Many people grow up dreaming about living in a big home, but the reality usually ends up being more complicated than dreams. If you have a big home that you have worked hard to get, it may not cross your mind to sell it, but there can come a time when your home may be a little too big. There are some reasons that can make you reconsider whether your big home is really your dream home.
Financial
Real estate is a great investment and one that many people depend on as part of their retirement portfolio. But living in a large home isn’t always the best investment in the long term. Large properties come with large tax bills, extra upkeep, and higher utility bills. If you aren’t using the space, or you find that the expenses are much higher than your income allows, it may be time to downsize. If you haven’t paid off your mortgage, you may find that downsizing will help you keep the mortgage payments under control.
Family
Many people buy a large home because they need the space to raise their family. Once your children are grown, the space that they used to fill may feel empty and you may feel like you are rattling around. While you can still keep space for your family to visit, you don’t need as much space as you used to. Additionally, if your family doesn’t live nearby, you may want to look for somewhere closer to your children and grandchildren so you can spend more time with them. Family becomes more and more important as we get older, so if you aren’t tied down by a job, there is no reason to not move closer to them.
Freedom
A big home comes with a lot of commitment to maintenance, security, and other tasks. Selling your home for a smaller residence frees you up from the maintenance concerns and other tasks that come with a larger property. Many larger homes are also part of an HOA, which may have rules that you are tired of following for your property. Downsizing can let you find a smaller property that doesn’t have an HOA, which will allow you to live your life as you please. With a smaller property, you will also have more money on hand that allows you to pursue hobbies and travel that you may not have otherwise been able to afford.
While selling your home may not be the first thing to think of as you grow older, sometimes more space isn’t the best thing for you. Consider carefully what your needs and wants are for your property, and let that guide your decisions.
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