You often hear of downsizing when the kids move out of the house and mom and dad find a smaller house with fewer rooms. Maybe you could benefit from downsizing? Here are 5 reasons why you should downsize your house in Kansas City.
Pay Off Debts
If you downsize your house in Kansas City, you could pay off debts! By selling your house and moving into a smaller one you can generate a large chunk of cash that you can use to pay down debts. This money can be used for credit card bills, student loans, deck consolidation or you could take the money and pay down your new home loan faster
If you downsize your house in Kansas City, you could start a college fund for your children or grandchildren. If the money you make from selling your house is put into a college fund, it can grow and be used tax-free for college in the future for your children or grandchildren. The cost of college has been going up rapidly and while no one knows exactly where it will go, it does seem like it will be quite expensive in the future. This is a great way to protect your loved ones and look out for their best interest as well.
You Don’t Like Your House
Another reason to downsize your house in Kansas City would be that you don’t like your current house. It can be really reasons why you might not like your house. Perhaps the layout is not good. Perhaps the home needs updates that cost more than you want to spend. Maybe you’re looking for an area with a more dense urban population and less urban sprawl or perhaps the downsizing was unintentional. Regardless, you should love what you live and not settle for property that you’re not absolutely in love with
Save for Retirement
If you downsize your house in Kansas City, you could quickly boost your retirement fund. You could open a savings account with that large chunk of money and keep adding to it every month with the difference. You could also invest that money in mutual funds or an IRA or Roth IRA account to possibly make way more than if you only make deposits into a savings account. Even if you are at retirement age, downsizing later in life can be a nice boost to your account and maybe fund that big retirement trip you’ve been dreaming about.
Too Much Upkeep
If you are having trouble keeping up with all of the housework, it would benefit you to downsize your house in Kansas City. It could be because your lifestyle has changed and you can no longer afford the time to take care of that lovely garden, clean a massive five bedroom house or some other time intensive upkeep. Perhaps your hobbies have changed and what seemed appealing 10 years ago no longer really fits what you’re looking for in your current home. I know that I’ve done this before or where I lived in a house that had a nice big yard, but when I decided to move to take a very time-consuming job, moved into a home with little to no upkeep required. Lastly, if the home is costing you a bunch of money and repairs every month because it’s quite old, you may be interested in moving to reduce your monthly maintenance expense.
The number one motivator of most people when they choose to downsize their house is to reduce costs. Maybe you can’t afford your current situation because of unforeseen circumstances and you need to downsize to reduce your monthly costs. Selling your current house could give you a boost in funds to find a new place and move in, and then your overall costs would be more affordable. This would especially be true if your new, smaller house had some green innovations to help with the general cost of the household. Perhaps the new house has solar panels to help with the monthly utility bill.