Downsizing can be great, but there are a few additional costs you should be aware of when deciding to move into a smaller home.
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If you are considering downsizing your space, you should know that you might not be downsizing your expenses. A smaller house might sound great because there will be less to maintain, but sometimes a smaller home can have a greater cost.
For example, if you are moving from an older home into a new construction property, you might have higher utility bills or homeowners association fees that you didn’t have before. If you were on septic and now you’re on sewer, there will be additional costs to your regular water bill. Moving to a new construction property might be more expensive.
Location is an important factor to consider as well. If you live in the county area and move within city limits, taxes might be more expensive. There might also be some assessments you have to do. If you want to retire and move near a lake or river, that’s awesome. Just be aware that you may be required to add flood insurance to your expenses.
The location of your new home can impact things like taxes, HOA fees, and insurance costs.
If you’re like me and you’re tired of dealing with a yard, you might be considering a townhome or condominium. There might be fees for those types of properties. You may have to pay for utilities such as shared lighting on the street or maintenance of the entryway.
If you are thinking of downsizing, keep these different costs in mind and figure out what will work best for you.
If you have any other questions about downsizing or real estate in general, just give us a call or send us an email. My team and I would be happy to help you!
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