When it comes to homes, bigger isn’t always better. It’s much more important that your house fits your lifestyle and current circumstances than it be a big, impressive size. However, moving to a smaller home can be an uncomfortable thought. If you’re used to a large home, you might feel cramped in a smaller one. That’s why our team at GVC Mortgage has put together a list of questions to ask yourself to determine if now is the time to downsize.
Do You Use All of Your Rooms?
Many homeowners choose their houses bases on how many children they have and how many bedrooms will be needed to accommodate them. However, if your children have started to move out, you may have some bedrooms that remain empty. Similarly, a homeowner that chose a large finished basement for their children may find that it no longer gets used. If you have several unused rooms in your home and you have no plans for using them in the future, you should consider downsizing.
Do You Want to Retire Soon?
Retirement is one of the most common reasons people look into downsizing. As individuals move toward retirement, most hope to stretch their retirement savings as far as possible, which typically means decreasing yearly expenses. A smaller, less expensive property can help your savings last longer by reducing property taxes, insurance, and mortgage payments.
Are You Able to Maintain Your Home?
Another very common reason homeowners choose to downsize is because they do not enjoy or cannot keep up with the maintenance of their current home. No matter your age, you want to ensure that your home is cleaned and maintained on a daily basis, and many people don’t have the time, ability, or desire to do so. If you feel overwhelmed or you’d rather spend your time and money elsewhere, it’s time to go smaller.
Is downsizing right for you? Let GVC Mortgage help! For help with the loan process or exploring your mortgage options, contact GVC Mortgage today at (317) 564-4906. Our team of home loan professionals serves home buyers in the Carmel, Fishers, and greater Indianapolis area.