There are plenty of reasons to upsize or downsize your home. As you move through life you will find your requirements in a home will greatly change depending on your family, financial situation and your own personal preferences.
Changing homes, locations and getting a new mortgage is a big decision that should be carefully thought out.
REASONS TO DOWNSIZE
Empty Nest: Your children have all moved out, and the once noisy halls of your home are suddenly silent. With so many rooms now empty, it may be time to capitalise on your home and downsize to a smaller model.
Money: Finances may be tight and a smaller home will generally equal a smaller mortgage. This is also true of the suburb or part of town you choose to live in. Energy bills will also become cheaper in a house that is smaller.
Travel: If you travel a lot, especially for work, you may find maintaining a larger home you are never around to enjoy pointless. Downsize your home now, save on your mortgage, and then when the time comes to settle down you can look for a larger home once more.
Maintenance: Sweeping, mopping, vacuuming and dusting a large home can be a tedious chore that many people dislike. If you don’t need the space and hate cleaning, why not downsize to a more suitable home? On top of this you have actual maintenance costs such as the yard or mechanical aspects like heating or cooling which will be significantly more in a larger home.
REASONS TO UPSIZE
Family: A growing family will need more living space as children get older, which offers the perfect opportunity to upsize your home. The same goes for any grandparents who may be moving back into the family home.
The ‘Dream Home’: Your dream home will probably have some luxurious features that are often found in larger designs. If you come into some money or finally receive that job promotion, having a beautiful home may rate very highly on your list!
Investment: Purchasing a larger home could bring you a greater return for your money.
For more information on whether to upsize or downsize your home, contact Hotondo Homes here.