Retirement is not the only reason people decide to downsize, although that is a big one! More and more often we hear about people looking to simplify or those who are facing a life change that impacts their current living situation. Here are the top 6 reasons homebuyers downsize.
There is a lot of maintenance that comes from owning a large home. Cleaning, lawn care, snow removal, and continued upkeep can be more than you anticipated. Sometimes all of this is fine initially but then becomes burdensome. As homeowners age, it may be harder to keep up with the day to day maintenance. A lifestyle change, such as starting a family or taking a job that requires more travel can have you re-evaluating the amount of time you want to put into keeping up a home. Downsizing to a smaller home will decrease the amount of maintenance needed, but if maintenance-free living is what you are striving for, a condo or townhome may be the way to go. In Bozeman, there is no shortage of development so whether you are looking for a high-rise condo downtown, or something in a quiet neighborhood there are options.
Traditionally this is the main reason people downsize. By cutting home expenses and moving into a smaller home your cost of living is likely to go down with reduced property taxes, insurance, and mortgage payments. If travel is part of your retirement plan, you may not want to be tied to everything your home needs. Bozeman is a wonderful place to retire, but a lot of people head south for the winter! It's ideal to have a place that can be left for months without worry.
Having a big home with a large back yard is great when you're raising a family. Once the kids are gone, all the extra space isn't necessary. Even if you have paid off your mortgage, a large home means higher property taxes and insurance. An extra bedroom is nice for when they come back to visit, but if you have several bedrooms it's just more square footage you have to keep clean!
With many people working remotely nowadays, you don't necessarily have to stay in one spot. If you have the flexibility to work anywhere you might not want to be tied to a place because of your home. Downsizing to a smaller space or condo can give you more time to travel without having to worry about home maintenance.
There has never been a better time to sell your home in Bozeman. Prices are at an all-time high and with low inventory they are projected to continue to rise. This can make it difficult if you are trying to upgrade your home, but if you are downsizing it can work in your favor. With so many buyers, you can get a high price for your home, which gives you more money when looking for a smaller property. It can be tough to be a buyer in a seller's market with listings going under contract quickly, but working with an experienced agent to keep an eye out for you, or signing up for new listing notifications so you know right away when something comes on the market can help.
If there is one thing we learned in 2020, it's that life can change quickly. Sometimes, downsizing is the only option when it comes to job loss, divorce, or an unforeseen change. It's not always a forced change. A new job where you are traveling more and no longer have time to keep up with a large home may have you downsizing. The desire to simplify or be more eco-friendly can also spur the idea of less is more and have you putting your larger home on the market.
If you have made the decision to downsize, then it's time to get ready to sell your home! Click here for some tips on getting your home ready to list in Bozeman. It's also time to start your home search to see what is available. Click here to start your property search in Bozeman.
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