In real estate today, less is more! There is a trend towards smaller homes for many reasons; families have fewer children on one end of the spectrum, the well-known 2.5 children under the age of 18 per household have dropped, now coming in at an average of 1.93. Often, homeowners find rooms that once were needed and vacant a great deal of the time.
Additionally, there has been a surge in retirement over the past few years. With less house, you may find yourself pursuing previously undiscovered passions or checking off everything on your bucket list. Typically, less time is spent near the home or even in the same state once these retired homeowners find themselves freed from the daily grind of work. You may become a master gardener, take classes at a local college or take off on world adventures,
Whatever the reason you are considering a move to less space, it is helpful to have as much information as possible to make an educated decision when weighing the pros and cons. Read on to learn more about these five benefits of downsizing your house in Long Island.
Owning things means you must pay for where they sit; the less stuff you have, the fewer life costs. Smaller spaces by their nature force homeowners to be more selective about their possessions. However, before you start, you should be aware that the organization of like items and thoughtful utilization of storage space is key to successful living in a smaller area. The process of letting go of the extras can be quite uncomfortable; however, it can also be very freeing, finding yourself relieved of the burden of caring for all of that extra stuff. Saving time and energy for more enjoyable activities is an unexpected benefit of downsizing your house in Long Island.
Homeowners can heat or cool smaller spaces with less power, and there is less power demand overall in a smaller home which means you can save a tidy sum on your monthly utility bill. In addition, installing extra insulation and off-grid resources such as collecting rainwater and adding solar paneling can lower costs for utilities even further, as will upgrading to more energy-efficient windows and installing awnings. Finally, purchase energy-efficient appliances to realize the most savings on energy. Over the year, these savings add up to a money-saving benefit of downsizing your house in Long Island.
The value of your home influences your property taxes, and with less home, there will be less property tax due, which is one more cost-saving benefit of downsizing your house in Long Island. Often, smaller homes, such as mobile homes, are not considered real estate if you do not own the land the home sits on, and any taxes paid are significantly less for personal property.
Cheaper to Insure
Another benefit of downsizing your house in Long Island is that less cash from your pocket will go towards homeowners insurance when you own a smaller home. Insurers base their rates on a replacement per square foot basis, so less is less costly for your policy payments. Like those at Prestige Home Buyers, professionals in the real estate industry are familiar with many ways you can save further on homeowners insurance.
Last but not least, the saving on the mortgage payment is a motivating factor for many homeowners and is the most significant of the benefits of downsizing your house in Long Island. Because the home is much less expensive, buyers can often pay for a smaller home in full from the proceeds of their existing home and begin living life mortgage-free. But, of course, you must still do your research to ensure that your real estate investment is sound and holds value over the long term. Take the time to perform due diligence and work with a local expert who knows the area, like the professional buyers at Prestige Home Buyers.
Ready to learn more about the benefits of downsizing your house in Long Island? A professional buyer like those at Prestige Home Buyers will take the time to answer any questions or concerns you may have about making a move to a smaller home. So you can decide what is best for your situation, why not work with a professional buyer from Prestige Home Buyers who will help you discover what your home is worth on the market today, with no obligation. Then, you can compare this to our cash offer, which you will agree is more than fair. In addition, Prestige Home Buyers provides you with a guaranteed closing date convenient to you. With no closing costs, no commissions, or hidden fees, you will save time and money with a direct sale to Prestige Home Buyers. At Prestige Home Buyers, we want you to feel good about working with us long after the deal is closed. Contact Prestige Home Buyers at (631) 336-9166.