Maya Garg
Broker

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Agreed, the majority of people are interested in buying a larger house. There are many families that are growing,as their needs change, they may require an extra room for a home office, or have family coming to stay with them or just like more space to live in, but it isn't for everyone. There are a few reasons why some people choose to move into a smaller home instead:  The reasons could be anything but some of the tips below might be of help.

 

Equity. People, who own a larger home and have been making payments for a while, often have equity when the market is stable or rising. By selling a larger home, they can take the liquid equity and move into a less expensive home and either buys it all cash, or put a large sum down and has much lower payments and live comfortably.

 

Too much space. When children grow up and move away to start their own lives, too much space is not required. Having a smaller home can offer the benefits of ease in cleaning and having everything in the house close by no matter which room they are in.

 

Aging. Some people do not want to move around a large house as they age, especially bigger homes that have stairs which become difficult for the ageing people to climb up and down. People who get older have a greater chance of falling and getting hurt, so having a smaller space makes much more sense. They don't have to move around and if they do get hurt, there is a greater chance that someone will be nearby in the house to hear them call out for help.

 

Money problems. It happens to many families at some point. In the current economic situations Jobs come and go, along with the finances. People get divorced, separated or the family unit decreases when one of the people supporting the costs of living in the home move away, leaving the other person to shoulder the responsibility of paying of the mortgage. Often, it is a great idea to downsize when this happens before the costs become too much and the homeowner gets into financial debt and loose the house.

 

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