There can be times when it’s more beneficial to re-evaluate your priorities and meet your needs by downsizing your home rather than going bigger. To help you understand when and why that could be a good idea, let’s go over 5 signs Las Vegas homeowners should move into a smaller home.
Changing Life Circumstances
Out of all of the reasons you might decide it’s time to make the move to a smaller home, a shift in what you need to get out of your home is an easy and understandable reason.
As the years go by, you tend to make home purchases based on the needs of yourself and your family, and then the kids move out or you change jobs. It’s always important to buy the house that meets your needs rather than being impressed by unnecessary frills, and purchasing a smaller home to better accommodate your needs is a responsible move.
Finances Are Tight
The last few years have led to some serious financial strain on the average individual and their family. Therefore, it should come as no surprise that downsizing and moving into a smaller home for the sake of financial stability is a good idea.
Reducing your monthly mortgage payments and property taxes, and lowering your insurance premiums in one fell swoop can take the crushing weight of financial worries off your shoulders and set you up for a sounder financial future. As another point of contemporary money pains, a smaller home is almost certainly going to mean lower utility bills.
Carefully taking into consideration the financial burden that’s removed when calculating your potential new monthly budget could be the big motivator for you to hit the listings for a smaller home.
Your Current Neighborhood Isn’t for You
Some homebuyers fail to absorb the sights and sounds of their surrounding neighborhood prior to closing, and that can be a major mistake.
Perhaps you feel like your neighborhood, or even the entire city, is headed in the wrong direction. An eroding reputation or rising crime rates can complicate selling your home, and you may feel like it’s time to get out while the getting is good.
Our home is part of us, but so is the neighborhood in which that home resides. Our neighborhoods are a reflection of who we are, both as individuals and collectively, and feeling like you no longer belong in that neighborhood is reason enough to seek a way of moving on.
Time for a Reset
While not as intense or essential as the last few points, moving to a smaller home for the sake of resetting your life can be just the ticket.
These days, the focus on mental health is becoming stronger, and recognizing when you need a change of scenery and living circumstances to shake things up is healthy. Some people prefer the predictable while others regularly need the exciting and spontaneous to keep them motivated and happy.
If you’re feeling suffocated and overwhelmed, perhaps taking a look at the market and finding a smaller home is the ticket. Simplifying your life and surroundings by liquidating some personal possessions can provide a strong sense of liberation.
Strike While the Iron Is Hot
Lastly, there’s something to be said for taking advantage of an inflated housing market to cash in while the opportunity presents itself.
Making those monthly mortgage payments builds equity in your property, and that equity can come back to you if you choose to sell your home. Selling your home and then buying a smaller, cheaper property frees up that equity that you can then turn toward home repairs or improvements that turn the smaller home into your dream home.
As we stated previously, making your home meet your needs is much more important than the sheer size of it.
Help Finding a Smaller Home in Las Vegas
If you’re thinking of downsizing and would like assistance shopping for a smaller home in Las Vegas, contact us today at (702) 818-0747!