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Downsizing may seem like a daunting task, but there really are some major benefits of a smaller home. From having less to clean, to less utilities to pay for, to more family time, moving to a smaller home can add value to your life.

Benefits of a Smaller Home

Lower mortgage

The number one reason most people downsize to a smaller home is because they have kids that have left to college and they are left with a 5 bedroom home for just 2 people. Why pay for a home with 5 bedrooms when you only use 1 maybe 2? Moving to a smaller home can help you pay a higher down payment on the new home, and can help you save hundreds of dollars a month in a mortgage.

Less to clean

The amount of space you have to clean is one of the biggest benefits of a smaller home. Gone are the days of setting aside an entire weekend just to clean your home. Have you ever wished you had more house to clean? I didn’t think so. When you reduce the number of rooms in your home, you also reduce the number of surfaces that need to be cleaned. Less room in your home also means less clutter. So it’s really a win win situation.

Less focused on stuff

In a larger home, a big part of your focus is what you’re going to buy to cover all the walls. While furniture is necessary in smaller homes, you’ll have less wall space to cover and likely smaller décor to purchase. You’ll save a bunch of money on décor when you need less stuff!

More family time

When you live in a bigger home, it’s easy for everyone to retreat to their own rooms for time after school to evening. When everyone is thrown together in a smaller living space, it allows for more family time. You’ll spend hours and hours or more time with your family playing games and talking that you wouldn’t necessarily get if you spend all the time alone in your room.

More likely to know neighbors

With big houses comes big lots. And when you have a lot of land, it takes a little more time to spend quality time with your neighbors. Smaller homes often sit closer together. If you sit on your front porch, you’re likely to see your neighbors walking past with their kids and dogs. It’s easy to be a good neighbor when you’re closer in proximity! You’ll find that you become closer with the entire community when you live in a smaller home as well. Attending block parties and neighborhood functions can introduce you to neighbors all around!

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Buying a house in Pierce County can be stressful, competitive, and confusing, especially if you are a first time home buyer. These 7 steps can make buying a house in Pierce County manageable and enjoyable.

Step 1: Create a Budget

Sit down with your spouse and create a budget for your new home. Doing so will keep you in line if you are on the fence about a house further down the home buying road. Creating a budget can also help narrow down what houses and what areas are optimal for your family. If you are looking at putting down 20% on a home, what does that look like for your savings and monthly expenses? Starting the home buying process with a budget will keep you home buying process smooth and organized.

Step 2: Get Pre-Approved

The best way to see how much you can afford to spend on a home is to get pre-approved through a mortgage lender. To get pre-approved you’ll need to provide your some financial documents such as income, W2 statements, tax returns, paychecks, and bank account statements. Your lender will review this information and tell you about your approved loan amount. Doing this will speed the home buying process up as well as narrow down the houses to look at.

Step 3: Find the Right Real Estate Agent

It’s important to find the right agent for you when you start buying a home in Pierce County. The best way to get in touch with a good realtor is to ask your friends and family if they’ve had luck with a particular agent. This agent should be in your corner at all times during the home buying process and have you best interest in mind.

Step 4: Shop For Your Home and Make an Offer

This is the fun step! Open up Redfin and Zillow and see what houses are on the market in the area of Pierce County you’re looking to live in. Once you find a few houses that interest you, visit the open houses on the weekends and put in an offer on the ones you’re serious about. You will see a lot of houses so a good way to remember them is to take photos and videos.

Step 5: Get a Home Inspection

Getting a home inspection is always a good idea when buying a house in Pierce County. It protects you by giving you a chance to renegotiate your offer or withdraw without penalty if the inspection reveals significant material damage. For example, if the inspection reveals that there is a problem with the furnace, you can bring it up to the seller and negotiate that into the contract. Home inspections can save you thousands of dollars and give you peace of mind.

Step 6: Agree on a Loan

Now that you know what house you want to buy and the amount, it’s time to choose your loan type. A typical conventional loan requires 20% down as well as a 620+ credit score. If you’re a first time buyer with lower than 20% down saved and lower than a 620 credit score, a FHA loan may be a good option for you. With FHA loans you can put as little as 3.5% down and have as low as a 580 credit score.

Step 7: Close the Sale

At closing you will sign all the paperwork required to complete the purchase, including your loan documents. It typically takes a couple days for the lender and underwriter to process all the documents. Once the check is delivered to the seller, you’re able to move into your new home.

At Kelly Hendrickson Homes, we are focused on helping you through the home buying and home selling process.