If you've recently went through a divorce, you may have thought about downsizing your home
? Homeownership comes with its rewards but it can also be challenging if the mortgage is larger than your new budget. Maybe you've thought of getting a smaller house but then you remembered you the children. However, with the right mindset, you can reduce your mortgage costs with children. You just need the right "selling points" to make this work. Here are three:
Savings - Obviously, when you downsize you will save substantially on your mortgage. With the extra money you'll pocket every month, your family can enjoy nicer or extended vacations. Or there may be long-term financial benefits. The savings can help pay for future educational goals of your children. Maybe one of them has always wanted private music lessons or karate classes. Whatever the case may be, you will have a bit more wiggle room for all those things kids always want. Use this as a selling point with them.
Family time - Nothing says family time like being closer together physically. When you downsize, chances are you can get a little bit closer to the kids. Some of the children may need to share a room, depending on how many you have. Your new home may have only a living room instead of both a living room and family room. This can be a positive experience if you promote doing more together as a family.
Highlight "special feature" - Just because you're downsizing to a smaller home doesn't mean you won't find a plus in the new home that your current home doesn't have. For example, maybe you can find a downsized home that has more yard space, more privacy, or even a pool in the backyard. Or if your current home is not close to other houses, the new one may have close neighbors, which means other kids to play with. You may find a home that is smaller but has a unique loft that your kids will love to fix up and make their own. Look for something special in the new house and sell that to the family. Downsizing with kids is certainly a bigger challenge, but your perspective makes all the difference. With a little work, you will have the whole family excited about the idea.