Does Downsizing Your House Really Make Your Life Easier?
Does Downsizing Your House Really Make Your Life Easier?
As soon as travel restrictions were lifted and financial long COVID set in, the purveyors of web content began trying to sell people dreams of making major life changes. No matter where you clicked, you saw articles about singles, young families, and retirees who left everything behind and moved to Finland, Chile, Slovenia, or somewhere else where the grass is supposedly greener.
Likewise, if you are in the workforce, it seems like everywhere you look, you find content urging you to join the Great Resignation or, worse, be a tradwife. You are far too levelheaded a person to go chasing radical life changes, but the financial stress is getting to you. You are also old enough and wise enough to know that brewing your coffee at home instead of buying it at the McDonald’s drive-through every day will not make a big dent in your dents; for major changes, you must reduce your housing expenses. Will downsizing your house help your finances, or is it just another hassle? For help thinking clearly about selling your house and buying a smaller one in a less expensive area, contact a California real estate law attorney.
Empty Nest or Multigenerational Household?
One of the most common events that precipitate people to move to a smaller house in a less expensive area is their children growing up and moving out. Once your children are grown up, living near their school is no longer an issue, and as you approach retirement age, living near your workplace matters less, too. There is nothing tying you to chaotic, pricey Southern California, so you might as well move somewhere cheaper and more peaceful.
There are two counterarguments to this line of thinking. The first is that moving is stressful and expensive; even if the move eventually brings you peace of mind and financial relief, things will get harder before they get easier. The other consideration is that your children might need to move in with you in the future. Yes, if you buy a cheaper house, you can give them money if they need it, but job opportunities are more plentiful in the big cities. Besides, multigenerational households rule. Your grandchildren will learn your heritage language, and you will share meals and household responsibilities.
Householding is a Young Person’s Game
Sometimes, the motivation for downsizing your home is not financial. Instead, it arises from a realistic view of your own health. If you are not as young and healthy as you were when you bought your house, ordinary household tasks can be burdensome, as can going up and down the stairs. A smaller house is more manageable, and it will leave you more money to buy long-term care insurance, which can save you from financial catastrophe.
Contact SNR Law Group About Downsizing Your Home
A family law attorney can help you make wise decisions about selling your house and moving to a smaller and cheaper one. Contact SNR Law Group in Tustin, California, to discuss your case.
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