In high property value areas like Los Angeles, downsizing is the next big trend. Why? For a number of reasons! For one, the economic outlook is changing. Millennials make up almost a quarter of the country’s overall population, currently the largest demographic, but they barely own 3% of the country’s wealth.
This is important to note because it means that millennials’ purchasing power is weak. This is bad news for baby boomers and empty-nesters with sprawling mansions and homes because millennials can’t afford to buy them. Now that the maintenance and upkeep of owning such a large home is catching up to the baby boomers, they’re looking to downsize.
Many boomers can’t sell their homes at the price they bought them at. Instead of living in huge mansions and homes that few buyers can afford mortgage payments on, boomers have decided to downsize their property in Los Angeles. They’re moving from their current homes into houses that are easier to maintain and live in.
However, if you’re still unsure with your decision, we’re here to help. To help you come up with a decision that’s best for you, we’ve listed down the pros and some cons of downsizing in Los Angeles.
Pros Of Downsizing In Los Angeles
There are multiple benefits to downsizing your home in Los Angeles.
- When you sell your home and move to a smaller one, there is an increase in cash flow. This can be through the extra cash you made through the sale, reduced mortgage, or lesser out of pocket expenses for maintenance and upkeep.
- Easier maintenance and upkeep. You no longer have to maintain a home with many rooms, you just have to vacuum, dust, and clean a smaller space.
- Lower utility bills. It costs significantly less to heat or cool a small home as compared to a large one.
- You have more time in your hands. Fewer rooms and significantly smaller spaces cut down on the time you spend cleaning and maintaining it. Because of this, you have more hours in a day doing something enjoyable for yourself.
- Closer ties with your family members or guests. A smaller space means there’s more avenues to interact with the people living in your home.
- When you downsize, all of these benefits bring you less stress. Increased cash flow, less responsibility, and better flexibility all reduce stress. When you’re no longer overwhelmed by the demands of a huge home, you’re bound to experience less stress.
Cons Of Downsizing In Los Angeles
There are a few cons to downsizing in Los Angeles.
- If you’re used to living in a huge space, you might feel constricted in your new, much smaller home.
- Additionally, a smaller space means fewer belongings, so if you’re used to having a lot of stuff, you might feel saddened at this abrupt change.
- Moving to a smaller house means selling, giving away, or throwing out some of your belongings. You’d have to sort through your attic, basement, and garage.
- If you have emotional attachments to any of your belongings, you might find it hard to part with them.
- No room for guests. A smaller home means there’s less space for hosting dinner parties.
- Another con to downsizing is the lifestyle changes you have to make. When you’re used to living in a huge home, you might find yourself uncomfortable with the sudden change. That is because there is a certain comfort with staying with what is familiar.
We Buy Houses In Los Angeles
When you’re set to downsize, don’t hesitate to get in touch with us here at Inhouse Offer. We buy houses in Los Angeles, so if you’re looking to make a quick, clean, and fair sale, we’re the house buying company for the job. If you need to sell your house fast for cash, we’re local home buyers serious about buying your house. No repairs, no inspections, no agents, no fees, no commissions.
Once we provide a fair cash offer for your home, the ball is in your court. You can either take a step forward into your new life by accepting our fair cash offer, or take your chances with the long arduous process of traditional home selling. To find out more about our quick selling process in Los Angeles, CA, give us a call today at: (951) 824-6730.
