You often hear of downsizing when the kids move out of the house and mom and dad find a smaller house with fewer rooms. Maybe you could benefit from downsizing? Here are 5 reasons why you should downsize your house in Raleigh.
Pay Off Debts
If you move into a smaller home in Raleigh, you might be able to get out from under certain financial obligations. You may be able to generate a significant amount of money to apply toward the settlement of your debts if you sell your current home and get a smaller one. Taking advantage of the low-interest rates will also help you save money over time. You could use the money you have saved up to make additional payments on the principal of your new house loan, which would allow you to pay off your mortgage much more quickly.
You may be able to start a college fund for your children or grandchildren if you move into a smaller home in Raleigh. The profit you make when you sell your current home could serve as a good foundation for a fund, and then any additional funds your receive each month could be contributed directly to education savings account that would help your family in the long run.
You Don’t Like Your House
The fact that you are unhappy with the house you currently own in Raleigh is still another reason for downsizing your house. It’s possible that the new, smaller house has a more functional floor plan than the one you’re in now. Maybe your smaller house is located in an urban area, which has less room for sprawl than more rural areas. Maybe you just didn’t realize you needed to make such a big change! It’s possible that the fact that your house has a bigger environmental impact is one of the reasons you don’t like it. Many people are choosing to downsize to homes that take up less space and are easier on the environment because they don’t require as many resources to maintain.
Save for Retirement
If you downsize your house in Raleigh, you could quickly boost your retirement fund. You could open a savings account with that large chunk of money and keep adding to it every month with the difference. You could also invest that money in mutual funds or an IRA or Roth IRA account to possibly make way more than if you only make deposits into a savings account. Even if you are at retirement age, downsizing later in life can be a nice boost to your account and maybe fund that big retirement trip you’ve been dreaming about.
Too Much Upkeep
It can be beneficial to move into a smaller home in Raleigh if you find that you are struggling to keep up with all of the housework. Find a new home that requires less labor in the yard, or find a neighborhood that takes care of its maintenance for its residents. There’s a possibility that you don’t have as much time to maintain your garden as you once did.
If there is an excessive amount of sweeping, mopping, or dusting, downsizing could be the best option for you. With the money you would save by downsizing, you could even afford to hire a cleaning service to assist you with the regular upkeep of your property.
When it comes to deciding whether or not to downsize their homes, the majority of people are motivated principally by the need to save money. More likely, unanticipated events have left you in a bad financial situation and as a result, you need to downsize in order to bring your monthly expenses down to a more manageable level. The sale of your current home could provide you with additional income, which you could then use to look for a new home, which would result in reduced total living expenses. This would be especially true if your new, smaller house included some environmentally friendly improvements that may assist in reducing the overall costs of running the household. It’s possible that the new house has solar panels installed, which would help with the monthly electricity expense.