6 Signs You Need to Downsize Your House in Houston
Reviewed by Mark Lee
While typically not considered by first-time homebuyers, downsizing homes is a normal process in homeownership evolution; understanding this from the outset can help you plan your moves and look forward to this phase.
By recognizing the signs early and knowing when to begin taking steps towards downsizing, you can be ahead of the game.
Additionally, you can adjust your plans in real-time because you understand the importance of keeping your finger on the market’s pulse as a real estate investor.
When you are always looking forward to the future, you are in a position to act quickly.
For example, you find you will be retiring earlier than expected, because you already had your blueprint for your golden years, you can set everything into motion, allowing you to adapt quickly to downsizing.
Read on to learn more about these six signs you need to downsize your house in Houston.
In Houston’s housing market, reviewing property taxes, utility bills, homeowners insurance, and mortgage payments against your monthly budget can clarify the benefits of downsizing your house for peace of mind in your retirement years.
Empty Rooms
Have the kids have all grown and moved out?
Should you find yourself with a home full of empty rooms, consider this a signal you need to downsize your house in Houston.
You will then be able to find a home better suited to your needs.
In your golden years, a retirement community may be a better suit for your current lifestyle.
Many retired couples find the low cost of enjoying these communities and the enhanced lifestyle and amenities offered along with new friendships extremely appealing.
Empty nest/unused rooms and extra space often mean you’re maintaining more square footage than your current needs require moving to a smaller place or smaller property can be the right size for this life change.
Upkeep
If your house has become too much to maintain, consider this a red flag to downsize your home in Houston.
Finding a new place with less yard to care for may be the solution. In some retirement communities, lawn care is a part of the package, leaving you free to enjoy your golden years.
If all of the dusting, sweeping, and mopping has become overwhelming, downsizing may be the answer for you.
With the money saved, you could hire a service to help with your general upkeep!
High maintenance costs, yard work, and home improvements add up especially on a fixed income so a smaller house can lower ongoing housing costs and save time.
Expenses
Borrowing on your home to make significant repairs or remodel to save energy expenses is an indication that you need to downsize your house in Houston.
Replacing your existing windows with insulated windows or other energy-saving remodeling projects can run into the tens of thousands.
Likewise, if you suddenly can not afford your current situation because of unforeseen circumstances, downsizing to reduce your monthly costs may be your solution.
Selling your existing house for a smaller home would make your overall expenses more affordable.
Factor in property taxes, mortgage rates/interest rate changes, utility bills, and HOA fees; trimming these monthly payments can improve cash flow and protect your credit score.
Improved Living
Many people are choosing to live in smaller homes so that they leave less of an environmental footprint.
If this is the case, you may want to consider the option of downsizing your house in Houston.
Perhaps a new, smaller house would offer a better layout than your current home, or the location provides convenience and is, therefore, more expensive.
While you may be buying less home, you are paying for the convenience of a shorter commute or other benefits that outweigh any minor downsizing inconveniences.
Lifestyle changes like wanting a single-story home, senior living community options, or a new home closer to loved ones can make a smaller space the better living environment.
Finances
If your credit cards’ interest is burying you in a mountain of debt, this is an indication that you need to downsize your house in Houston.
You can apply the proceeds towards paying off your balances and begin improving your credit score, saving you even more in the long run.
By buying a smaller home right now, you will also be saving money every month by taking advantage of the lower mortgage rates while lowering the balances on your monthly payments on your other credit providers.
You could also make an extra payment towards the principal of your new house loan, enabling you to pay off your mortgage note faster!
Many homeowners downsize for financial reasons freeing up retirement savings, reducing credit card debt, and improving Personal Finance goals with a more sustainable monthly budget.
Profit
Should holding onto the equity in your home fail to remain the best thing for you, this is another sign that you need to downsize your house in Houston.
Find yourself in need of a quick boost to your retirement fund?
By downsizing, you could invest a chunk of money in mutual funds or an IRA or Roth IRA account to possibly make way more than if you only make deposits into a savings account.
Even if you are at retirement age and quite happy in your larger home, downsizing later in life can be a nice boost to your account and maybe allow you to start crossing off the biggest dreams on your bucket list.
Tapping home equity via a home sale can increase retirement planning flexibility; talk to a financial advisor or tax professional about tax implications, closing costs, and the best use of extra cash.
Have you seen the signs?
If you need to downsize your house in Houston, let our professionals answer your questions and help guide you through the process.
We will take the time to listen to your circumstances and future goals.
If you are ready to downsize, why not sell your home directly to Absolute Properties?
We offer fast cash closings, usually within seven days!
We make the downsizing process simple for Houston home sellers no repairs, quick timelines, and options that fit your current lifestyle.