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Many couples purchase larger family homes because of the number of people in their household. If you have kids that are all different ages, they will want to have their own bedrooms and privacy, which is why a larger family property is the most practical solution. However, as you get older and your kids become adults, one by one they will fly the nest. Some will head off to university while others will become independent and move into their own properties.
While this means that you can finally look forward to some peace and quiet as well as quality time, it also means that you may be left in a huge family property when there are only two of you living there. This is why a lot of older couples decide to downsize once the kids have left home.
Why you should consider downsizing
If you are living in a large property, there are many reasons why you should consider downsizing once the children have grown up and left home. For starters, you probably don’t want to be rattling around in a large property when there are only two of you left because you will just have a lot of unnecessary space that you never get to use.
You also need to think about finances. If your mortgage is all paid off by the time the kids leave home, you could be sitting on a little goldmine based on the value of your home. By selling up you can get the money for your property, invest some of it in buying a smaller property that better suits your needs, and still have plenty left to put into your bank account. The difference between the value of a large family home and a smaller property suitable for one or two people can be huge, so you could make an impressive profit.
In addition, you need to think about the cost of maintaining a larger property compared to a smaller one. Do you really want to be forking out on heating bills and other maintenance costs for multiple rooms that are not even in use? Cleaning a larger property is also far more of a challenge, and this is the last thing you need as you get older. Downsizing means that you can get a property that is far more affordable to maintain and much easier to keep clean.
If you are looking to sell your larger property and purchase a smaller one, you need to enlist the help of a legal expert. Call us today for expert advice from the best real estate lawyer in NYC.
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