Downsizing Your Home Cincinnati
Should I Downsize My Home? Downsize My Home for Retirement or to Get Out of Debt
Are you thinking about downsizing your Cincinnati home, and planning to buy a smaller home that better fits your current needs?
If you're wondering "How to downsize my home?" you're in the right place.
We buy houses, and right now is a great time for downsizing your home Cincinnati.
Maybe your needs have changed, and downsizing your home would better fit your current situation.
Maybe you're near retirement, and would prefer downsizing to a lower maintenance home.
Maybe you're simply looking to downsize your Cincinnati home to decrease living expenses & pay down debt?
If your situation allows you to, downsizing your home can be a great way to reduce expenses and put some extra money in your pocket.
5 Key Benefits of Downsizing Your Home in Cincinnati, OH
When you sell your larger, more expensive home, hopefully you will have plenty of equity built up that you will exit with a good chunk of cash in your pocket.
This money can be used to pay off your debts, and make a substantial down payment on your new, downsized home.
Let's go over some more ways you can save and make money when downsizing.
Downsizing Your Home Benefit #1: Lower Monthly Mortgage Payment.
One of the biggest & most obvious benefits of downsizing your Cincinnati home to buy a smaller house will be your:
Smaller monthly mortgage payment.
By saving money here you can:
- pay your mortgage off in less time,
- save for a vacation,
- buy new toys,
- invest in your kids' education,
- donate to charity,
- whatever you want!
The possibilities are endless.
Downsizing Your Home Benefit #2: Smaller Utility Bills.
The less space you have, the less space you have to heat and air condition.
Your energy bill will be reduced, because you have less square footage.
Downsizing your Cincinnati home will allow you to save money on more than just your actual mortgage payments:
Your smaller footprint will help you save money on practically everything!
Downsizing Your Home Benefit #3: Less Maintenance Required.
In addition to reducing your utility bills, a smaller house means less maintenance.
If you're getting older, or simply lack the time & energy to invest into the day-to-day upkeep of a large house, downsize!
A smaller house means:
- Less vacuuming,
- Less dusting,
- Less lawn care,
- Fewer nooks & crannies to clean,
- Less that can go wrong.
Reduced maintenance will put both time & money back into your control, that a large house will never spare you.
Downsizing Your Home Benefit #4: Sell Unwanted Stuff.
This does not mean you have to literally have a garage sale.
However, when you sell your larger house to downsize your Cincinnati home, you will more than likely have plenty of things you can sell from your larger house.
Whether you make $50 or $5,000+ ... the greatest value here will be simplification.
Less stuff means less to worry about, less to move around, less to store, less to slow you down.
Plus, with the money you make "downsizing" your stuff, you can pay down your debts, or save for your down payment on a smaller, more affordable, more manageable house.
Downsizing Your Home Benefit #5: Decreased Consumption.
Decreasing consumption isn't just about reducing your carbon footprint, saving wildlife, or shrinking landfills...
The less you consume, the less you money spend!
When you downsize your Cincinnati house to a smaller home, you will not have to own as much 'stuff.'
This means less furniture, fewer appliances, fewer cars & equipment, fewer TVs & computers... less of everything.
Buying less will save you money. It's simple.
In addition to saving money, consuming less is indeed better for the planet!
If you want to pass along a more beautiful, inhabitable world, more richly populated by plants & animals, on to future generations, then downsizing your Cincinnati home is a great step.
How Much Money Can You Save By Downsizing Your Cincinnati Home?
Let's use an imaginary example to show how much you can save by downsizing your Cincinnati home.
Let's say your larger home was purchased for $200,000 back in 2010. You're probably paying about $1,100 per month for your Mortgage + PMI.
Let's say your $200k house has about 2,000 square feet, sitting on 1 acre. So, you're also probably paying about $350 per month in utilities.
Lastly, if you have a house cleaner & lawn care provider, that's probably another $300 per month in upkeep.
How much could you realistically save by moving into a house half the size?
Just because your new house is half the size, definitely doesn't mean it will be half the price.
Let's imagine, instead, that when downsizing your Cincinnati home, the new house purchased today for $150,000 at a modest 900 square feet.
With this smaller home & smaller purchase price, you'll be looking now at only $750 per month for your Mortgage + PMI.
If your new house is 900 square feet, on say only a quarter acre, you'll be seeing some major reductions in the cost of utilities & upkeep.
For a 900 square foot home, you'll likely be looking at about $150 per month in utilities (less than half!).
For only a quarter acre, and such a small house, the upkeep will be vastly reduced. Let's estimate, at most, about $150 per month in upkeep.
Downsizing Your Cincinnati Home Housing Costs Before & After
Mortgage Before: $1,100 / mo.
Mortgage After: $750 / mo.
= $350 / mo in savings.
Utilities Before: $350 / mo.
Utilities After: $150 / mo.
= $200 / mo. in savings.
Upkeep Before: $300 / mo.
Upkeep After: $150 / mo.
= $150 / mo. in savings.
TOTAL SAVINGS: $700 per month
($8,400 per year)
43% Lower Cost of Housing
There you have it.
Those numbers speak for themselves.
That is before including any savings from reduced consumption, or all the extra time you'll have not looking after a bigger house!
Of course your numbers could be higher or lower. This is just an example to help you get an idea of what you could save by downsizing your Cincinnati home.
If you are wise about allocating the money you save or make from the examples above, you can really start to reduce debts & save more money.
Downsizing Your Cincinnati Home by Selling Your Current House Fast
If you're ready to downsize fast, we can help you get your current property sold as is, for cash.
Maybe you already have your downsized smaller home in mind, and need to make an offer soon.
Maybe you are in debt, and struggling to pay your current mortgage.
If you'd like to sell your house as is, fast, for cash, sell it to us!
We buy houses in As Is condition.
We can close in as little as 2-4 weeks.
We're a cash buyer, so financing is never an issue.
If you'd like to downsize your Cincinnati home & learn how much money we'd pay for your house, click the button below to receive our no-obligation cash offer.