If you’ve ever had the thought, “A house is just a building. Nothing more”- try selling it! You will suddenly be finding sweet memories of special events in every spot, nook, and cranny. When it’s time to downsize your home, don’t let emotions get in the way. There are many benefits to be reaped by downsizing, rest assured. You will however have to overcome those emotions before you can cash in on the benefits.
Downsizing Might Be Avoided Due To Emotions
It’s a difficult decision to downsize your home. Even once you’ve made up your mind to do so, actually following through on it can seem downright unimaginable. You know you should downsize. You know it’s best. But it’s just so hard. Figuring out the reasons behind the emotions might help you understand your trepidation a little better.
People experience emotional stress over the thought of downsizing for these reasons (and more):
- A feeling of inadequacy can be experienced when the need to downsize is present. (You can’t keep up with the Jones’ anymore.)
- Most people are afraid of change.
- They may be experiencing guilt from family members or friends.
- The thought of leaving your memories behind can be a sad one, indeed.
Downsizing Has Many Benefits!
By focusing on the practical side of downsizing, your emotions may be easier to deal with. Or at least, dealing with them may be more successful. Your life could be made simpler and your stress reduced by moving to a less expensive, smaller home, for example. Where your financial goals are concerned, it might additionally assist you in making great progress.
Let’s say, to knock out debt, you use the money from the sale of your house.
Other reasons for downsizing and/or uses for the money that can be made could include the following:
- Retirement investment
- Kid’s college fund
- An emergency fund
Empty nesters in particular, may find that it’s the perfect time to downsize when the kids have moved out. If they do consider it seriously, they will soon realize how much money could be freed up. More date nights and vacation money would be accessible rather than managing lawn and house upkeep. Even with those occasional dates and vacations there would still be plenty of cash left over for investments, for your dream retirement.
Picturing Downsizing
If you’ve already raised a family and you’re still paying the mortgage on the large house you needed for child rearing- you’re wasting money that you could use elsewhere. By downsizing your belongings and therefore your accommodations, you can still allow yourselves plenty of room and a (very likely) paid off mortgage. How good would it feel to get that monkey off your back?
Sell a big enough home and not only will you be mortgage-free on your new home, you may be able to pay off your car, your debts, plan for retirement, and more. Remember, downsizing doesn’t just mean selling your home. It should mean that you have the opportunity to sell all of the things you won’t be using in that smaller (but still big enough) new home.
Showplace Estate Buyers is in the downsizing business. It is something at which we are exceptionally experienced and we’re good at it. Don’t take on a project like that all by yourself. Let us be of assistance. Are you curious as to what we purchase and handle? Click here for a list.
When you’re ready to downsize, we are ready to help. Just contact us.