When should you consider downsizing? If you own Portland real estate, then this may have crossed your mind over the last few months. You may also be retiring, or dealing with an empty nest. Besides this, there are dozens of great reasons to downsize. In fact, here are 7 good reasons to move into a smaller home.

1. Your monthly expenses are rising

If you find your expenses are rising quickly, then it’s probably a good idea to look ahead and downsize. According to experts, a general rule of thumb is that about 30-40% of your budget should be spent on home expenses. When you find yourself paying more than this, then it’s time to take action and immediately reduce these expenses. This is especially important for people who are planning to retire in the near future.

2. You’re struggling to keep up with home maintenance

As you get older it can be tough to keep up with home maintenance. You don’t have the time and energy for all of those chores. Things like yard work seem exhausting. In this case it might be time to move to a place that’s easier to maintain. Also realize that allowing your house to deteriorate means you’ll have to spend money on repairs before it goes on the market. For example, things like repairing your roof can cost a fortune. Downsizing now is so much easier.

3. You no longer need to live in the area

Most people need to live near to where they work. If you’re retired this no longer applies. At that point you may want to sell your home and move somewhere more convenient. What’s great about this is that you can move anywhere, different neighborhoods, near your favorite golf course or closer to family.

4. You want to pay less in mortgage and save more for fun

When you downsize to a smaller home you can reduce your mortgage payment and pocket more monthly income. Downsizing 5-10 years before you retire will help you save thousands of dollars over the years (some experts claim you can save as much as $6,000 per month!) Use these savings to travel the world, enroll in new painting courses or dine out more frequently.  

5. You no longer use features in your home

Are there parts of your house which you’re no longer using? A good example of this are rooms your children used to live in, or things like your swimming pool or guest room. Understand that these features are costing you money. If you’re no longer using them then maybe it’s time to sell.

6. The neighborhood is getting younger

Chances are that you were once one of the younger families in the neighborhood. This was probably back when your kids were small and you had just purchased the house. But over the years everything changed. Your kids grew up and moved out. Neighbors you were friends with have moved away, and younger families moved in. When this happens you can feel alone and isolated. Maybe it’s time for a change?

7. You need the money

One of the most common reasons for downsizing is simply because you need the money. This often happens when people do not feel confident that they’ve saved enough for retirement. It might also be the case if you’re having trouble covering expenses. Either way, by downsizing now you can get the most out of your home equity.

Do you fit into one or more of these categories? Josh helps people who are thinking about downsizing in the Portland Metro. If you’re considering selling your home Josh can help. Contact us today for advice on downsizing, or other real estate related questions.