You bought a starter home that gave you entree into the world of home ownership, but now, your requirements have changed … you’ve added a spouse or children, you’ve moved your office home, or you’ve started a hobby that requires more space than you have. Now, you want to sell your beloved home, but all the folks you know are looking for McMansions, or at least something bigger than what you’re selling.
How do you sell a smaller home? Who is your target market?
If you’re in the mode to enlarge your living space, it may surprise you to know that there is a movement afoot promoting downsizing to a smaller home. In fact, smaller homes appeal not just to “starter homeowners,” but to empty-nesters, retirees, and even families that are looking to live a simpler lifestyle.
How do your entice buyers to look at a smaller home?
Here are seven reasons why a small home may be a buyer’s best choice.
- Uses less energy: a small home, properly insulated, is more efficient with both heating and cooling. A smaller home typically has fewer light fixtures, thereby requiring fewer replacements. And, if you change out regular incandescent light bulbs for compact fluorescent bulbs, you’ll be “greening” your home in more ways than one. If your buyers are interested in investing in a home that reduces their carbon footprint, a smaller home may fill the bill. From lower heating and cooling requirements to less water and electricity use, a smaller home on a smaller lot could be just what they’re looking for.
- Less maintenance: whether re-roofing, replacing exterior siding or painting the interior, a small home costs less to maintain than a larger one. Downsizing can be just the ticket for a busy traveler, commuter or active family. The less time and money spent on housing upkeep, the more that is available for making memories.
- Lower monthly bills: a small home typically uses less electricity so monthly power bills cost less, and a smaller mortgage and lower insurance costs can improve your bottom line.
- Easier to keep: cleaning a large home can be daunting. Singles, Baby Boomers, busy small families and others will find that less home to clean is an easy trade-off for the larger space. Minimizing and streamlining chores can relieve stress and lead to more organization and comfort.
- Great investment: smaller homes make great rental properties. If your buyer does need to upsize later, a smaller home makes a great investment as a rental.
- Avoid being “house poor”: a smaller, more affordable home leaves more money available for travel, entertainment, hobbies and other pursuits. It allows the owner to set aside money for investments, save for retirement, or upgrade other areas of your life.
- A smaller home can lead to closer family bonds. The sharing, give-and-take, managing joint closet and storage space, and other cozy arrangements required to live in a smaller home often bring a since of cooperation and joint effort to daily life.
I just staged and sold a one bedroom/one bath home in Laguna Hills in the Quail Creek neighborhood. It sold in less than a week with multiple offers. There is always a market for an affordable first, second or last home! Call me today if you are ready to buy or sell a small home.