Are you thinking about downsizing?
Some people, real estate professionals especially, encourage Bay Area residents to always be thinking bigger and better in their choice of homes. After all, isn’t “buy a big, nice house” one of the ingredients of the classic American dream? However, “saving money” and “planning ahead for the future” are also both virtues, especially if they can lead to someone pursuing a different track: downsizing their home. The concept can make a lot of sense, especially for those with high monthly payments, high utility costs and decent equity in their current home. Luckily, it’s a great time to sell your bigger home, so the next step is to look for something smaller that costs less money, and then hiring one of the Bay Area packing and moving companies to get you there.
Here’s why downsizing can be a smart financial move:
- Save big. The bigger the house, the more it costs to heat it or cool it. The U.S. Department of Energy reports that space heating is the largest portion of a typical home’s utility bill: 42 percent. (The No. 2 is water heating at 18 percent.) Though there are plenty of things homeowners can do to try to reduce their energy use, one solution is to seek a home, especially if you look for a place that’s even more energy-efficient.
- Fewer fees. When you’re shopping for your new, smaller home, don’t just look at the sale price. Find out if property taxes in the new area are less than you’re paying now. Homeowner insurance premiums also may cost less in different areas, which can all combine to smaller monthly bills and a faster method to grow equity vs. pay fees.
- Use your current equity in big ways. If the value of your home has increased since you purchased it, you potentially can make a nice profit when you sell it. These funds could be used to pay more toward your new home, or be invested in other ways, including reducing other debt like paying down credit card bills or student loans. It also could be added directly to your retirement account. Even savings accounts or money market accounts with decent returns or interest rates could be good possibilities to help your sum of money keep growing.
- Ask for help. Though you may think you know the basics of buying and selling, bringing in a real estate professional to represent you in the transactions can often help get you a better deal on your sale or purchase. Likewise, bringing in one of the reliable moving companies in the Bay Area can also be a smarter idea. It can be faster, easier and more affordable than trying to take care of all of this by yourself.
- Think outside the house. Downsizing can provide more opportunity to focus on smaller parts of the yard rather than being frustrated with all the upkeep needs of a bigger yard and related property. You may better be able to focus on growing a few trees or a smaller garden well and have more time for other activities. As some of your landscaping grows, it can also help block direct sunlight, provide more shade and keep energy costs down, along with increasing curb appeal and resale value.
Have you made the decision to downsize and are looking at reliable Bay Area moving companies?
If so, please contact Movers N Shakers for a free moving quote. With an impressive BBB A+ this Bay Area moving company is eager to help people get their possessions where they need to go.