Benefits to downsize your house in Holiday FL
Benefits to Downsize Your House
It is a major concern for most homeowners whether to continue living in their houses or sell them and move into a new place. The rising cost of maintenance, repairs, insurance and property taxes eventually force them to sell properties. Half the portion of our salaries goes to taxes, insurance premiums, and mortgage payments. The rest of the money is used to cover the expenses of food, clothing, transportation, and entertainment.
Spacious homes provide a lot to be desired, but it is not easy to maintain. Children, pets, and the growing family need a place where they can spend quality time together and live in comfort – a house with all the amenities and rooms to fulfil the needs of the family becomes a necessity. What if your dream home doesn’t fit into your budget? Or your kids have grown up and a bigger house is no longer a priority? It is time to look for a new smaller home.
Downsizing can literally be a life-changing event; it gives you relief from the burden of paying for an oversized home and helps you start saving money for retirement. Maybe a couple isn’t planning for kids or increasing their family anymore, they can also consider something smaller. Not only do retirees choose to downsize but anyone who wants to simplify their lives and have a more manageable house can take advantage of it – we buy houses Holiday FL.
When one thinks of downsizing, empty nesters often come to mind. Couples whose children have left the home find the maintenance and expenses of a larger home not worth it anymore and look to move into a smaller space. But the benefits of downsizing are being enjoyed by many with a ‘full nest’ looking to simplify their life, free up their time and yes, save money. (1)
Generally, a smaller home can translate into a smaller monthly mortgage payment. In many cases, if you have lived in your family home for many years, and built up sizable home equity, you may be able to cash out and purchase a new smaller, less-expensive home – even possibly eliminating a mortgage payment completely. (2)
Making a decision requires a bit of research and selling a house is an extremely critical and emotional thing to go through. If you are serious about downsizing then this article will explain some benefits and how you can get one step closer to your new smaller home.
Less Maintenance And Care
Let’s think about this for a second, do you have a huge yard? Do you have any trees on your property that need pruning? Do you have a pool or a huge garden that needs constant attention? If the answer is negative then a smaller home will definitely be an easy task for you to handle. You won’t have to be out in the sun for hours trying to mow your lawn or tend to your garden. Time, effort, and maintenance are all things you will no longer have to worry about.
Cleaning and maintenance eat a significant amount of time from your schedule. The larger your house is the more time it will take to get it all done. This is just the reality of it. Flooring, carpets, and rugs will need to be cleaned, drapes and blinds will need to be washed and ironed, appliances will need regular attention, and the list just goes on. And don’t forget about the other areas of the home such as bathrooms and bedrooms. This can be an overwhelming amount of time-consuming tasks which isn’t possible for every individual to carry out. Downsizing to a smaller home will free up more time to do the things you want to do, instead of being tied down to the chores of a larger home.
Lower Utility Bills
Electricity, gas, and water bills are generally higher in larger homes. Unfortunately, we now live in an era where nothing is free and everything comes at a cost. The more space you have, the more power you’ll use and this will put a dent in your wallet. Technology has evolved over the years, and the trend of energy-efficient appliances and devices is becoming more prevalent. It helps you reduce energy consumption but a huge home still requires a lot of power.
An average American spends more than $4,400 a year on utility bills, $366 per month. This data simply tells that a person spends a large chunk of their monthly income on utility bills. Then why not opt for a smaller home? Owning a large house is not just a matter of bragging rights. It also comes with added responsibilities that can plague your life if you are not prepared for them. Downsizing eliminates the hassle of maintaining a large house and can save you more money on energy bills.
Affordable Lifestyle For A Better Tomorrow
Everyone these days wants to have a luxurious lifestyle – cars, properties, travelling, and much more. We often chase materialistic things to make ourselves happy, while it’s true but sometimes people even end up in debt because they are so blind to the importance of saving money and focusing on the quality of life. Why not consider living a simple life? Spending less money on your day-to-day expenses would bring you a much more affordable life.
A simpler lifestyle is more fulfilling than having all the material possessions in the world. Being rich is a dream for most but not everyone is able to achieve that kind of life. Downsizing a house is one of the steps you should consider in order to reduce your overhead. It doesn’t mean you have to give up on your goals and dreams but be smart, and focus on what really matters.
Lower Property Taxes
Property taxes are billed yearly and must be paid within a specific time frame. In general, big houses pay more taxes than small ones. A condo or an apartment costs less each year compared to a bungalow or a two-story home. Property taxes are valued based on the price of the property and tax assessors determine what is fair for the property’s market value. Expensive homes come with lots of perks such as desirable neighbourhoods, great schools, and more. However, it is difficult to pay high taxes for such properties especially if you are living in the city.
That’s why people prefer downsizing to a smaller house and avoid paying too much for property taxes. Even if you are moving into a less expensive home, check with the state’s latest property tax rates to have an idea. It’s still possible that your new house will be taxed higher than the one you just moved out from.
Pack Less When You Move
Moving from one place to another is a complete mess if you are jammed with cluttered stuff. It would take a lot of time to pack and unpack, arrange and organize your things. We have all faced it before – loading up all of our belongings into big moving vans and then having to unload them again at the new house. It’s a real hassle and it can take up a lot of time. A smaller house gives the freedom to experience the fun of moving out at a much faster pace. Call us at we buy houses New Port Richey and let’s begin with selling a house fast.