You may be wondering what to do with all your extra space now that the kids have all flown the nest. Chances are, you don’t need all those bedrooms anymore, and it may just be a great time to sell your house and downsize – maybe even into a single-story home. Most likely you have built up significant equity if you’ve been in your home for a while. Making a change while demand for your house is high could be the best strategic move to get you closer to your retirement goals.
The question may be, where to go next? A big concern for those ready to sell is finding a home ready to move into, with the lack of homes available on the market. The good news is that the number of single-story homes still being built is on the rise. This improves your odds of finding the right home for you.
The National Association of Home Builders (NAHB) explains:
“Nationwide, the share of new homes with two or more stories fell from 53% in 2018 to 52% in 2019, while the share of new homes with one story grew from 47% to 48%.”
The map below shows the breakdown of newly constructed homes being built in each region, and the percentage of 1-story and 2-story homes in that mix:
The Benefits of Buying a One-Story Home
An article from Home Talk covers several advantages of switching from two floors to one:
- Energy Efficient – Most-one story homes only need one cooling unit. It is also to regulate the temperatures and keep it cooler than a two-story home, both of which can lead to significant savings.
- Easier to Maintain – Cleaning and maintenance of a single-story home can take less time and effort, and better upkeep helps improve the overall value of the home.
- Accessible for Everyone – If you’re looking for a house that provides a safe and easily accessible environment at any age, a single-story home may be optimal.
- Good Resell Potential – Single-story homes have a lot of benefits and are often in higher demand. This bodes well for future resale opportunities.
Key Point
There are many benefits to downsizing into a one-story home. Doing so while demand is high might make it easier than ever to make a move. Contact us if you’re ready to purchase the single-story home you need while homes are so affordable today.