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You may think of downsizing as something that makes sense when you have an empty nest. Larger families do, of course, need more room. Downsizing can also be financially strategic and rewarding for you and your family if you have the opportunity to do so.
How Much Is Your Home Worth?
There comes a point in your life when the amount of money that your home is worth is very important. Maybe you need the money for retirement and are looking to move to a cheaper city or state. Maybe it’s time for you to pursue your goals and dreams. Whatever the reason, your home is a very large asset.
If you downsize, you’ll have a bit more money available to invest for your future. You may even consider buying an investment property. If all of your money isn’t tied up in a home, you’ll have a bit more freedom to do other things with your money.
A Smaller Home Means Smaller Expenses
When you downsize your home you end up with much lower expenses for your housing. You’ll save big on both utilities and home maintenance. You’ll be surprised as to how much extra cash you’ll have each and every month that you’ll be able to use for other things like investing, travel, or other expenses. You’ll have the ability to do things beyond simply achieve that one dream goal of home ownership.
What If You Don’t Already Own A Home?
There’s a lesson to be learned here for renters as well. If you’re getting ready to buy a home, you may want to think small. A smaller home that can suit your needs will allow you to save thousands of dollars over the life of the mortgage on your home. Remember that a mortgage payment is more than just the cost of the home. You’ll need to include things like taxes, insurance, mortgage insurance, heating, electricity, and more. The smaller the house that you buy, the less all of these things will cost. Think of what you could do if you invested that extra money that you saved on all of these things each month.
What Would You Do With The Money You Save?
Having a big, beautiful home is a fantastic goal to achieve. You may have other dreams that you want to pursue in addition to owning a home. While downsizing isn’t for everyone, many people use the money they save to do some pretty incredible things like:
- Go back to school
- Buy a vacation home
The Negatives Of Downsizing
If you move into a smaller home, there are a few drawbacks. For one, you’ll have less storage and will actually need to downsize your amount of belongings as well. You’ll also have less room for visitors if hey come to stay. If grandkids frequent your home, you may be hesitant to sell and find a smaller place. It may also be difficult to find what you’re looking for at a certain price in a specific area. Think carefully before you decide to downsize and see if it has the right benefits for you.
Let's face it – clutter is an eyesore that all home sellers can live without. However, removing clutter before you list your house may prove to be difficult, particularly for those with limited time and resources at their disposal.
Fortunately, we're here to help you streamline the decluttering process. That way, you can speed up the process of improving your house's appearance and get your residence show-ready.
To better understand how to effectively declutter your home, let's take a look at three best practices for decluttering:
1. Organize Your Belongings
Old electronics, broken exercise equipment and other items can take up lots of space in your home. If you take a look at all of your belongings, you can differentiate clutter from items that you'd like to keep.
If you haven't used an item in several years or an item simply takes up space in your house, this item likely is clutter. As such, you should eliminate this item from your premises as soon as possible.
On the other hand, items that you use regularly or items that have sentimental value may prove to be keepers. With these items, you should store and maintain them properly to reduce the risk of deterioration.
2. Get Rid of Items That You No Longer Need
There may be a wide range of clutter scattered throughout your house. Although your first instinct might tell you to throw out excess items, it is important to consider whether these items could be sold or donated.
Even though a particular item no longer serves your needs, you may be able to sell this item to the highest bidder. Thus, if you post an item online or host a garage sell, you could earn extra cash by selling your clutter.
In addition, many charities will accept items that you no longer need. If you have excess items that are working properly, reach out to local charities, and these organizations may be able to pick them up at your convenience.
3. Consult with a Real Estate Agent
If you plan to list your home in the next few weeks, consulting with a real estate agent is ideal. This housing market professional can offer expert decluttering recommendations and help you get your house ready for the real estate market.
Typically, a real estate agent will meet with you, evaluate your house and learn about your home selling goals. He or she also will explain the home selling process and ensure you know what to expect before you list your residence.
In most instances, a real estate agent will set up home showings and open houses, notify you about offers on your house and provide various home selling recommendations and suggestions. Plus, if you ever have questions about decluttering your home or other home selling topics, a real estate agent can provide immediate answers.
Simplify the process of decluttering your house – use the aforementioned tips, and you can remove clutter from your residence in no time at all.
A home repair checklist can make a world of difference for any home seller, at any time. With this checklist in hand, a home seller can prioritize assorted home repairs. Plus, a home repair checklist helps ensure that a seller can enhance his or her house before adding it to the real estate market.
Ultimately, there are several items to include in a home repair checklist, such as:
1. Inspecting and Repairing the Roof
If you notice damaged, loose or missing roof shingles, you'll want to repair or replace these shingles immediately. That way, you can improve your home's roof – something that may make your house more attractive than others to dozens of potential buyers.
Remember, many homebuyers don't want to deal with the hassle of roof repairs. If you allocate the necessary time and resources to repair your roof today, you can include details about your upgraded roof in your home listing. Thus, roof repairs may help you increase the likelihood of a fast, profitable home sale.
When it comes to roof repairs, it often pays to hire professionals. Reach out to local roof repair companies, and you should have no trouble upgrading your house's roof.
2. Sealing Cracks and Gaps in Windows and Doors
Cracks and gaps in windows and doors can cause warm or cold air to leak outside a house. As a result, these problems can drive up a homeowner's monthly heating and cooling bills.
Fortunately, sealing cracks and gaps in windows and doors can be quick and easy. In most instances, caulk or weather stripping can help minimize these issues. Or, you can always reach out to local contractors for professional assistance as well.
3. Power-Washing Windows and Siding
Your home's curb appeal can have a significant impact on how quickly your residence sells. If you power-wash your residence's windows and siding, you can instantly boost your home's curb appeal and help your residence stand out to potential buyers.
Oftentimes, you can rent a power-washer from a home improvement store. You also may choose to buy a power-washer; by doing so, you can use your power-washer both now and in the future.
A home repair checklist is a must-have for home sellers, regardless of the current housing market's conditions. If you need extra help determining which home repairs to complete prior to listing your residence, you may want to collaborate with a real estate agent too.
By hiring a real estate agent, you can receive expert guidance throughout the home selling journey. A real estate agent can put you in touch with the best local contractors to help you finish myriad home repairs. In addition, a real estate agent will help you promote your residence to the right groups of buyers and ensure that you can generate substantial interest in your house.
Ready to sell your house? Include the aforementioned items in your home repair checklist, and you can upgrade your residence in no time at all.
Paint everythingOne basic improvement that will almost always pay off is a fresh coat of paint in each room of your home. It isn't a very costly improvement, and it can both clean up and modernize rooms that are in need of an update. Remember that your walls make up the majority of what buyers see when they walk through your home. The wall paint makes up the big picture that all of the small details of your home fit in, therefore your paint colors should be chosen to fit the style of the home and the time that we live in. Avoid colors that are too dark or too blindingly white. If you're at a loss for which colors you want to use, try out a free color palette creator online to experiment with different schemes.
Door replacementAs a new home buyer approaches your home for the first time their eyes are going to be locked on the door. Take advantage of good first impressions with a quality door. One that compliments the exterior color of your home will do wonders to improve the overall appearance of your home. Aside from their aesthetic value, doors also provide insulation and security. Choose a door that is EnergyStar certified to keep the heat in, but also make sure it has top rate locking mechanisms so the next family to live in your home feels safe.
Increase storage spaceStorage capacity is highly sought after in the house market. No one wants to drive to a storage container just to get their belongings. Having all of your property in one place makes things less complicated. Increasing storage space can seem difficult or impossible, but there are a few tricks that will help convince potential home buyers that they won't run out of room. Here are four of our favorites:
- Install storage beds in the bedrooms
- Buy a kitchen table with a storage cabinet
- Put a bench in the mudroom that has storage inside
- Install cabinets in your garage or shed to take advantage of unused vertical space