As we move through life our housing needs change, a couple in their 30’s with three kids at home requires a different amount of space than a couple in their 60’s with three children who live on their own. Maintaining a large house when you don’t have the need for the additional space can be a financial burden and drain on your time. Let’s go over some of the many benefits of selling your Bay Area house and downsizing to something smaller.
Cash in on your Equity
If you have raised your family in the same home then you have owned it for many years, the value of the property has grown since you purchased it. In many cases it would shock you to learn the amount of equity you have sitting in your house. The concept of equity is amazing but it isn’t real until you sell and get the actual payoff. As we all know from the last real estate crash in 2008 equity can disappear over night. Don’t get hit by another downturn, sell your house now and cash out on the equity you have spent years building.
The bigger your house is the harder it is to maintain it, it’s as simple as that. If you are doing the work yourself a big house takes up more time, if you are hiring others it cost more money. Selling your Bay Area House now and downsizing to a smaller one or condo will greatly reduce the amount of time and money you spend on keeping your property up. You have worked too hard to get to this stage in life, don’t spend your golden years doing choirs you do not enjoy.
Lower your Mortgage Payment
If you are selling a large home and buying something smaller the price will likely be less so your monthly payment will be lower. Having to spend less money on your mortgage allows you to spend more on other areas. Why be house rich and cash pour when most of that space is going unused and collecting dust?
You have lived in your home for a long time, raised your family there, it is full of cherished memories, but you have entered a new stage of life. It’s time to move forward, that home that was the foundation if your family is not an anchor holding you back from the fun and exciting times ahead. Give us a call today to see how we can help. It’s time your Old family home becomes someone else’s new family home.