Getting older comes with numerous challenges. Knowing when to move to a smaller home is one of them. While some people do stay in their family home their entire lives, for others, downsizing is a way to keep their independence.
So, how do you know it’s time to move to a smaller house?
You simply aren’t using rooms
If you are walking past rooms that you aren’t doing anything with, then it might be time to downsize. Likely those rooms were used by your children or for work you don’t do anymore. Rooms you never use still incur property tax and require maintenance — money you could be spending elsewhere.
Maintenance is becoming too much to handle
A big house is a lot of work. If you are no longer physically up to the maintenance, you might be better off downsizing rather than hiring somebody to do it for you. Obviously, hiring a cleaning person and a lawn maintenance service are options, if you have the money. But if all that maintenance is making you feel overwhelmed, downsizing could be a better option.
You need the money for retirement
Retirement typically comes with a decrease in income. Moving to a smaller house with smaller mortgage payments and property taxes could mean more money in your pocket each month.
Additionally, if you have paid off your mortgage, you can easily use the funds from the sale of your home to purchase a smaller home. Depending on your circumstances it may even make more sense to rent.
Stairs are becoming a challenge
Depending on the style of your home, a larger house often means more stairs. Unless you are in a position to install an elevator, there is likely to come a time when single level living becomes more appealing. Take time to consider if the overall accessibility of your home still fits your needs.
You travel frequently
Whether or not you are retired, if you have a big home but never see it, it’s time to consider downsizing or relocating. If you are traveling frequently for work or plan on spending your retirement traveling, then consider whether you really need a big house.
Downsizing can be a good move if your house is bigger than your current and future needs, which could be the case for anyone, not just retirees. If you are considering downsizing, contact Gateway Realty NP to learn how we can help you find your perfect new home and sell your old one.