Here are four clear signs that suggest it might be time for you to downsize into a smaller home:
1. You are approaching retirement. Ever-increasing living expenses, coupled with the fact that we’re living longer, means people are looking for ways to reduce their expenses. Reducing or eliminating your mortgage may be one of those expenses.
2. You’re worried about maintaining your home. A larger, older home needs a lot of maintenance, in both the long-term and the present.
3. You have a lot of unused space. You may be cleaning rooms that you never use or don’t have large parties anymore.
4. For financial opportunities. Palm Springs has enjoyed great appreciation over the last five years. If you’ve owned your home for more than five years, you’ve likely realized that appreciation as well. With the added benefit of reducing costs, using the equity in your current home to get a new one where you won’t have to make a payment might be smart.
If you have any questions for me about your home or about real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.