Downsizing marks the next chapter in your life. Whether you are retiring, want to reduce your mortgage, or are just tired of maintaining all that extra space, downsizing allows you to simplify your life and start a new adventure. However, downsizing means that you must sell your current house. Selling your house in today’s unstable real estate market can be nothing short of a headache.
If you don’t have the patience to wait several months to downsize your house, you can opt to sell your house fast to a local home buyer in Louisville, Kentucky. By working with an investor, you can bypass the traditional route, delaying your plans and costing you thousands of dollars. Below, we look at how to sell your house fast when downsizing.
Why Are You Downsizing?
There are several reasons people downsize and choose to live in a smaller home.
Less Space, Less Maintenance
It is true that a smaller home offers less living space and less storage. However, if you are tired of your current home’s upkeep, moving into a smaller home may reduce your maintenance workload every year. Less maintenance puts more money in your pocket and frees up your time.
More Time with Family
It can be frustrating coming home from work only to clean and maintain the house every night and on the weekends. Where does the time go? Certainly not with your family. Moving into a smaller home can create more time and energy to spend with your family. A smaller home also promotes more bonding time, as you live closer together.
A Simpler Lifestyle
If you are juggling your family, your job, and personal obligations, a large house can complicate your life quickly. Your investment is not only financial. A big space can occupy your thoughts and take up your time. As the house gets older and you fill it with more stuff, your life becomes more complicated. A smaller home can create a simpler lifestyle.
More Money in the Bank
A large home is expensive to live in. Recurring costs include monthly utilities, lawn care, repairs, renovations, home improvement projects, cleaning supplies, insurance, and, of course, your mortgage. Cut your house in half, and you cut your costs in half.
Today’s average mortgage in the U.S. is between $200,000 and $250,000. This is for an average house size of 2,687 feet. You must ask yourself if you are prepared to borrow that much money for a space that will cost you much more than just the mortgage. A smaller home can reduce your mortgage significantly.
More Options in the Market
Once you decide to downsize, you quickly discover that you’ll have more houses to choose from. You may be able to find a house that is more suited to your style. Or you can move into an area of town you have always wanted to live in. Why not sacrifice some square footage for a better house or an ideal location?
Benefits of Downsizing Your Home
There are several reasons why it is the right time to downsize your home.
You Can Pay Down Debt
If you focus on reducing your debt right now, downsizing your home can help you pay off secured and unsecured debts that range from your car loan to a credit card balance. Moving into a smaller home could also help you secure a smaller mortgage, which means more money in your pocket each month.
Add to Your Retirement Fund
If you are already debt-free, downsizing can funnel more money into your retirement account. You can give your IRA a quick boost by adding a lump sum of a few thousand dollars into your account. A sizable amount can turn your six-figure retirement nest egg into seven-figure savings over time. Over 20 years, you may have enough to help you retire in style.
Pay Off Your Mortgage
The fastest way to sell off your mortgage is to downsize. If you decide to buy a new but smaller house, you can apply the money you made from your house sale to your new mortgage. Plus, if you have a sizable amount to put down on your new home, you may get a healthy APR on the front end.
Sell Your House for Cash in Louisville, Kentucky
Do you live in Louisville, Kentucky? If so, contact We Buy Real Estate today. Sell your house fast for cash in Louisville, Kentucky and the surrounding area. We buy houses as-is in any condition. Call (502) 458-2722 to get a fast cash offer.