The Cost-Effectiveness of Downsizing Your Home
These are your golden years. Why spend them worrying about mowing the lawn or trying to keep up with high energy bills? At Linkside at Old Hawthorne, we know that making the decision to downsize from your existing residence is tough. However, it might be the best option for you, both personally and financially. Here are a few reasons why downsizing is an extremely cost-effective and fiscally smart idea.
1. Make Money and Have Equity
With Linkside, our residents actually own their homes. That means they have equity in their homes that you don't get if you rent space somewhere else. That fact, plus, the fact that you are likely selling a larger home, means you'll have the money from that sale to use toward the purchase of your smaller, less expensive Linkside Home. The net result is savings in your pocket from the difference. Selling a larger home to buy a smaller home can be an excellent financial move.
When you sell your larger home and purchase something less expensive with the proceeds, there’s a good chance you will have funds leftover. In most cases, your new home at Linkside will then be paid for with money left in your pocket to finally do some of the things you've always wanted to do.
]2. Lower Your Energy Bills
With a larger residence, there is more square footage to keep warm in the winter and cool in the summer. If your home is an older model building, you may also have windows and doors that are drafty. You could rack up the energy bills pretty quickly to the tune of up to $400 or more a month depending on where you live, not to mention renovation costs for any windows, doors and insulation that need upgrading in to help maintain a home at a comfortable temperature.
This is where downsizing becomes incredibly cost-effective. Linkside homes are new construction homes that are built with energy-efficient construction. That, plus a smaller square footage, means you won’t have energy bills that are nearly as high as you may be experiencing now. Our residents, on average, are able to save as much as $250 or more a month on energy savings alone.
3. Selling Home Goods for Cash
Smaller square footage means fewer rooms to fill with personal belongings - another cost-effective benefit of downsizing. You won't need as much furniture or home accessories. It opens the opportunity to make money on the items you currently have that you don't want to take with you.
Whether you just have a yard sale for the smaller stuff or find buyers for more valuable items, there’s a good chance you’ll see a bit of a profit. And, if making money isn’t your prime motivation, you could even donate those items to charity programs that help families in need.
4. Save on the Cost of Home Services
How much are you paying each month for lawn service or shoveling sidewalks? Linkside at Old Hawthorne residents don’t have these bills, as a single HOA fee covers the homeowner’s association contractors that take care of all exterior maintenance tasks.
This means that you’ll never have to worry about your lawn getting too high or wondering if you’ll slip on an icy driveway in the winter. And no trimming shrubbery in the summer or worrying about any of those sorts of tasks. Instead of paying each individual to do this work for you, our contracted partners provide these services more efficiently than most homeowners could do on their own. This is yet another reason why downsizing from your current residence to our community is a cost-effective decision, both for your bank account and your peace of mind.
Good For You and Good for Your Pocketbook
We love talking about the benefits of living at Linkside, everything from the freedom and peace of mind, to the neighborhood family and social interaction...but it's important to know that there are definite financial benefits as well. Put pencil to paper, grab your calculator, and do the math. When you consider your current expenses against what they would look like at Linkside, it may be that a tour of Linkside is a good next step.
Have questions? Contact our Community Liaison for a conversation. We're happy to share information with you so that you can make the best decision for you.