Some people don’t even realize it, but the house they live in is no longer the optimal one for their life and needs. Maybe at one point this was the perfect house for you, but now, after 5, 10, 15 yrs or more, whether or not you feel it, you may be living in the wrong house in Chesapeake.
Start A College Fund
If you decide to downsize your house in Chesapeake, you could pay off existing college debt, or, maybe even better – start a college fund with a bang (cash) for a loved one – son or a grandson. If you are getting older and your house is a bit of an overkill already, you could seriously consider this idea. There are not many ways for you to get a good chunk of money from other assets vs. selling a house (a main one, inherited one, or a rental) to kickstart a nice college fund account. Your kids/grandkids will be very grateful, hopefully 🙂
You Don’t Like Your House (Anymore)
If your house in Chesapeake no longer appeals to you as it once did, maybe it is time to downsize. We get it, you bought this great house 15 yrs ago, and no matter how hard you try to justify it to yourself, you may no longer like it all that much anymore. Maybe you have changed, maybe the kids are no longer there, to make it feel more like a home, maybe the house was not kept up with, as you know you should – you know – repairs, updates, new roof, flooring, yard fixtures, windows, etc. At a certain point of time, it’s not abnormal for people to not like their house anymore. Again, that doesn’t mean you bought a bad house. At the time when you did it was great, but in some cases 10, 15, 20 yrs later it now feels like it’s served its purpose already and it’s time to downsize.
Pay Off Your Debts
Downsizing your house in Chesapeake will give you the financial “injection” to pay of some debts – it could be personal loans, business loans, friend and family loans, and many others. When you downsize you will still continue to live pretty much the same way as before, possibly in a smaller house that will better suit your future needs. You will get a fresh start, and, the money to pay of some or all of your debts, especially if you don’t owe any mortgage.
Save More For Retirement
Let’s face it, we are all getting into our twilight years in our lives at some point. Downsizing your house in Chesapeake, will offer you extra funds to supplement your retirement. We all know that Social Security is not really enough to live on, so having extra funds would be really nice, wouldn’t it? Downsizing will provide you the funds to sponsor or supplement the next chapter of your life, so you can have more quality time with your loved ones not worrying how you are going to support your self. That will also boost your self-confidence because you may not need to rely at all on your kids or grandkids for any kind of help.
Too Expensive To Maintain Properly
A time may come your your life when your house in Chesapeake can become too expensive for upkeep. Maybe when you were younger you had a better job, maybe your current earning potential is less, maybe you’ve lost a spouse, maybe there were too many deferred repairs that accumulated over the years and now it’s hard or even impossible to tackle with your current finances. If these are your current circumstances, maybe it is time to downsize, so you can sell your house, even as-is, without doing any repairs or cleaning, so you can get some extra cash and get a fresh new start in a smaller place.
Reduce Living Expenses
Sometimes, downsizing your house can be driven simply to reduce your everyday/month expenses. If you are getting close to (or already in) retirement, or if you needed to switch careers into something less lucrative, for whatever reason, one of the ways to get extra money is to reduce your expenses monthly. Sometimes you do not have to just go on a “noodle and hot dogs diet” to reduce ongoing expenses. In some cases, you simply need to re-evaluate the house you live in, is it serving you best? Isn’t in too much to upkeep? Isn’t it a little too big now? Maybe the kids move out? Maybe a health issue arose? Whatever the reasons, sometimes the wisest thing you can do is to downsize. And don’t worry, you do not have to spend money to fix up the house, if you do not have the physical or financial strength to do it. You can actually sell it as-is, fast, for cash. We buy houses in any condition.