These are the four signs that it might be time to downsize.
Traditionally, the path of homeownership starts with buying a first home, such as a townhouse, condo, small single-family home, or even a multiple-family home where you live in one unit and rent out the rest. Those are all just fine ways to start, but what usually happens is that, as you accumulate more things and the size of your household increases, you start thinking about moving to a larger home. Many people do that and live there for years.
At some point, however, homeowners might need to downsize, which is to move to a smaller home. So what signs point to it being time to downsize? Here are four:
1. You’re close to retirement. Retirement savings often don’t last as long as people wish they would either because the cost of living has increased or they haven’t saved up enough. One way to have more income to work with each month is to lower your housing expense, which downsizing can do.
2. Can’t keep up with maintenance. Just keeping the house up can cause many people anxiety. There are many things to take care of within and without the household like work and family obligations. If you’re finding that you simply don’t have the time to keep up with maintenance, it could be time for you to downsize to a lower-maintenance home.
3. You have unused space. Unused space can collect dust and extra stuff that you’d do better to get rid of. If you find that you have multiple rooms in your home that you don’t even go into for months at a time, it might be time to downsize.
4. There are financial opportunities. The market is hot today, and it could be financially advantageous to list your home in the current market. Prices have been increasing in the double digits over the last couple of years, and many homeowners see that as an opportunity to cash in, maximize their returns, and downsize to a smaller home.
If you’re thinking that you might need to downsize and would like our expert advice, don’t hesitate to reach out to us via phone or email. We’d love to help you formulate a game plan that fits your situation and needs.