Downsizing is the process of leaving from a bigger house
to a smaller one. It can be a choice when one desires a simpler life thus a
need for a smaller space and low maintenance house. It can also be a necessity
when one is facing financial problems and could no longer afford the
maintenance cost of a bigger house.
Downsizing brings forth a number of advantages –
lower maintenance costs, increased cash flow, less stress, more time.
Lower maintenance cost because smaller house
requires less energy to heat or air conditioned, less water to clean, less square
footage to upkeep.
Increased cash flow simply because you are paying
less in your utility bills.
Less stress because you now have less workload and
responsibility combined with a greater income; you could not be any happier. And
you now have more time to spend something more enjoyable other than cleaning
your house.
When you are the owner of the house, downsizing is
easier. You can sell it right away and use the money to buy a less-expensive
house. If you are unable to find a buyer yet, the alternative is to look for
financing. That is, you apply for a mortgage to purchase a smaller house while
waiting for your current house to sell. It is easier to apply for a mortgage
when you have a high credit score, that is 700 or above. Most mortgage
companies require a high score or a large down payment before you qualify for a
loan.
One possible challenge of downsizing is when your
house is worth less than you estimated. If your reason for downsizing is
financial difficulty, you might end up with nothing after the sale. Or if you
want to use the proceeds of the sale to purchase a new house, you might want to
make sure that it is enough else you will be facing more problems.
What better way to ensure that you are in win-win
situation after downsizing? That is to sell your house for cash. When you have
cash on hand, you can buy any new house that fits your budget.
Lucas Properties, a private investor, buys houses
with cash. They buy houses in any condition – inherited houses, unwanted
houses, houses with tax problems, & houses that need repairs. Contact Lucas
Properties today!
Before buying and selling a home you need to be engaged in all aspects of the process, from the search , to communicating what you like and don't like, to listening to what your Realtor is telling you about market conditions that may affect your search behavior and offer strategy. See More at- homestead road
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