Living it up by downsizing

People buy and sell homes for many reasons. Perhaps they need to relocate for a job, or maybe they simply want a change of scenery. However, according to the National Association of Realtors’ 2015 Home Buyer and Seller Generational Trends Report, if you are 50 years old or older, chances are you are selling your home to downsize.

The reasons for downsizing can vary depending on what stage of life the person or family is entering. For younger baby boomers, those born between 1955 and 1964, the reason to downsize might be that all of their children have moved out, and they want less home to maintain. For older baby boomers (born between 1946-1954) and members of the Silent Generation (between 1925-1945) who are entering or are in retirement, downsizing can help increase a nest egg.

“For many people it is as simple as one day realizing that there are rooms in your home that you never go in, or that keeping the house clean has become a full-time job,” says Orlando Regional Realtor President Sharon Voss, who has been a Realtor for 34 years. “When that time comes, looking into buying a smaller home is the next logical step.”

Some of the benefits that come with downsizing are:

Saving money - Not only is a smaller house less expensive to purchase, the ancillary costs of the home are also reduced. “You will likely use less electricity to heat, cool or light a smaller home. This could bring down your utility bills,” says Voss. “Less house also means less to maintain, meaning costs for repairs, gardening, etc., will go down as well.”

Less to clean and maintain - If you decrease the size of your living space, logically you decrease the space you need to clean. Downsizing can also force you to re-examine your “stuff” and how much of it you actually need, which will help you declutter. Owning fewer things also means less to dust.

More free time - With less to clean and take care of comes more time for other things. For those starting their retirement, this is more time to start a new hobby, spend time with your family, or to simply relax and enjoy.

If you are considering or in the process of downsizing, the most important thing you can do is hire a Realtor. Realtors can provide valuable counsel, discuss listings, show you homes in person, and negotiate on your behalf. In addition, those Realtors with the NAR Seniors Real Estate Specialist (SRES) designation have completed specialized training and experience requirements in meeting the specific needs of older buyers.

Visit orlandorealtors.org to find a Realtor to assist with your real estate transaction or to learn more about buying and selling a home in the Orlando area.