For many suburban homeowners, maintaining a large house and lawn after the kids have moved out can be a problem.Property owners could pay high energy bills for the large house and owe taxes on space they aren't utilizing anymore. At some point, it may make sense to move to a smaller home. The right time to make such a move, however, could be difficult to determine according to a CNN report by Carla Fried.
Although the market is good for buyers, sellers face more of a challenge especially with larger homes. One consideration that tempts many would-be downsizers is the likelihood that as the property shrinks, so will the expenses associated with it.
Chuck Petitti, a Boston-area real estate agent, tells CNN that his clients want to move after coming to understand that"I could be traveling or doing something else with all the money I am paying for utilities and property tax on this big house."
Due to the large number of families with grown children or teens about to leave the house, the competition for smaller properties could eventually drive prices up.
In addition, CNN cites research from Zillow.com which suggests that smaller properties retain their value with more efficiency. Another major issue facing potential downsizers is that in some areas,s ome as popular metropolitan downtown areas, smaller properties cans still be very expensive.
The savings associated with getting rid of a second car, for example, may quickly be overshadowed by high maintenance fees. If you do plan to relocate, be sure to contact Consumer United to find out about all of the great savings opportunities on services thatcould be available at your new home.
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--Bridget O'Sullivan
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