Is it Time to Downsize?

Whether it's due to your kids moving out of the home, finances, or the burden of maintenance, you may wonder if it's time to downsize your home. Many people find themselves in a situation where they have more home than they need, but they are uncertain whether the timing is right to downsize. While downsizing is more common among retirees and empty nesters, there are  circumstances where younger generations can also benefit from downsizing.  Here are five signs it may be time to downsize your home:

  1. Your home has become too difficult to maintain. Whether it's lawn maintenance, pool maintenance, home repairs, or cleaning, home maintenance can be physically and financially draining. If keeping up with regular maintenance and repairs at your home is becoming too difficult to handle on your own and you cannot hire people to assist you with these tasks, it may be time to downsize your home. 

  2. Your needs have changed since purchasing your home. You may be living in a house with a pool you no longer use, a two-story with difficult stairs, or a home with an empty office. Your current needs may differ from when you purchased your home, which can be a sign that it's time for you to find a home that meets your current needs. 

  3. Your monthly housing expenses are no longer affordable. If the cost of your mortgage, taxes, or homeowners insurance has become too expensive or your monthly income has decreased, it may be time to downsize. Moving to a smaller home or a different community may be able to lower your monthly housing costs and free up more money for you.

  4. You need cash, and your home has equity. You may need funds for retirement or an emergency, and if your home has significant equity, selling it and downsizing to a less expensive home may be your only option. 

  5. You are now an empty nester. Those unused rooms in your home require cooling and cleaning, and you're still paying taxes and insurance on them. If your kids have moved out, their rooms aren't getting used, and they are not coming home to stay in them anymore, it may be time to downsize to a smaller home. 

If you are thinking of downsizing your home, contact us so we can assist you. We can help you set up a plan for selling your current home and find you a new home that meets your current needs and financial situation.