Whether you are approaching retirement, want to cut down your commute time, sick of an uncontrollable garden, or maybe just fancy a move – it could be a good time to downsize your home!
Downsizing is a great way to cash in on your current real estate asset, especially when the market is hot - and can help you save some extra money once you move into a smaller, more-manageable home.
What makes property owners want to downsize? - Here are a few of the most common reasons.
Finally free from the kids!
When your children move out to go to university, start a job in the big city, or marry and start their own family – your current house might have vacant bedrooms and lots of excess space. It can be great always having the bathroom available - but when there is a chance to cash in on your property asset by downsizing your home you had better ask yourself "Do you need such a big home now?" Without your kids causing havoc, a big home might feel empty once they go. It also requires a lot of cleaning and maintenance, without any real benefits for those still living there. If this sounds like something happening in your home, try marketing your property for sale and consider downsizing.
Cut the Commute:
Generally, the closer your home is to the CBD, the more expensive the land/property is. This is why inner-city workers are increasingly looking to apartments and condos in Phnom Penh. If your house is in the suburbs of the city, but your workplace is in the center – every day you might be spending hours in traffic. So for those who know they will need to live in the city for years to come – consider downsizing your home, and move to an affordable apartment or condo in the inner-city.
Cut Living Costs:
A home is always in need of cleaning and other general maintenance; a home is also always in need of electricity and water and other utilities. Of course, it is easier to clean one bedroom, compared to four. A big home can also be hard to cool, or heat – depending on the season. For these reasons, you can bet that a smaller home will be have less maintenance needed, and ultimately cost less to live in. Thus – a smaller house = smaller bills = less work + more cash in your pocket.
Cash-in on your Asset:
It can be easy to make money by selling your over-sized home in exchange for a smaller one. And the extra money could even settle your mortgage repayments. Especially when the property market is as hot as the current Cambodian real estate climate – cash in on your current home, and buy a smaller, more affordable property with a good chance of future appreciation.