6 Signs It’s Time to Downsize

6 Signs It’s Time to Downsize

Are you finding it hard to maintain your home? Are you looking to downsize but are not really sure if it’s the right move for you? Downsizing has a number of advantages and can be appealing to a lot of people. However, it is not for everyone. If you’re going to make the big decision and downsize, it is best that you make the right move at the right time in order to make it work for you and your family.

But when is it the right time to downsize? Here are 6 clear signs that it is time for you to downsize:

1. Maintenance
At first, it may not seem like a lot but maintaining a huge home can be a lot of work. The bigger the home is, the more rooms there are, and the more items there are that you have to regularly clean and maintain.

From regularly cleaning your carpets to ensuring that all of the pipes in your bathroom and kitchen are well maintained, these responsibilities fall on you as the homeowner. Furthermore, it is not only important that the inside of your home is clean and organized; maintaining your home means that the exterior of your home is all well-kept. Your roof has to be well-maintained because having it replaced takes a lot of time, work, and money. Another maintenance that can take up a lot of time is trimming your lawn regularly.

These are both small and huge tasks that fall on the homeowner’s to-do list. Instead of spending your weekends doing things that you actually love, if you keep on finding yourself stuck at home cleaning and you’re tired of it then it’s a valid reason to downsize.

2. Utility Bills
It takes a lot of money to keep a huge house running. During winter, you will have to heat up more rooms. Over the summer, your air conditioning system will also have to work double-time. On top of that, you have more rooms that need to be lit and probably a bigger lawn that needs to be watered regularly. The list goes on and on.

With all of the maintenance and utility bills, it is possible for you to run out of extra money. Instead of being able to spend your money on hobbies that you enjoy such as a painting class perhaps or a little yoga retreat, you are forced to cash that out on your monthly utility bills.

If you choose to downsize, these monthly bills will be lowered significantly and you now have the liberty to choose where to place your extra budget.

3. Lifestyle Change
One of the main reasons people choose to downsize is because of lifestyle changes. It is possible that when you purchased your home, you were only starting a family or have started a family. The reason that you chose this specific property was probably that the area was kid-friendly and it was close to a great school for your kids.

However, now all of your kids have grown up or gone to college and are no longer staying with you. The appeal of the neighborhood that it once had is no longer there. This is also one of the signs that it may be the time for you to downsize.

4. Retiring
Age also plays a factor in the decision-making process of downsizing. As more and more people are looking into retirement, they realize that they don’t want to be spending their retirement money on mortgages, or property taxes, utility bills, or more insurance. Having a smaller home is a lot more affordable and practical.

5. Career
A good number of homeowners move because of their careers. It’s either they relocate to be nearer to their office or their new job requires them to be in a specific area. In this scenario, you probably have switched jobs already and your current career no longer ties you down to a specific area.

It is also possible that you have now retired from that job and you can choose to live in whichever city that you have always dreamt of. This presents another great opportunity for you to consider moving into a smaller and more practical home.

6. Earnings
Another great sign that it’s time for you to downsize is that if you can earn from it. If you’re starting to see that the houses in your neighborhood are selling fast and at a high price, then it probably makes sense for you to sell your home as well.

The value of your home depends a lot on the current market conditions. If you are able to gain access to data that indicates that your home has appreciated its value and can leave you with a considerable profit, then it’s also a good sign that it’s time for you to move and downsize.