- More Americans are choosing to buy smaller homes in recent years.
- There are several benefits of giving up a larger house when entering retirement or becoming empty nesters.
- A Chase Home Lending Advisor can help you figure out if downsizing is the right option for you.
When it comes to homeownership, bigger isn’t always better.
According to the National Association of Home Builders (NAHB), the average size of new houses dropped for the third straight year in 2018, which means that more and more Americans are opting for smaller homes.
For many people entering their golden years of retirement or celebrating their next chapter of being empty nesters, moving into a smaller home isn’t a downgrade — it’s a smart option that allows them to experience an exciting change in lifestyle, while also having the added benefit of saving on mortgage payments, utilities, and upkeep.
A good first step in deciding if downsizing is the right choice for you is to speak with a Chase Home Lending Advisor to review your options. Your dedicated advisor will work with you to see if downsizing should be part of this new chapter in your life.
Once your Chase Home Lending Advisor has empowered you to decide that you should pursue downsizing, here are a few benefits you can look forward to.
Location, location, location
With the kids off to college or moved on to homes of their own, many empty nesters find that what was convenient and practical for raising kids (i.e., a large home in the suburbs) is no longer necessary for this next phase of their lives. Instead of simply moving to a smaller house in the same neighborhood, many downsizers opt to head back into the city or nearby downtown areas that felt impractical when raising children.
What does that mean for your day-to-day life? Well, say good-bye to the days of chain restaurants and driving to get everywhere. Purchasing a smaller home or apartment in a bustling neighborhood means that you can have access to many of the amenities you went without in the suburbs: stores within walking distance, the latest new restaurants, vibrant nightlife, and more.
Just because you’re moving to a smaller home doesn’t mean you have to give up the features you were accustomed to in your larger house. In fact, you can put the money from selling your larger home toward purchasing a smaller place and even install some additional features you’ve always wanted. With a smaller home, you can splurge a bit on things that’ll make your life easier or more enjoyable, like smart appliances or an in-building gym.
Less clutter and less stress
When you move to a smaller space, you can’t take everything you had in your larger home with you. Many people use downsizing as a chance to clear out the excess clutter in their lives. Think of how great it will feel to finally get rid of the junk in the attic or garage that you haven’t looked at in years. This can help to reduce your stress levels and allow you to move into your new home feeling peaceful.
Extra cash to use for fun
Downsizing can help you save money in a number of ways. If your home is paid off (or close to it), you’ll likely pocket a large chunk of change from the sale. You’ll also save on monthly upkeep, utilities, and property taxes. That money can go towards practical things — like your retirement fund — but it can also go towards something fun. Use the extra cash to start crossing destinations off your travel bucket list or become locals at the restaurants in your new neighborhood. Even better, do both.
More time to do what you love
Once you’ve moved into a small home, gone will be the hours wasted dusting your multiple bedrooms or mowing your lawn. Downsizing is about making your life simpler. In shrinking your home, you’ll also shrink your responsibilities, getting time back to do what you love. Instead of spending hours on home upkeep, you can take language classes or explore your new neighborhood. Downsizing gives you the freedom to decide how you want to spend your time.
When you’re ready to start your downsizing journey, speak with a Chase Home Lending Advisor.
This post was created by Insider Studios with Chase Home Lending.