In our recent blog post, Which Size Home Is Best for You?, we look at three signs that can help you choose between a larger and smaller home in the Cleveland Ohio area. There is no time like the present to move up, with mortgage rates at historic lows and confidence booming. However, for some homeowners, selling your current property and moving down is actually the better option.
Moving up is not for all homeowners in Medina and Cuyahoga County— in fact, here are a few reasons to downsize from your current home:
You want a lower mortgage payment
The financial aspect of owning a home is the single most important factor in determining which size home is best for you. What can you afford? Using a mortgage calculator can help you consider all of the costs and figures associated with a new home purchase, including your down payment. If you want a lower mortgage payment, downsizing can be a great move.
Save on property taxes
Homeownership in Brunswick, Hinckley, Medina, Valley City and Strongsville also means you’ll be paying property taxes. If you’re moving to one of these communities, a smaller home can also mean smaller property taxes, thus meaning more savings for you.
Save on utilities and maintenance
A smaller home in the Cleveland Ohio area can bring down the monthly costs of utilities. As we head into the colder months, keep in mind that a smaller home takes less energy to heat. If you have energy-efficient appliances or plan to install them, they can also bring down your monthly expenses and help save on these costs.
In terms of maintenance, less space gives way to less maintenance and upkeep. If your current yard is too much work for you to maintain, a smaller home (and thus, smaller yard) can free up more of your time.
You’re headed toward retirement
Whether you’re planning to retire soon or simply want to start investing more in a separate fund for retirement, downsizing can allow you to contribute your extra savings to these areas.
BOLD Real Estate Consultants can help you sell your home while the timing is right and find a smaller property in Medina, Valley City, Columbia Station, North Royalton, Brunswick, Hinckley or Strongsville. Contact us today!
Sajag Patel
BOLD Real Estate Consultants
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