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McCourt Real Estate Blog

College Acceptance and Downsizing Your Home

April 17th, 2009 7:41 AM by Caren McCourt-Crane

This is the time of the year when college letters have been sent off, a flurry of catalogs are on your table, internet research is heating up your laptop and talks of cars, homes, apartments and dorms permeate every discussion.

If you're a baby boomer who has a student going off to college this fall, then this post is for you.  You may already be will I afford an apartment or duplex for my child at college or what am I going to do with all this space once s/he's off to higher knowledge?

It might be a time to think of downsizing your home.  Here at McCourt Real Estate we'll be happy to discuss options, alternatives and best practices.  Afterall, all of us are mom's here.  We all understand not only the emotions that new empty nesters are dealing with we know, from our very core, what mom's go through and what information would be helpful to them as they make some major decisions in their life.

This article will help your mind start thinking about adjustments that can be made...

Baby Boomers and Empty Nesters are doing it. Frugal retirees are doing it. Downsizing, selling a larger home and moving into a smaller one, is the option some couples or families are choosing as the right solution to their current residential needs. Myrtle Beach, SC offers many types of downsize options, everything from ocean front condos to golf villas and bungalows in retirement communities.

What are the benefits of buying a smaller home?

- Selling a larger home to buy a less expensive one might mean more money in your pocket to pursue activities you've been postponing. If you spend most of your time working just to pay a high monthly mortgage, it is logical that you will have to work fewer hours to pay a lower mortgage.
- Think of all the hours and dollars saved cleaning and maintaining a smaller home.
If you spend less time cleaning, you can spend more time with friends and family.
- Home heating and cooling costs will decrease with a smaller home, benefiting your pocketbook and the environment. Are you heating unused rooms in the winter and cooling empty spaces in the summer? Couldn't you put that money to better use?
- Smaller homes have less storage space and if you can't "stock up" you probably won't buy it in the first place, saving you money every month.

What are the disadvantages to buying a smaller home?

• You are going to have to toss out a lot of "stuff". It's hard to let go of treasured possessions but other than renting an offsite storage space, it's your only option.
• Your entertaining style will change. Your house may not accommodate overnight guests and the dining room may not be big enough to host Thanksgiving dinner for 12.
• Privacy and a quiet spot to call your own might become a thing of the past in smaller quarters.
• A smaller home may represent a lower value to the casual onlooker. But if other peoples opinions don't matter that much to you, then buy the size home you are comfortable with.

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Posted by Caren McCourt-Crane on April 17th, 2009 7:41 AM



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