Are you in the right-sized home? If fewer people live in your home, it may be time to consider downsizing. Several things are going on right now that make it very advantageous to downsize.
Increase Your Profits
Nationally, home values are up. It is reported that home prices are up 19.5% from September 2020 to September 2021.
Housing prices are up now because of the current low mortgage rates and a low inventory of homes on the market. Therefore, it is time to get the most for your property.
A Way to Pay Off Debt
If you still owe on your current mortgage, and your home sells for high enough, you may walk away with enough cash to purchase your downsized home outright. For example, if you owe $100,000 and sell your current home for $500,000, you will be able to buy a $300,000 home for cash and still have funds left over to pay off debts.
Or you still have the option to take advantage of the low mortgage rates and mortgage the new home and invest the profit, all while enjoying a low monthly mortgage payment.
A smaller home in the same zip code is likely to have a smaller real estate tax bill. In the same way, a smaller home updated and in good condition is likely to have much smaller expenses for things like heating and air conditioning. You may even spend less money on maintenance and repairs.
Is it the Right Decision for You?
If you have a larger family, downsizing may not be the best choice for you. A smaller home for such a family would require many sacrifices. Also, if you plan on working remotely, the privacy and productivity a larger home allows may be invaluable.
However, if your family has moved on and you are not using your home as a base for business, downsizing may be right for you. If the decision is the right one, now is the time to get it done. If you do not require much space, the thought is worth considering.
It is worth it to get all the facts and make the best decision for you and your loved ones. Check out Voila now to learn more.