3 Reasons it Might be Time to Consider a Smaller Home
At some point in our lives, we have all dreamed of owning a mansion with a pool and too many rooms that we won’t use, but most of us will never get there. We can, however, get a mortgage for a reasonable home that caters to the needs of our family and is a great place to raise the children and spend our best years.
But the time inevitably comes (for many reasons) when a three, four, or five-bedroom home isn’t actually necessary and it’s time to consider moving into something smaller or more suitable depending on our needs.
As things change with time, some of the main reasons you should consider moving to a smaller home are:
- No kids
- Nest egg
Perhaps from an injury or just getting older, accessibility to a home can become an issue and it is sometimes necessary to move into something more suitable while an empty home after the kids graduate and move on can feel way too big, and selling your larger home in favor of a smaller one can help put some cash away as a nice little nest egg, for fun or inheritance purposes.
Getting around a home can become a chore should you suffer a debilitating injury or succumb to some of the physiological conditions of aging naturally. You might have a bad back, weak knees, or even have to use a wheelchair and while there are devices for helping with this, they are very expensive, and as such, a multi-story home might not be viable any longer.
This is when you could consider moving to a ground floor apartment or a one-story home in order to get around much easier. There are always very nice bungalows for sale and the nature of their design means that accessibility either isn’t an issue or they can be adapted very easily should you require it.
An Empty Nest
Maybe you have spent the last 25 years in your family home but the kids have flown the nest, gone to college, graduated, and found their own home while looking to start their own family because you did such a great job. While that might all be worth it, a family home can feel way too big for one person to live in or even a couple, and many people also suffer from empty nest syndrome.
With all that space and nothing to do with it, you might find yourself feeling like the house is too large and maybe a downgrade is needed. Now that there are no children at home, you could begin to think about that small beach house on the sunny coast you always talked about or the log cabin where you feel you can spend the rest of your life.
Money in the Bank
One of the best reasons to sell your large and mainly unoccupied home however is plainly for the value that it is worth. Your home is probably worth more now than it has ever been and selling it for a large profit over what you paid for it and then moving to something smaller means that you could live financially independent for the remainder of your life if you are wise with the money that comes from the sale.
The large amount of money involved in a property sale means that you could keep it in an account and either invest it wisely, use the interest or even keep it as an inheritance for your children or grandchildren when you pass on. Owing to the unpredictable nature of world economics these days, it is handy to have some real money in the bank that you know you can rely on.