Downsizing means moving to a smaller home. What was once the perfect dwelling may now seem impractical. Maybe you’re thinking, “When is the right time to downsize?” While the thought of moving out may take an emotional toll, the fact that the kids have moved out or you’re raring to relocate to better climes now that you’re nearing retirement may be motivation enough to downsize.
If you’re still on the fence, we’ve prepared some downsizing advice to help you make the right decision.
1. Downsize if you have more rooms than you need
Does your three-car garage now have more storage boxes than vehicles? And are your guest rooms gathering more dust than weekend guests? Don’t spend your valuable time and resources with the upkeep of unused areas. These spaces might even weigh you down financially and mentally.
2. Downsize if maintenance is an issue
While every house will require you to spend for maintenance, put your foot down if you’re losing sleep over repairs. You should take pride in owning a home, not complaining about it. In that case, it’s probably time to downsize.
3. Downsize if household expenses are stressing you out
Besides the maintenance costs, large houses will cost you an arm and a leg just by just owning them. If you’re relying on a fixed income, readjusted taxes might stress you out as the value of your home increases. Moving to a smaller home means paying less burdensome taxes and significantly reducing mortgage payments, maintenance costs, and utility bills.
4. Downsize if age is catching up on you
As we age, things that may have been easy around the house may become less navigable – a long flight of stairs, a steep ramp, narrow bathroom doors for those who now rely on walkers or wheelchairs. Why remain in a physically taxing environment? Address changed and changing circumstances by moving to a house that may be smaller but answers your major needs.
5. Downsize if the home brings up sad memories
For some folks, the home they live in reminds them of sad times: kids moving out, a divorce, and other losses. We all yearn to wake up in the morning feeling alive, refreshed, and optimistic for what’s to come. If your house is a reminder of what used to be, think about moving to a place where you can start anew.
6. Downsize if you need to boost your retirement fund
One of the unexpected benefits of downsizing your home is a chance to add to your retirement fund. We’ve already established that a smaller home means smaller monthly expenses. If you downsize several years before you’re due to retire, you’re looking at saving thousands of dollars annually. Moving from a $250,000 house to one that costs $150,000, for example, means pocketing $3,000 in profits and saving up to $3,250 in annual housing costs.
7. Downsize if you’re frequently away from home
What’s the point in having a big and beautiful home if you’re rarely in it? If you often travel for work, the stuff you pay for on a large house – mortgage interest, taxes, utility costs – is a waste of money. If you feel like you’re not making the most out of your living space, consider downsizing your real estate.
8. Downsize if your lifestyle has changed
Once upon a time, your current home was the house of your dreams. But things evolve over time. Putting a bigger house on the market offers you the perks of picking a place that will suit the lifestyle you want to pursue.
9. Downsize if you’re feeling isolated
If you feel like you’re too far away from your family and friends, it might be a good time to relocate to somewhere closer. It doesn’t help if you’re an empty nester or see old neighbors move out to downsize as well.
Do you need more downsizing tips? The Danais Gordon Realty Group can help buy a smaller house in North Central Connecticut. You can reach us at the following:
- Kathy Danais at 860.214.1295 and kathydanais(at)gmail(dotted)com
- Lisa Gordon at 860.805.7722 and lgordonrealtor(at)gmail(dotted)com
We have over 30 years of combined experience helping people find homes in Connecticut that suit them best. We particularly specialize in assisting sellers who are in the process of downsizing and evaluating their housing choices and pointing them to surrounding towns that have less expensive housing.