Downsizing is part of every homeowner’s ownership journey. There will come a time when you wouldn’t have that need for spare rooms and extra space or the house that you have loved and nurtured over the years seems to be more of a burden. Noticing and identifying these signs would help you decide if you are ready for a downsize.
Here are 6 signs to watch out for to know if you are ready for this big step.
Overwhelmed With Home Maintenance
Home Maintenance is a tedious task, all the more when you are not up to it anymore. However, the maintenance that you need to do in your home never stops. Regular upkeep has effort, time, and cost demands, but is necessary to avoid deterioration and permanent damage.
Mowing a huge yard, patching up the roof, cleaning the shingles are not easy chores anymore, especially if you have don’t have someone to help you out. On the other hand, you can call someone to have the required work done, but it would definitely be costly.
Unused Rooms and Spaces
One of the easiest ways to see if it is time to downsize is if you have unused rooms and spaces in your home. It might not be that you planned for multiple guest tooms before since your in-laws visit a lot or your children’s room that has just been sitting empty since they moved out. The big dining room or the extra garage space that you do not use anymore.
Bigger is not necessarily better. For starters, with cleaning, even though these are unused rooms, dust still accumulates and has to be regularly cleaned. These extra rooms and spaces of your home also cost you money to operate. The cost of property taxes alone is already huge, you also have to consider the cost of heating and air conditioning and the use of unnecessary appliances.
Becoming Empty Nesters
There will come a time when eventually your kids would be going to college and eventually permanently move out. Some homeowners tend to hesitate to sell their homes and downsize because of their home’s sentimental value. There are just so many memories of your family over the years that the attachment is there and it can be hard to let go. Nonetheless, there are times when practicality has to come into play as well. It is definitely not practical to keep and maintain a big home for only a handful of people.
Lifestyle changes are inevitable. You may have taken up new hobbies that keep you away from home or experienced medical nuisances that would make it difficult to go up the second floor of your home or enjoy your swimming pool, and you travel a lot more to see your kids and grandchildren. You might not notice these specific signs just because your attention may be distracted by your new lifestyle, but this is definitely a big sign to watch out for.
The neighborhood you live in is a reflection of the lifestyle you have. When you initially bought your home, you were excited about the fun things you can do in the neighborhood, and these might have been the things that attracted you to it. However, your current lifestyle might not suit your needs and lifestyle anymore. You don’t have to stay in a great school district if you don’t have school-aged kids.
Expenses and Profit
Chances are you’ve been living at your home for a while now which means you don’t have a mortgage on it anymore and if you decide to sell, the proceeds from your sale can be considered a profit already. Your house’s value could have appreciated over the last few years and you could possibly end up more than what you paid for it and enough to cover your downsized home purchase.
The Bottom Line
Before you make the decision to downsize, it is best to identify the pros and cons of both. This can be an emotional decision for your family. Identifying the signs when it’s time to downsize can uncomplicate the process and save you from making decisions that you would regret.