People’s lives and families are constantly changing. Your needs are also dynamic which makes it impossible to predict the future. The perfect family home may become more of a burden over time. Moving is never easy, but here are a few signs that it may be the right time to downsize your home.
Signs That It’s Time to Downsize
1. Too Much Cost and Maintenance
If daily chores are becoming overwhelming, it may be time to consider a smaller home. Every property requires some upkeep, but it should not be a physical or financial burden. It is a difficult thing to admit, but our bodies slow with age meaning we can no longer perform simple daily tasks. Owning your home should be a source of joy, not exhaustion.
Another point to consider is the financial relief downsizing offers. A smaller home means lower mortgage payments, less property taxes, and fewer monthly utility bills. Maintaining a large home is difficult on a fixed income. If your home is weighing you down, it may be the right time to downsize.
2. Need the Cash Payout
Homeownership is a wise investment; especially since the value of your home has likely increased over the years. Selling your home means that you will have a large influx of cash. This can help you pay off outstanding debts, set up your retirement funds, or finance that trip you have always dreamed about taking. No matter what you decide to do with it, selling your home gives you access to liquid funds and options of how to spend it.
3. Too Much Empty Space
Having a large, beautiful home can be wonderful, but it seems wasted if you are never there to enjoy it. If you travel a lot, own a vacation property that you never visit, or have a rental house that is sitting vacant, the monthly bills basically equate to wasted money.
Perhaps your home is only feeling empty now that your kids have grown and moved out. It is difficult to let go of sentimental attachments to a family home. However, if no one is utilizing the space, then it may be time to let another family settle in and make meaningful memories there.
4. Physical and Emotional Well-being
Another sign that it is the right time to downsize is if your home is causing you physical or mental anguish. Staying in your home after the loss of a loved one, a job, divorce, or serious accident is a state of perpetual torment for some. If your home holds too many painful memories, it is the perfect time to downsize. A new home can offer a fresh start after a major life change.
There are also safety concerns in your home as you age. Beyond the regular maintenance, there are also issues with accessibility and comfort. Those bodily aches and pains become more pronounced with time. Staircases and bathrooms now pose unnecessary risks and inconvenience. If you are not as able-bodied as you once were, an accessible home or assisted living facility can drastically improve your quality of life.
5. The Desire to Simplify Your Life
Some people believe that an extravagant home is an important aspect of the American dream. However, as previously mentioned, the financial and physical demands can become overwhelming. Downsizing to a smaller home brings an enormous amount of relief with fewer responsibilities.
Priorities also change over time. If you find yourself dreaming of ways to reduce complications in your life and focus on what’s important, then it may be time to downsize. If this sounds like you, then you are certainly not alone. This mindset is more prevalent in today’s society, with great emphasis on tiny houses and reducing the environmental impacts.
Taking the First Step to Downsize
If you are ready to downsize your home, the first step is to get it appraised. Contact a local realtor to find out just how much your home is worth. Once you have an estimate for the current market, you can better plan your future. Deciding the right time to downsize is a major milestone, so take the time to discuss it with your loved ones and make the decision that is right for you.
- Signs Your Lifestyle is Too Much for You to Afford
- What You Need To Know Before Selling Your Home
- Getting Out From Under: The Short Sale