There’s a good chance if your children have recently moved out that your home is feeling a lot larger than it used to, and perhaps you’re re-considering the extra space. If downsizing to a condo is on your mind, and you’re weighing the benefits of this kind of move, here are some that might make it worth the switch in size.
A Little Extra Money
With the additional money you should be making off the sale of your home, there’s a good chance that downsizing may provide you with extra assets to stock away for retirement, travel or whatever your heart fancies. If you don’t need the money, it might not matter, but in the retirement years a little extra can be of benefit for many. If you’d rather keep the space for when the grandkids visit, looking into a reverse mortgage might be a better option to save money, but stay in your home.
Minimize Your Costs
Usually, there are many utility and heating costs that go along with home ownership, but by moving into a condo you can alleviate many monthly payments instantly. Instead of paying for every utility, condo living can help to simplify and minimize the amount you owe each month.
Free Up Your Retirement
Often times it may seem like home ownership is the dream, but many people approaching retirement would rather have the flexibility of renting. Because there are limited responsibilities with a rental, it means you can spend the winter months in Mexico without having to worry about who will take care of your home.
A Condominium Community
The great thing about many condo buildings is that they are built close to amenities like grocery stores, dry cleaners and restaurants, so you don’t have to worry about venturing far out. It might not seem important if you’re used to driving to the store to make your purchases, but being able to walk might make you a convert to a different way of life.
Forget About The Maintenance
If you’ve gotten used to all of the maintenance that goes into a home, downsizing can be a great relief in terms of the time you’ll be saving. Instead of a lawn to cut or a multi-level home you’re responsible for, you’ll be able to rely on the building manager to do this for you.
It can be comforting to have a home you’ve bought, and paid for that belongs to you, but by downsizing you may be able to save on time and significantly lower your living costs. A Reverse Mortgage is another great way to decrease and eliminate your monthly payments once you’ve decided to retire. Contact Nosari Home Mortgage at 870.425.8351, or fill out our online form here to see which option works best for you and your family.
