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5 Things to Consider When Moving to A Smaller Home

5 Things to Consider When Moving to A Smaller Home

posted in Mortgage News

There are many advantages to downsizing, especially if you’re looking to save money on the costs associated with maintaining a larger property, or want to free up funds for retirement or travel. Naturally, for those families requiring a lot of space, downsizing may simply not be practical, but for those who don’t need so much space and are finding their large home difficult and expensive to maintain, it can be a smart move.

Whatever your reasons are for wanting to downsize, there are a number of considerations to make before you do so, starting with the following 5:

  • 1. What type of home will match your lifestyle requirements

    Just because you want to downsize, doesn’t necessarily mean that you don’t still want to entertain friends and family, so it’s important to think carefully about whether your new, smaller home, will enable you to do so comfortably. For example, a compact townhouse instead of a condominium apartment, might give you more of the space you need.

  • 2. Where would you like to live and what is your budget

    Do you want to be within walking distance of local amenities in your downsized home, or prefer to be in a more remote location where you can enjoy the peace and quiet of the countryside? Oftentimes, the exact location of your new home may be dependent on your available budget, and you may find that you have to sacrifice some conveniences, to afford the property you want.

  • 3. Don’t declutter without an inventory

    For many who downsize, it provides them with a wonderful opportunity to get rid of clutter and things they no longer want or need, but be sure to make a detailed inventory before doing so, to prevent getting rid of things you might actually need in your new home.

  • 4. Work with real estate and mortgage professionals

    It’s always a sensible idea to engage with professionals such as real estate agents and mortgage brokers when seeking to downsize, and the information and guidance they can provide you with, often prove invaluable.

    A real estate agent can help you find the right home for your needs, in the right location and at a fair price, while a mortgage broker can get you a great deal on a mortgage that’s tailored to your unique financial circumstances.

  • 5. Take your time

    Downsizing can be a lot to come to terms with, so it’s important not to rush the process, and to make sure you’ve carefully covered all of your options, before making any final decisions.

If you think that downsizing might be a viable option for you, why not sit down with a real estate professional to discuss the availability of smaller homes in your desired location, before meeting with a mortgage broker to review your finances, and get a great deal on a mortgage.

 

Mortgage News

11 dJul, 2022

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