How Do You Know When the Time Is Right to Downsize?

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Is now a good time to sell your home and move into a smaller one? It's not an easy decision to make but the following pointers can help you know if it's the right one for you personally.

Lifestyle Changes

Are you preparing to retire? If so, you can save a considerable amount of money by purchasing a small home with a low property tax rate and low mortgage insurance payments. 

Financial Changes

Are you struggling to make the mortgage payments each month? Do you find it difficult to come up with money for needed home maintenance and repairs? 

Experts note that you shouldn't spend more than a quarter of your net income on mortgage payments. If you're paying more than 25% of your income just to put a roof over your head, it's likely time to find more affordable living quarters.

Size and Space Issues

A large home is great for families with kids. However, a couple or a single adult doesn't really need a lot of space. This is especially true if you don't have grown children or other relatives spending the night on a regular basis.

It's not easy to clean unused space. Dust can accumulate, leading to allergies and other health problems. Unmaintained rooms in the home may grow mold. If you don't really need the extra space, there's no reason to pay for it every month.

Mobility Issues

Are you tired of climbing stairs? Would you like to avoid having to drive long hours to spend time with friends or visit your favorite park? If so, it could be time to make a move.

Real Estate Market Moves

2021 is an ideal year to sell a large home and move into a smaller one. Demand for residential homes exceeds supply. Low interest rates are prompting people who otherwise wouldn't consider buying a home to do so. 

With the help of a good Realtor, it shouldn't be too hard to sell your large home, buy a small one, and still have money left over. 

Are you looking for a new house that you can be proud to call home? If so, Landmark 24 offers a variety of award-winning designs and floor plans to suit your needs and budget. Check out our free virtual tours to get a close look at our houses from the comfort of your home, or schedule an in-person viewing at your convenience.

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