Once you have purchased a home and are locked into your mortgage, mentally you begin to look at your living expense as fixed. The mortgage amount is set and you simply keep making the monthly payments. But the only true constant in life is that nothing is ever constant. Everything can and does change from time to time, including your budget for living expenses. You can certainly explore refinancing to try to influence your mortgage payment but that is likely only going to provide a small change. If you need to accommodate a larger reduction in housing costs, then you might wish to consider selling your Scottsdale home.
Your income can change for reasons that are beyond your control. The loss of a job or an extended illness can drastically impact a two income family and devastate a family which is living on a single income. Selling your home could provide a solution that will eliminate a huge bill and a lot of unneeded stress. But emotion could be clouding your judgment as you seek other options that would not force you to “uproot” your family. If you are having trouble making this tough decision, then take a few minutes to look at all of the ways you could be saving money after selling your home.
The most obvious is that you will be making a smaller mortgage payment. And with that smaller house and house payment comes a lower insurance premium. Chances are that you will also notice that your property tax has dropped. All of these savings are wrapped into your lower monthly mortgage payment but they are separate savings to appreciate.
With a smaller home also comes smaller utility bills. It will cost you less to heat and cool your home. In addition, you could have purchases a newer home which is more energy efficient and you will save even more. Newer windows, structural improvements and newer doors can all contribute to the efficiency of your homes heating and cooling. You might also have opted for a home with no pool or a smaller pool so you will be saving on the electricity to run the pump and the cost of maintenance chemicals for the larger volume. A smaller yard will also cost less to maintain. If you had a large lawn in your previous house you will see a big savings on your water bill to only water a small amount of grass or to maintain a desert landscape. And though it is not a reoccurring savings, you will find that furnishing a smaller home is a savings as well. You will be able to enjoy new high quality furnishings and still be saving money.
It is clear to see that a smaller home will save you money in a variety of ways, but equally important is the time it can save you. Cleaning and maintenance will be less time consuming and will allow you more time to enjoy your new home and your newer more simplified lifestyle.